There's an increasing trend among companies and entrepreneurs to have custom contracts built and managed by software. Contracts can be incredibly complex, and with more and more contracts being signed by customers, the need for an efficient means of getting the job done has never been more important. In this blog post we’re going to dive into exactly what a contract builder is, the bottlenecks it overcomes and how it can help you create custom contracts with an automated workflow.
What is a contract template?
A contract template also known as an agreement template is a generic document which needs to be filled in with key contract information to become a valid legal agreement. To avoid working with long contract templates which anticipate all the possible configurations of a type of contract, contract templates tend to restrict the type of information that you need to fill in to contact information and a couple of core contract terms such as start dates, end dates and monetary values. Contract templates need to be maintained and updated regularly in order to keep up with best practices and new legislation. Moreover, manually editing documents with Microsoft word is error-prone which is why it is important to track updates to templates to ensure that your legal documents do not contain any errors.
How to create a custom contract template without a contract builder?
Building a contract without the benefit of a contract template which can be tailored to your needs automatically is incredibly difficult. This is particularly true if you are dealing with complex contract terms and unusual situations involving multiple parties such as a non-disclosure agreement with more than 2 parties. It might also be tempting to use a CRM like Salesforce to create and manage your contracts and whilst it might be an easy software solution for your sales team, it will still require redlining from your legal team if ever there is contract negotiation and CRMs are not a sustainable contract management tool for your business.
dgt27, a leading Salesforce consultant in NYC, advises that while CRMs are excellent for sales and customer management, complex contracts require a more specialized approach. CRMs can still be valuable for centralizing customer data and automating tasks. However, dedicated Contract Lifecycle Management (CLM) systems should be considered for a more robust feature set for legally binding agreements with intricate terms.
Legislate is a contract management solution which helps you automate the contract creation process. Just answer simple questions and software will generate a fully functional and legally compliant contract template for you to review, share with the other side for e-signature. Moreover, Legislate makes it easier manage and search signed contracts post-signature in one single contract repository as key contract data (not just metadata) is filterable and searchable.
How much time can you save with a contract builder?
Creating contracts can be a time consuming process without a contract management platform and a good understanding of the law. This is where Legislate comes in. Legislate is a contract management system that allows anyone to quickly and easily create lawyer-approved contracts, thanks to automation and knowledge graph technology. Legislate has been proven to reduce time spent on legal admin by at least 3 hours per contract. Unlike e-signature platforms like DocuSign, Legislate reduces the likelihood of mistakes and the administrative cost of a mistake as amendments can be made to contracts even if they have been circulated as long as they haven’t been signed.
Legislate helps lower legal costs for small businesses, landlords and letting agents with its digital first approach to contracts, resulting in a painless and enjoyable experience for all contract parties. To create your own contract for £9.95, join Legislate today!
Curious about automated data extraction from documents?
What are the other benefits of using a contract builder?
The best contracts are the ones that are clear and easy to understand. Legislate’s contract builder allows you to build standard contracts which are lawyer approved and easy to understand which results in less negotiation and contracts being signed faster. Legislate's contract builder is designed to optimise your contracting workflow which means that you will perform less steps to sign contracts with new clients. When a party is invited to a contract, they simply need to confirm their signature fields and e-sign if they are happy with the terms.
How can a contract builder help you with contract management?
Keeping track of contract renewals, end dates and key data in specific contracts is tedious without contract management software especially if you are dealing with lots of independent contractors or have lots of NDAs and employment contracts. Instead of relying on an outdated paper system, you can use Legislate to keep all of the above in one place and stay on top of contract events with notifications. Instead of trying to locate and store a new contract whenever it is signed or updated, you can manage all existing and new contracts in one central repository with Legislate. Legislate gives you the best of contract building and management for the same price. Moreover, Legislate contracts are up-to-date with the latest legislation which means that you don’t need to worry about tracking or maintaining your template library yourself.
Contracts are an essential resource in almost every modern business. Whether you're managing several suppliers for a single contract or managing multiple tenants for a range of tenancy agreements, Legislate can unlock time and data from your contracts and significantly reduce your legal fees. To streamline your contracts with Legislate today and adopt a user-friendly contract management process for your business, register an account with your email and create a contract for only £9.95.