Jumpstart the Contract Journey: Assemble Negotiation-Ready Contracts Faster
With Contract Logix, attorneys and non-attorneys can quickly assemble contracts using the most current, approved language from your Legal team. It’s a great way to eliminate legal bottlenecks in your contract journey and process.
Have you ever waited longer than you’d like to receive a contract from Corporate Counsel so that you can move on to the next step? When this pipeline slows down and lengthens the time your teams spend managing contracts, it’s good to know a solution exists: moving the contract assembly step from your Legal team into the capable hands of other team members inside of Contract Logix.
Using pre-approved legal language, contract formats, and conditional rules built and kept current by your Legal team, members of your contract, sales, or finance teams can quickly assemble a compliant legal agreement and reach the collaboration or negotiation stage faster.
What’s more, Contract Logix uses the power of automation to reduce the financial and legal risks that otherwise surface when any team member creates contracts manually by:
- Storing and reusing out-of-date versions of legal agreements
- Manually adding or changing clauses and legal language
- Manually entering key customer details and terms into a contract
- Working outside of your CLM platform, which may lack a contract audit trail
Using Contract Logix’s Template and Clause libraries powered by conditional rules that Legal teams can set up to cover almost any contract scenario, everyone who works with contracts can move past these risky activities.
Pre-Approved by Legal
Let’s look at how the Template and Clause Libraries work. Corporate Counsel populates these libraries with up-to-date templates and legal language. Clauses are building blocks of the legal language needed within your various agreements, such as MSAs and NDAs. By generating your contracts within the application, you ensure that each template automatically pulls in the latest, legally approved language.
Legal teams can store and automate the assembly of just about any type of agreement in Contract Logix: MSA, NDAs, CSAs, vendor agreements, partnership agreements, employment contracts, leases, and more.
The Clause library holds all the necessary, reusable legal approved language that contracts require: limitation, exclusion, indemnity, obligations, confidentiality, governing law, provisions, and more. Like Lego bricks, you can easily build contracts using your library of clauses.
Stress-Free Assembly
By automating what clauses (legal language) show up in each template and keeping your clauses up to date, building contracts becomes a stress-free and low-risk activity. For example, when members of your Sales team want to generate a new MSA, they simply select an MSA template from a list of agreement types. Contract Logix automatically generates the agreement, populating it with key data from the associated Contract and Organization records—think effective terms, customer information, dollar amounts, etc.
Contract Logix next looks to see whether the data merged into the contract triggers any conditional rules. Your Legal team uses these rules to add, remove, or replace clauses if needed. An example scenario: If your business sells a product to a customer in California, your Legal team can set up a conditional rule in the system to replace the default Governing Law clause in the template with one specific to California.
With little effort, those managing contracts can assemble a fully compliant agreement in just minutes instead of hours or days. By streamlining this early task, your contracts are quickly ready for the next step: collaboration, negotiation, or signing.
Move Faster, Stay Compliant
By using Contract Logix as a central repository for your legal agreements along with Template and Clause libraries to assemble new contracts, you can reduce the load on your Legal team while ensuring contracts are accurate and compliant.
With one less up-front task for Corporate Counsel, it’s easier to move compliant agreements along their contract journey with confidence. It also frees up your Legal team to work on more strategic activities like compliance and risk management.
If you’re ready to learn how Contract Logix can help your team’s contract journey and assemble legally compliant contracts, contact Contract Logix today!
Looking for more articles about Contract Management? Check out our previous article “8 Important Contract Lifecycle Management Software Features for 2023“.