To maximise the benefits from a contract creation software application, it is helpful to analyse the normal contracting processes and the desirable transaction cycle. With the analysis, the internal contract approval requirements can be customised, an adequate selection can be made of the automated model contracts and of their availability and the workflow-monitoring by senior management can be optimised, as well as the effectiveness of implementing the contract assembly application.
We identified ten steps for upgrading your model contracts:
Step 1: Select model contracts and scope the contract automation
Step 2: Establish a best practice group
Step 3: Collecting and stripping model contracts and precedents
Step 4: Prioritise the model contracts
Step 5: Establish the procedure and set the agenda
Step 6: Prepare handsome proposals for discussion
Step 7: Discussing and establishing the contract building blocks
Step 8: Determining your organisation’s contract house style
Step 9: Identifying approval requirements and business access
Step 10: Automating the contracts and implementing the workflow
Undertaking these steps in a structured manner will save your company a lot of time and vouch for the success of implementing contract creation software.
Best practice group. In large legal organisations, the above analysis and the upgrading of model contracts should be undertaken by best practice groups. It is crucial for the progress and success of upgrading contracts that the general counsel, and preferably also the executive management of the company, expressly support the work of the best practice group. They should be explicit and prioritise action (actions speak louder than words). Efforts by best practice members should be rewarded amply within the entire organisation.