5 ways contract management templates help you work quicker and smarter
Businesses are streamlining the contract lifecycle process by implementing contract management software that utilizes contract templates.
Automated contract templates are legally reviewed documents that act as a master version which can be edited as needed for future contract use. These templates minimize the work needed on each contract by limiting changes only to the necessary details, with general language and major clauses left unchanged. This standardized verbiage makes the end to end process of writing, reviewing, and agreeing the terms of a contract significantly shorter, while also ensuring that all new contracts offer the same level of risk mitigation and protection as standard.
How can contract templates improve your work?
1. Version control
One of the biggest problems that businesses face during the initial contracting phase is version control. There are many opportunities for both mistakes and revisions to be made when a contract is passed amongst internal and external teams, which can result in detrimental compliance, performance or financial outcomes. Removing those opportunities is the key to a transparent, succinct process. Automated contract templates provide the solution to maintaining full visibility throughout the contract creation process, ensuring all parties are working from the same document at all times.
2. Improved and expedited approval process
The approval process is often a challenge when it comes to moving from one stage of the contract lifecycle process to the next in a timely fashion. Especially when the contracts are highly complex or involve more than two parties’ review. Contract template creation expedites the approval process without compromising contract quality. In conjunction with the contract templates, the seamless e-signature feature integration that exists in modern contract management systems encourages faster approvals with audit edit tracking and quick, electronic signature. And makes the whole process easier by creating a single repository with full version control where all stakeholders can review and approve the final document.
3. A standardized language and clause library
Contract templates let you avoid falling into the trap of having legal teams writing and rewriting similar contracts time after time while still maintaining accuracy and efficiency. These templates utilize a pre-approved library of legal clauses and standardized language that allows the author to select and apply appropriate verbiage, edit as needed, and send. (This has the added advantage of allowing your legal teams to lend their time to more strategically important tasks, rather than having to duplicate work on every contract your organization needs to create.)
4. Easy configuration
Once a template is established it can be revised at any time to mirror your organization’s changing strategic needs. Editable key fields can be configured by internal teams to allow, or disallow, changes to be made to identified sections of the agreement. These features combined make the contract creation process more efficient and provide the capacity to scale and change agreements as changes arise.
5. Improved productivity and efficiency
Contract templates allow employees immediate access to a bank of pre-approved clauses. Since they’re already approved, there’s no need to involve legal teams in each agreement, accelerating the creation and negotiation process while also keeping it compliant with regulations. Teams can devote time to other value-add tasks by streamlining the contract creation processes, leading to a clear ROI of the contract template tool.
Contract templates are not the only advantage from a contract management solution. Automated software can streamline your entire contracting process into a single, comprehensive, end to end management system. Everything from risk assessments and contract creation to contract renewals and off-boarding, is streamlined to support productivity and help your business increase revenue.
How can Unit4 help you?
Unit4 Contract Lifecycle Management by Scanmarket can handle your entire contract management process from origination to completion – and provide you with the insight and records required to iterate better approaches and automate due diligence. Check out our dedicated product page to learn more, or reach out to us for a personal demo.
