Contract language is carefully drafted by attorneys – but individual contracts are often "put together" by different individuals applying standard terms and conditions. This decentralized contract creation across an organization is prone to inefficiency, error and risk. Language becomes inconsistent and out-of-date. Standard agreements – used and reused – start to ignore unique risks presented by increased financial commitments, promises of delivery, or exposure of intellectual property.
Automated contract assembly can ease legal workloads while adding important controls to the contract creation process. Corridor discussed this on the webinar Contract Creation – Automating with Templates and Clauses on March 13, 2019. We walked through the steps of automatically creating a contract using purpose-built templates and appropriate clauses. We also discussed the how legal and business users can shape these systems to meet their specific needs. Among the points we covered:
- Identifying contracts that are candidates for automation
- Handling variation in terms with conditional logic
- Addressing risk through alternate clauses and heightened review
- Looking at assembly workflow as an efficient administrator
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