ContractPrime strengthens contract automation capabilities of legal departments and general counsels
June 08, 2022, Edison, NJ. ContractPrime has announced the release of new Contract Lifecycle Management software for inhouse legal teams. Newly release digital contract platform will allow business to generate critical legal documents without the need to involve legal department or external law firms. Solution is focused on increasing productivity for business teams (marketing, sales, and procurement) to create agreements faster within legal guardrails. Generated documents can be shared with clients or counter party for further document review.
ContractPrime document automation feature lets power users to create document templates from Microsoft Word document and publish the template in the self-service portal. Contracts assembled through the portal need not go through approval workflow if there is no redline or no changes made by either side. Documents generated are automatically stamped with metadata which will be retained when contents are saved in repository for records management. Metadata can further be used to develop insights based on contract data to generate management reports.
“Advanced digital contract solution from ContractPrime is a gamechanger in legal ops ecosystem. Inhouse legal departments are under mandate to offer increased legal service requests to business units. ContractPrime contract collaboration platform can be rolled for the entire organization or selected departments. The platform is managed by inhouse team to provide legal advice and generate standard contracts through self-service”, said Chandra Jeganathan, President of ContractPrime. “Latest release of ContractPrime further enhances the way general counsel service their business users by automating standard tasks like automatic approvals and digital signature collection for business documents.”
ContractPrime is in response to the legal department needs to adopt a simple contract management solution where the contract stages like Creation, Negotiation, Approvals, and Digital Signature can be tracked and reported. Users can be trained to deploy contract workflow which starts with template creation process. Interview questionnaires can be generated automatically or by simple drag and drop. Workflow can be deployed in the platform and shared with users thought configurable and easy to setup security model.
Documents generated as stored in legal document management solution offering all the standard DMS features like check-in, check-outs, versioning, and document comparison. Powerful search functionality will identity contracts by configurable search paraments and export the data for further analysis. All these features are available in base offering of ContractPrime.
Workflow tool can strengthen the legal operations by collecting necessary approvals for contracts based on conditions and contract types. Parallel and serial approvals can be setup and delegates can be configured if the primary approver is not available. Workflow can be accessed from Outlook, App, and browser, so business users can ink the contract from anywhere and anytime.
ContractPrime is the contract lifecycle management solution platform for companies of any size and departments like HR, Legal, Procurement and Marketing. Organizations use ContractPrime to create, negotiate, collaborate, and execute contracts while maintaining organizational effectiveness and adhering to compliance requirements. OCR and AI engine can extract business intelligence from executed contracts and powerful analytical tool can present data for decision making.
More information about ContractPrime can be found at www.contractprime.com