Contracting is an essential process for most businesses. However, it requires careful execution and can get messy when handling multiple contracts at a go. With a heap of contracts, it’s easy to misplace some or make mistakes during documentation. Simple blunders in such documents can put your business in legal trouble. For this reason, most companies automate their legal contracts to ease the process and save time.
What Is Contract Automation & Why Is It Important?
Technology has since made life easier, and you can do various things and in less time. A perfect example is contract automation. What is it all about? Contract automation is a process that employs software, allowing teams to self-serve routinely without requiring the presence of a lawyer every time.
Contract automation with Aerofiler helps in handling a huge volume of contracts. With a standard automation system, you have more control over your digital documents, which enhances data security. But, without such a system, you may face security breaches and have your data compromised. Also, it’s easy to access the documents, and this minimizes the cases of data losses.
How Can I Automate Legal Contracts?
1. Create Templates
The process of a legal contract begins with creation. With the many tools available, lawyers can easily convert existing contracts into templates. The process converts texts into fields and offers options allowing teams to add or delete clauses when necessary.
The templates have advanced features, which are important for contracts, including lists of companies and signatories. Once you pick a template, you can complete the contract by filing a questionnaire that you can run from Ms-Word with the help of an automation add-on.
However, the lawyer may want to oversee the contract templates to own the wordings and key provisions. Again, it’s the role of the company’s CEO to sign certain contracts. For big companies hiring regularly, e-signatures will come in handy and help avoid backlogs.
2. Use Self-Serve Contacts
A team that is directly involved with the use of certain contact is tasked with creating and sending it. For example, if dealing with offer letters, managers and senior leadership teams can use automation to create specific contract details. The team may later use the templates to enter data with ease, including names, dates, addresses, and more.
3. Use Approval Workflows
The lawyer may not need to approve all the documents. However, some may necessitate proper examination and scrutiny from the lawyer and the leadership team. Nonetheless, most companies empower stakeholders to approve such documents, which expedites the contract process without engaging a lawyer every time you need the papers signed.
4. Signature Automation
Contract signing can be daunting if your company handles multiple contracts daily. Similarly, sending contracts physically for signing can be time-consuming and risky. It exposes your information to different people and can easily get tampered with or, worse still, get lost.
Nowadays, most companies use e-signatures, and the benefits are apparent. Some businesses use stand-alone solutions, while others have contract management software with an in-built electronic signature. These speed up the signing process and allow for smooth signing.
5. Automate Contract Monitoring & Tracking
All contracts feature essential dates and deadlines. These can derail the agreement if not handled keenly. Contact may include various important dates, and keeping track of this complicates the process. However, you can devise ways to track key contract dates and seek solutions to help you in doing this. These may be, for example, calendar alerts, contract management software, and more.
There are various ways to automate your legal contracts. No matter your choice of solution, contact a professional for guidance on the best options for your needs. Also, only engage reputed companies, for this ensures quality products and avoids data compromises.