Weagree focuses on user-friendliness in all respects. We know what ‘user-friendly’ means:
User-friendliness implies
Inserting and maintaining templates is often a hidden, considerable cost factor. Not for Weagree (it is no code).
Without adequate contract automation (aka contract assembly or document automation), creating a contract can be an uphill battle. Contracting processes are typically full of complications – the road is not always paved. And ‘legal’ the cyclist everyone has to wait for. Many in-house counsels worry that business transactions are not even agreed in a contract (so no limitations liability or no adequate remedies are agreed upon).
Sometimes deal momentum is lost, due to slow contracting or a transaction even fails to reach the finish. Most parts of contract creation are fact-finding, can be delegated, and allow process optimisation and risk management to be automated. With contract automation, response times turn to zero, you will sprint at deal momentum.
Because drafting routine contracts and more complex contracts requires much less time, the response time of the legal department minimises (or even disappears). Business performance improves. There is an efficient involvement of stakeholders (whether that is a law firm servicing Company or ‘the business’ providing input). Providing a ‘simple’ (first draft) agreement of the most recent template version does not take weeks.
The Weagree Wizard can automate all types of contracts and documentation. It can create both routine contracts (e.g. NDA’s, closing documents, powers of attorney, shareholder resolutions, notarial deeds, as well as employment contracts), and large, complex contracts (e.g. credit facilities, deeds of pledge or mortgage, prospectuses, SPA’s, subscription agreements, shareholders agreements, and all kinds of procurement-related contracts, including IP and ICT licenses).
In most contexts, the time required to create a first draft contract can be reduced by up to 70 to 90 (!) percent. Accordingly, the productivity of legal counsel improves significantly. Time saving may be 180 to 320 hours per lawyer per year. External support can thus be minimised (e.g. interim lawyers, local counsel).
The time required to create the large, complex agreements referred to above may well be 120 times shorter than in a ‘traditional’ way of contract creation. Weagree has developed a spreadsheet calculation model, permitting it to assess the total potential productivity improvement, and express such time-saving in a monetary amount.
If desired, Weagree can make such productivity-improvement assessment in collaboration with you.
Introducing the Weagree Wizard serves as a catalyst for upgrading model contracts (so, top-class model contracts are not a precondition to introducing legal document automation or contract assembly). With the Weagree Wizard, all model contracts and contract building blocks and clauses are managed from one central location. This contributes to a higher quality of all contracts.
A contract that is circulated promptly, contributes to the momentum of a transaction. As a result of a smart Q&A, a first draft contract will not contain superfluous contract clauses.
Also, because the productivity of legal counsel improves, the response time of the legal department minimises, and the quality of a first draft contract improves, the finalisation of a business transaction requires less drafting time and fewer negotiation cycles. Negotiation issues are clear from the outset. A shortened transaction cycle is the result.
Because the Weagree Wizard is much faster than copy-paste and search-replace drafting and because contracts will be more to the point, people are inclined to create their contracts via the Wizard.
Moreover, if a legal department’s response time and performance level are excellent, business managers will be inclined to adhere to contracting requirements. In other words, if legal counsel performs professionally, business managers would less often seek to avoid the legal department.
Furthermore, routine contract drafting work can be delegated to the business (where desired, subject to prior legal approval before releasing of the contract). Finally, risks of errors or omissions in a contract are minimised.
The Weagree Wizard is a powerful solution for managing contract know-how. Thanks to the database technology on which it is built, all model contracts, contract building blocks, and the clause library are not only managed centrally, but they are also better searchable and accessible (through categorisation, keywords, and assignment of ‘know-how ownership’ of clauses). Moreover, the Weagree Wizard facilitates an effective handing over of model contracts from generation to generation of lawyers.
The Weagree Wizard contains reporting overviews, which keep track of contract approval status, prevent business opportunities fade out because of a lack of responsiveness in the business process, and structures standard processes in a standardised manner. The contract overviews (contract creation stage, approval stage, and post-signing stage) show the actual status of all contracting work-in-progress.
Senior management gains real-time insight into all transactions (and other activities) by their business groups and units. Separate reporting by business managers can be reduced.
With advanced contract automation software, processes are streamlined, and contract content is consistent and controlled: users answer a user-friendly questionnaire and generate a tailor-made first draft agreement, based on their own models and templates.
Control contract creation by integrating Weagree with SharePoint, CRM, and other applications, with advanced approval workflows and plug-in e-signing. Cycling is fun. Try it yourself.
For detailed information, including as regards technology, see the frequently asked questions (FAQ) section. If you have a specific question or would like to request a demo of our contract automation application, you can contact us. We have created a demo video, which gives you a first impression of Weagree’s contract creation application.
Experience yourself what user-friendliness means.
Many contracts are automatically extended, and sometimes such auto-renewal is unwanted. Many contracts are not being signed or the signing is not followed up properly. Contract copies are scattered across inboxes or storage locations. Getting a helicopter view will be impossible.
