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Drafting, Vetting, Amending, Storing and Managing Contracts Online

by PracticeLeague

A legal department deals with multiple contracts on an everyday basis, and the creation, managing and storing of these important documents is extremely important. With the need to create new contracts regularly, and to keep track of them, it becomes difficult to handle more than a few of these documents at a time.

So, how can lawyers keep up with their contract management?

A Contract Lifecycle Management Software can help take care of this, and provide an easy, convenient and effective solution to document and contract management.

Drafting

Creating contracts manually is time consuming and error prone, and has taken a lot of lawyers precious time. This manual task can take away from the more important tasks a lawyer has to do, and instead puts them in doing time consuming chores.

With a Contract Lifecycle Software, lawyers will have the opportunity to automatically create contracts, using their own standard templates, which are instantly created after answering just a few questions. No more writing one from scratch or hunting for old similar contracts for reference or reviewing contracts manually for errors.

Vetting

Most contracts are rarely signed in their ‘as is’ state. Also, contract management is not just about drafting contracts. At times, you tend to use the contracts shared by the other party. In both scenarios, they go through various changes and amendments by not just one, but different lawyers. Lawyers usually depend on MS Word for this process, whether it’s for tracking changes or adding comments. Hence, it’s important for a Contract Lifecycle solution to provide some level of integration with MS Word. With an MS Word plug-in, lawyers can quickly access their clause library while reviewing the document and insert clauses on demand. This ensures that they are not only saving time and efforts, but also using clauses which have been pre-approved, there are no errors and the language/terms are always standard.

Reminders

Most contracts come to an end after a stipulated period of time or after completion of deliverables, but it becomes difficult to track renewals, milestones and key obligations considering the volumes of contracts that are managed by legal teams?

With automatic reminders, lawyers don’t need to worry about this, as they will get notified when a milestone is due or when the contract is about to expire in order to renew it in a timely manner and be compliant.

E-signatures

Earlier, one would need to print out a contract, sign on it once finalized, scan it back and then store it online. A Contract Lifecycle Management Software takes this one step further and makes it possible for users to sign contracts electronically and even share contracts with other parties using a secure portal for their signatures even. This works even if the other party is not using a Contract Lifecycle Management software

Secure storage

Most important of all, security is a big concern for lawyers, as most legal documents and contracts are confidential and need to be kept safe and secure. Online cloud storage makes storing these much easier, and also makes sharing and edited online convenient.

PracticeLeague offers a robust and scalable legal software for lawyers. Try Our Contract Lifecycle Management Software for easily drafting, vetting, amending, storing, and managing contracts.

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