Running a closing for an M&A transaction or LMA-financing transaction involving hundreds of legal entities or simply 378 intra-company agreements is not only precision-work, but also time-consuming boring work. Precision is required for the various speciality exemptions in such voluminous transactions.
The combi specialty-exemptions vs. time-consuming is somewhat poisonous. Ideal context for automation!
A spectacular transaction
End of last year, we ran this transaction for a business unit of one of the largest multinationals worldwide:
- data-import,
- data-validation,
- contract-create,
- document-generate,
- mass-doublecheck,
- bulk-e-sign transaction,
involving 70 legal entities, 3 contract templates, for 378 contracts the metadata, and triggering and completing 1,890 tasks.
Spectacular process improvements
‘Before Weagree’, this tedious task took many months of dragging annoyances. ‘After Weagree’, the entire transaction was altogether reduced to less than 52 hours. If undertaken with several colleagues, the entire closing, setup to execution, takes less than two days. That is a massive time-saver, both in terms of productivity and transaction cycle.
Last week, our customer reverted to us with some related follow-up work. Few things are as fulfilling as a happy customer! Here is how we conducted the entire transaction within the Weagree Wizard:
1. Migration of metadata, legal entity data and e-signatory details
- Check and ‘re-engineer’ the spreadsheet data for all intra-company data
- Verify the ‘375 contracts’ in the spreadsheet
- Adjust Weagree’s legal entity management (add CRM-fields)
- Import the 70 legal entities with address and other corporate details, and all details of the e-signatory-officers (function title for each entity)
2. Automated creating and bulk-generating 378 contracts
- Insert the templates for the three intra-company agreement, including the questionnaire
- For the three intra-company templates, fine-tune contract house style
- Create a project for the transaction
- Validate imported data and created contracts using Weagree’s contract reporting
- Double-check all 378 questionnaires, whether all Q&A-questions were indeed ‘answered’
- Generate Word (or PDF) for all 378 intra-company contracts
3. Bulk e-signing of 378 contracts involving 70 legal entities
- Activate and configure the DocuSign plugin
- Validate and confirm all e-signing-related data (check e-signatory names and bulk-insert personal message for DocuSign e-mails)
- Start the bulk e-signing for all 378 contracts
- Monitor e-signing from within Weagree (e-signed contracts are automatically returned and processed)
4. Automated tasks management (Kanban)
- Monitor e-signing progress on the in-transaction tasks Kanban (in addition to each user’s own general Kanban board, every individual contract entry and every transaction also has its own Kanban tasks board).
- Collegial cooperative contracting means that colleagues can follow the transaction status (and step in on completing a task if necessary).
- All of the 378 tasks automatically appears on the Kanban and automatically disappears once completed (and clicking the task card transfers the user to that contract).
- Create a default task-description that will help you browse through the hundreds of tasks.
5. Reporting and CLM-managing 375 contracts, including notifications
- Create a CLM contract sheet
- Create CLM-notifications for all contract-related deadlines
- Manage every contract
- Create contract reporting widgets for the GC contract reporting dashboard
- Monitor all contracts
We are very proud to have run this transaction for one of the largest multinationals worldwide! When contracts get complex or transactions voluminous, at Weagree, we like to prove our reliability.
Want to explore how we can help you accelerate your contract flow? Get in touch today!
