Clause library integrated in contract automation
Contracts for which legal counsel are consulted, usually require a specialty. That one additional provision that was not anticipated in the template: for the transaction with a key supplier, for the one strategic element in a collaboration, or the risky part of supplying a competitor. A clause library integrated in contract automation is your solution.
And then for the legal counsel it is time to draft a clause. Often from scratch (re-invent the wheel). Or to consult colleagues to find a proper example.
A key functionality of the Weagree Wizard is the central, searchable clause library. This central place for reusable contract building blocks reinforces a high quality and consistency of the contract templates. Thanks to a clause library many errors or inconsistencies are avoided.
A clause library integrated in contract automation empowers legal counsel with direct access: (a) for exceptional cases not covered by the contract template, and (b) for tailoring mark-up clauses in a contract received from the other party:
- on a per-template basis (i.e. for a particular transaction only) a user can insert an ad hoc template-unrelated clause, during the Q&A, into the template (e.g. a clause for sale and delivery of real estate or intellectual property into an SPA)
- a single (set of) tailor-made clauses for your mark-up of the other party’s draft proposal
- reusable clauses all available for insertion in several templates
- variations on a building block arranged together (thanks to categorisation, and a search-and-filter functionality)
Thanks to the centralised and integrated nature of Weagree’s integrated clause library functionality, contract-maintenance work is minimised: updating a clause-library clause immediately applies to all templates in which that clause is used