Automate contract creation and execution process with confidence. Correct and latest precedents are used from the robust clause bank, all vetted by legal department.
Complete Bussiness Process Management
Document automation decreases the opportunity cost by assembling documents and legal agreements for lawyers and business owners. Contract workflow software will guide users through a set of questionnaires called Interview to obtain the business requirements of the transactions. Single or multiple documents are generated based on contract metadata, properties, or types. For example, based on contract jurisdiction terms and conditions can be inserted.
Templates and Clause Library
Clause bank managed by governance team or SME. Contracts generated are guaranteed to use the latest and updated clauses. Business users can add new clauses and templates can be designed to include these precedents.
Create contracts without legal department intervention. Workflow is configured by power users and documents are generated when contract details like deal value, expiration date and termination clause are input by the users.
Integrate with CRM or ERP applications to get client or vendor details, opportunity line items or procurement details without the need to enter the data manually again by end users. Identify parent agreements to obtain MSA details and insert in the assembled documents.
E signature Execution
Add internal and external signatories by simple drag and drop. Application automatically captures name, title, email and signed date, which are reported in the contract dashboard. Include substitution for escalation by signature coordinator.
Email templates for client communication by including company branding, disclaimers, and contract data in all outgoing emails. Control email messages for different types of workflow tasks addressed to different entities like counterparties, clients or other side attorney.
Contract creation self-service
Business users can generate standard contracts approved by legal departments without the need for engage attorneys. Document automation software will always use approved legal clauses from the precedents bank approved by the legal department.
Automate Legal and Non-Legal teams
Digital transformation of entire organization by automating the contract management software from drafting to digitally storing the documents in contract repository software. ContractPrime automates the entire contract lifecycle including dynamic approval process based on the contract properties. Single source of truth to obtain the latest contracts and the amendments.
Frequently Asked Questions
What is Contract Automation
Contract workflows or SOP the department must follow to manage every stage of the contract, from drafting to execution. Document automation of contracts allows lawyers and BU managers to assemble documents without the need to start from scratch.
What is Contract Automation Software
Legal technology solution for team to collaborate during the contracting process. Users interact through wizard for contract creation, receive email notifications for negotiation and digital signature collection for execution. All contracts, in-flight and executed, are stored in contract repository software.
What are the benefits of Contract Automation
Delivering faster contract lifecycle management within compliance and internal governance guardrails.
- Transparency in contracting process
- Self service to business users without the need to involve legal department for standard contracts like NDA or sales proposals based on price list
- Ownership of the contract workflow with data standardization. Finance team can onboard clients and vendors with due diligence built in the onboarding workflow
- Track milestones and important dates like renewals and contract expiration
What can contract automation software do for business
- Latest precedents and clauses available and managed general counsel. Contracts are generated by clients and vendors fully compliant with legislative requirements
- Check for errors when users enter the contract details in the interview form by validating against business applications
- Share documents with responsible users eliminating the need to send email attachments
- Dashboard to track and search contracts by clause changes or key contract properties by expiry date
- Inform stake holders on contract workflow progress with auto updates
- Legal request extended to outside users to start the new contract process
- Save contracts as records in contract repository software
How can business automate contracts
Create automated workflow process so business can execute third party or own paper contracts efficiently. The following are different stages of CLM
- Drafting involves handling legal requests from the business
- Contract assembly based on templates approved by legal department
- ML assisted contract analysis in the contract negotiation stage
- Contract approvals from internal and counterparties
- Singing of documents by all parties
- Storing agreements and supporting documents in document repository
- AI supported monitor of clause changes
Who must automate contract process
Contract automation is owned by in-house legal department who is familiar with the legal requirements. Once the workflow is built and managed by the lawyers, the solution is used by the users of the following department