Contract lifecycle ‘management’ is even more problematic if it is done manually:
…an almost endless list of inefficiencies.
Manual contract lifecycle management is not sustainable. Keeping track of contracts and contractual obligations is laborious. And because it is mostly administrative work, relying on individuals, it should be automated to the maximum extent possible.
No unexpected twists and turns in your contractual commitments. Get immediate (one-click) insight into dozens of data points to ensure no detail is overlooked. This addresses a critical challenge in managing a transaction – being proactive in identifying and fulfilling contractual obligations.
Did you know that on average, companies lose over 9% of their total annual revenue? For larger companies with more complex operations and a greater number of contracts, a loss of revenues can even exceed 15%. The study emphasises that a significant part of this is linked to how contract obligations like renewals are handled. Real-time insight into your rights and obligations prevents loss of revenue and minimises invisible financial setbacks.
Empowered by automated alerts or notifications, your team gains the upper hand in proactive planning, bidding farewell to missed deadlines, overlooked milestones, or last-minute rushes. Beyond simple notifying of contract expiry, termination of an exclusivity period, Weagree’s CLM sends automated notifications for any other contract milestones.
Recording the contact milestones and ascertaining notifications is largely automated. Most deadlines, milestones would be input during contract creation, with only relatively few updating required upon signing the contract. The organisation is protected against careless contract managers, thanks to the notifications being preconfigured by the admin. The CLM supports careful contract managers by allowing them to deviate from pre-set parameters. This automates much of the manual CLM registration work.
Sifting through physical files and folders, email attachments or spreadsheets scattered across locations is avoidable time waste, unnecessary and frustrating. An integrated contract repository enables to respond promptly to inquiries and provides accurate information with just one-click access.
Need to revisit a specific business relationship? Easily navigate to the contract and all related files. It saves you a lot of time and coordination, as:
If some internal stakeholders or team members must not be able to see every contract file, the visibility can be restricted (based on role, user profile or authorisation level).
Control over your contracts is not just about handling obligations – it’s about driving financial success.
Studies show that a surprising 8% of agreed revenue remains unrealised due to inadequate contract management practices. This is where a CLM comes into play, as your safeguard against revenue leakage.
Weagree’s CLM, with its comprehensive capabilities such as advanced monitoring and reporting, automated alerts, integrated contract tasks management, ensures maximum value from your agreements is materialised. Revenue is protected and opportunities are seized.
Imagine a peloton of skilled cyclists navigating challenging terrain. There’s one vigilant lead cyclist who anticipates upcoming twists and turns, signalling the group with timely notices to ensure seamless orchestration. Weagree’s CLM offers senior managers and heads of legal the notifications they need about deadlines, expirations and other milestones faced by their team.
Reporting and monitoring capabilities within Weagree’s CLM extends beyond superficial metrics. A one-click overview empowers team leaders and senior management to monitor workload, upcoming activities, as well as insights into an entire contract portfolio. Contract managers and legal counsel have a one-click overview over all their upcoming contractual deadlines, forthcoming obligations.
Weagree’s CLM is the place where the busyness or workload of your team can be foreseen, enabling a timely anticipation of needs for additional support. It’s one click insight in your company’s short-term business success.
Easy reporting and adequate monitoring enable making data-driven decisions, optimising allocation of resource and generally, overall control.
As contracts are the foundation of compliance with corporate requirements and as CLM follows a business relationship throughout its lifecycle, from creation to execution to expiry, Weagree is an excellent ‘control’ for verifying compliance with internal rules and policies. Setting up API integrations with other IT solutions such as an ERP, a CRM, external approval workflow tooling not only accelerates contract-related processes, but also closes the loop of a business transaction being anchored in a contract. With adequate data management and a well-designed IT architecture, the integrity of data is ascertained and for contracts, the CLM becomes the single point of truth. This not only strengthens your contracting processes, but also protects your organisation from operational worries down the line.
Having granular insight in an extensive set of contract (meta) data enables better risk management: with one click, all relationships with a supplier, customer or partner are visible. Hence, if anything happens in connection with one contract, the company follow up on the other business transactions. Also, extensive contract management insight provides a responsible overview over all operational and other implications if the business is adversely affected by certain global, national or local developments. Weagree CLM enables effective risk management, thanks to the advanced contract-reporting capabilities.
Just as a lead cyclist brings structure and coordination to his team, a CLM fosters structure in your contracting practice and boosts collaboration within teams. When a transaction is tracked through its entire lifecycle with tasks, smart communication features involving your team and internal stakeholders, and notifications for upcoming milestones or expiry, you are elevating contract management to the next level. Collaboration becomes your team’s second nature, accelerated by a user-friendly CLM.
If you have a specific question or would like to request a demo of our contract lifecycle management (CLM) application, you can contact us. Alternatively, we have created a walkthrough video, which gives you a first impression of Weagree’s CLM capabilities.
