Contract Authoring Templates — Draft Contracts Faster Than Ever
Contract authoring can be the easiest or the most complex steps of the contract lifecycle management process.
In a survey of 550 individuals in the manufacturing industry, 63.6% report that one of their most pressing concerns is dealing with scattered contracts.
After you have taken the first step toward better contract management by centralizing your agreements with contract management software, you can start building libraries of pre-approved contract clauses and contract templates. The use of contract authoring templates will enable you to take control of your processes further and streamline your contract lifecycle. Contract authoring from a template is a highly efficient way to create a new contract or document.
When you opt for an AI-enabled contract management software, creating a contract with a template is very easy to use and highly beneficial for the author and all of the other users of the template.
Reduce Time to Draft Contracts
Your company will preserve contract documents and make them more accessible to a team of agents, solicitors, and other contracting parties by centralizing the repository of contract templates. Unlike a paper-based contract management system, contractors don’t have to physically go to an office or wait for someone to print a copy to find the correct contract template. You have instant online access to all critical templates, and you can use them instantly.
Help Expedited Contract Review
Utilizing standard legal and compliance-approved template language allows organizations to reduce the time legal and compliance departments spend reviewing contracts. Of course, the standard contract language is not appropriate in all cases. For example, a client’s geographic location for a particular business requires their contract manager to enter into a contract that reflects local conditions. However, in modern CLM solutions, you can edit the required clauses and go ahead without tying out the entire contract from scratch. Always start with the fresh template instead of creating a “save as” copy of an existing agreement.
Make The Most Use Of Clause Library
The contract management software solution provides a library of contract terms that the contract manager can use to locate a document, including setting execution times, termination of service, terms, and more. Clause libraries are nowadays in vogue for contract automation, both among vendors, law firms, and legal departments. Legal-approved clause libraries reduce overall time spent manually searching for a clause and then copying and pasting that clause into a contract and getting them approved in time.
Centralized clause libraries avoid the possibility of users inserting clauses that no longer comply with prevailing law or company policy and allow you to restrict role-based accesses.
Track All Versions And Deviations
The contract management solution offers you customized analysis to evaluate contracts. The CLM solution can compare a draft contract with a previously executed contract as a pre-agreed template and demonstrate the differences between the two. By using predefined information and contract management software, you can shorten your time to spot the differences.
However, creating one version of a contract will most likely lead to multiple versions of a contract. Having various versions of the contract is expected. But, the multiple versions can also lead to misinterpretations and, at times, miscommunication when accessed by different stakeholders. Nevertheless, using some special contract management software, you can see every version of a contract in the order that it was created. This ensures that the most up-to-date version of a contract is being used without any uncertainty.
Read More: 5 Reasons Why Enterprise Must Manage Contract Templates using a CLM Software
Closing Thoughts
Contract authoring from a template is a highly efficient way to create a new contract or document. Having a tool CLM to draft your contracts as well as monitor and track your contractual obligations can reduce risk and contract leakage.
A CLM tool like Aavenir Contractflow combined with more extensive sourcing and procurement strategy can help draft contracts faster and better while maintaining compliance with contract terms, reducing costly mistakes. Optimize your contract authoring workflows using AI-enabled technology that saves you time and cost.
