Streamlining the Creation of Legal Agreements with OpenLaw Forms & Flow

OpenLaw’s new Forms & Flow streamlines the creation, management, and approval of contracts. With Forms & Flow, lawyers and companies can save time and needless expense and even export data related to their agreements into internal or third-party systems.

Contracts are the “dark matter” of the commercial world — you don’t necessarily see them, but they’re there. They structure transactions, support markets, protect secrets, and secure and outline important financial and creative rights.

Despite the pervasiveness of contracts, the time and expense to create legal agreements have not gone down. For example, it’s estimated that the cost of processing a basic procurement contract is $6,900 dollars and often times takes weeks — if not months or years — to finalize.

At OpenLaw, we believe that we can do better and have built new tooling — OpenLaw Forms & Flow — to streamline the entire documentation generation process, including:

• collecting information needed to generate agreements,
• incorporating outside data feeds and blockchain-based oracles like ChainLink (think: supply chain, for example)
• building approval processes, uploading supporting documentation, and
• exporting data from contracts to third-party services like Google Sheets.

Check out the full walkthrough of Forms & Flow here:

With Forms & Flows, OpenLaw users can now create personalized and customized workflows to manage the lifecycle of any agreement (or even entire sets of agreements). Streamline, share, and improve the cumbersome legal drafting processes and make the contracting process less costly.

For example, many Service-Level Agreements (SLAs) require the legal team (whether in-house or firm) to talk to the business/sales side to capture that information to set the services rendered by each party to an agreement. Moreover, there may also be a term limit for the services rendered. With Forms & Flows, in-house attorneys can standardize the SLA, permission access to certain portions of the agreement to be filled out (i.e., details on the services), automatically e-mail the business side to fill out the information and then be the last in line to approve or make changes to the document. If there is a specific term limit (i.e., 6 months) on the contract, the lawyer and business-side can all be notified with an e-mail alert without having to rely on clunky excel spreadsheets to maintain the lifecycle of a contract.

Putting together and capturing information into a contract just became a lot easier. Make your contact creation and approval process powerful and easy with OpenLaw’s Forms & Flow.

To learn more about OpenLaw, check out our site and documentation for an overview and detailed reference guides. You can also find us at hello@openlaw.io or tune in in our community Slack channel. Follow our Medium and Twitter for further announcements, tutorials, and helpful tips over the upcoming weeks and months.