Why A Contract Template Library is Perfect for Contract Management

Topics: SharePoint Templates, Contract Templates

Written by Lindsey Paulk

Building contracts is easy with automated contract templates. By having several template options to choose from, full of preapproved legal language and data fields that auto populate with specific information as you construct the document, creating accurate and highly complex contracts is incredibly simple. With automated contract templates provided by your contract template library, you can increase the productivity and efficiency of your contract management process.

Creating a contract requires time and attention to detail. Due to the legally-binding nature of contracts, it’s essential that contracts are built accurately according to various policies and compliance standards. Outdated contract management looks like having to call or email several members of various departments (most commonly legal) to attain the most current version of a contract. Or it might look like copying and pasting specific words or phrases from a recent contract – a very risky move.

If some of your employees don’t have a firm grasp on the nitty-gritty legal language that’s found in every contract, you’ll likely run into some errors. When these colleagues manually create a contract, they’ll most likely increase risk with inaccurate terminology that can be detrimental once the document is signed. Manual contract creation lends itself to additional bottlenecks and issues, like having to search for boilerplate contract templates in shared drives among other places. To make sure you don’t have to deal with these avoidable problems, switching to automated contract templates is going to be the best move for you and your business’s contract management system.

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What is an Automated Contract Template?

An automated contract template is a structured sample document with some details in place, along with entry fields for custom and unique data or information. Contract templates serve as an efficient blueprint that outlines the most critical points and terms in a contract. Your legal team is tasked with building contract templates so the rest of your organization can take a template at any time and build a contract simply by just inputting different information based on the type of contract and client.

In a non-disclosure agreement template, information regarding the duration of the agreement, the issue date, and names of parties involved are variables that will change with each document. However, the foundational legal details will typically remain the same – which is where having contract templates increases efficiency and time management.

Contract Template Libraries Increase Organization

Your contract templates will be stored in your contract template library where they will be available for your legal team to control and edit the templates. In this way, legal can ensure that the terms included in the templates are current, accurate, and compliant based on current conditions within your business. One of the greatest parts of having preapproved, custom-built, automated contract templates is the ease of access to employees, where they can obtain contract drafts instantly without having to contact in-house legal counsel to get help when creating every single contract. It’s a far more organized system and workflow that is superiorly efficient and optimal for all departments involved in contract management.

Choose a Contract Management Software Solution With the Right Features

When creating an automated contract template, it’s essential to have contract management software in place that is equipped with contract workflow automation features. With automated contract workflows, you’ll increase productivity and make contract creation extraordinarily simple and fast for your employees. You’ll also increase accuracy and decrease risk.

Within your contract management software solution, you’ll want to assign specific members to take over the task of creating contract templates within the editing platform. We strongly recommend building contract templates that emulate the most current and optimized iteration of your organization’s contract terms and conditions. This way, you will be less likely to engage in a lengthy negotiation process.

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Automate and Optimize Contract Creation

Contract automation is founded upon accuracy, efficiency, and most importantly – speed. With automation in both your contract building and in contract lifecycles, you can increase time-efficiency and spend more time, attention, and resources in places that require more detail and labor.

A contract template library allows you to ensure that all of your business’s contracts are compliant and accurate. Additionally, the library serves as a single storehouse for managing, storing, and editing contracts and clauses. In this way, you can easily change contracts by making edits on a specific template within your repository so that only current and updated terminology is included in your company’s contracts.

Our contract management software makes building contracts simple. Within our platform, you can conduct filtered searches for exact clauses, design subclauses, and use drag and drop capabilities to change the sequencing of words and phrases. Every change is automatically updated within the template. Automated contract templates make a large difference in time-efficiency and risk mitigation.

With your preapproved template and clause libraries, you can auto populate data into contracts that work with specific pre-set rules that ensure the data contained in the document is precise and error-free prior to sending the contract for approval. Preapproved automated contract templates don’t just cut down on time, they also cut down on potential for human errors simply because you no longer need to type contract information into the template, as it already is stored within the software.

Conclusion

contract template library allows you to have a more productive, simplified, and organized contract building stage. You can mitigate risk in several ways and increase visibility, transparency, and security by implementing a contract lifecycle management system that includes a contract template library. Build better communication, collaboration, and working relationships with the help of this simple tool that can maximize results for your business.

Contract templates are an excellent way to streamline contract building, so having a contract template library can help offer protection and risk mitigation while increasing efficiency, accuracy, and compliance. The best way to move forward is with a contract lifecycle management system that automates workflows.

Today’s industry and business leaders are implementing contract management software, complete with automated workflows, as well as contract template and clause libraries to boost their productivity and reach objectives. Have all of your preapproved clauses at your fingertips and streamline contract lifecycle management for your entire team simply by using a clause library. Maximize your contract lifecycle management strategy today with our Dock 365 Contract Management System. For a free demo, click here.

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