Contract writing – also known as contract authoring – is a critical stage of the contract lifecycle. The contract writing process involves contract parties putting into written copy the terms of a contract. One extremely important facet of contract writing is contract clause management. Insufficient contract authoring procedures often rely upon disorganised tracking of versions, a lack of unified contracts and subcontracts and – unfortunately – scattered clauses. Such processes can leave your organisation with contracts that are missing clauses, an overlooked mass of key dates and milestones, and poor contract lifecycle management.
Improve contract writing and clause oversight
To avoid the issues mentioned above, your organisation can enlist the help of a contract management solution that improves contract writing with better clause management. Leading contract writing solutions can help by simplifying and enhancing clause creation and clause inclusion, providing flow down clauses, alerts and much more. The best solution for your organisation’s clause management needs is Contract Insight’s intelligent clause application. Here’s why, and here’s what you need to know about maximising your ROI.
Simple and future-minded clause merging
Your organisation can leverage the ability to dynamically author contract documents by merging contract data fields with clauses from your pre-approved library. With Contract Insight, your organisation can easily configure a centralised clause library to promote the production of timely, accurate and compliant contracts. Your team can manage nearly unlimited templates and document versions with pre-approved data fields and mergeable clauses.
Clause libraries can also be used for specific or situational templates. Contract Insight supports CLIN management (contract line item number management) and insertion of line items into contract templates. Documents can swiftly be exported as standard files such as MS Word documents and PDFs.
Contract writing and clause governance in action
To capture how the processes and functionality mentioned above work, let us examine a hypothetical together. Let’s say your organisation can choose between two governing law clauses to agree to. You can configure both of those clauses in your pre-approved clause library and – based upon a defined, rules-based process – your Contract Insight system would insert either Clause A or Clause B. Note that, while this example just features two clauses, you can configure virtually as many as your organisation needs.
Moving on with this example, let’s say – for instance – that you have a consulting agreement.
In the scenario we have been working with, you would choose your consulting agreement template in the document process manager and you can preview it online or open in MS Word once downloaded. The integrated templating tool makes it so that data such as the counterparty information, contract’s effective date, the contract amount, and other key contract data appear throughout your new contract document, and you can edit them as needed.
For better governance over contract negotiations, you can force password-protected Track Changes within MS Word so that edits to your document after the data has been merged are tracked and audited.
Comprehensive flow down functionality
Contract Insight’s scalable and low-friction contract management software suite can support flow down clauses and alerts if your organisation is enlisting the aid of a subcontractor for a contract.
Contract Insight simplifies the tracking of flow down indicators. Your team can easily tag flow down clauses and obligations to be included in subcontractor documents. Tracking virtually every facet of your contract can make it easier and more unified to manage both your contract and your subcontract with the project management company.
Your organisation can further modernise and simplify the contract writing and clause management processes with the PC Helper App for MS Word.
After you ensure that you are logged into the Helper App, you can enjoy a visually-appealing and user-friendly menu tab at the top of the document you are working with. The menu ribbon features a plethora of user-friendly tools for various stages of the contract lifecycle.
Transform contract writing and clause management with Contract Insight
Now that you are aware of how to automate clause management and contract writing with a future-minded, dynamic and intelligent clause application, it is time to get started with all that Contract Insight has to offer.
With its robust and user-friendly interface, Contract Insight can transform the way your organisation authors contracts with dynamic clause merging.
Contract Insight from Four
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.