Contract Authoring Process & Software – Phase 2 of 6
Harmonize the contract creation and collaboration process
Slow contract development degrades the efficiency of contract processes and can have a negative effect on revenue. At the heart of an effective contract management system are collaboration tools that foster the development of content among team members.
Collaborative tools that capture mark-ups and record every change and approval are essential. Version control, for instance, maintains an accurate record as contract language evolves, and check-in check-out procedures streamline the collaboration process among individuals working to develop contract language. Document notes that do not appear in the document itself retain important information about the development, collecting matters like date, time, and names, and additional context without over-sharing information.
Collaborative tools build a framework for the development of language. This ensures an agreeable process and keeps things moving forward quickly. Accountability is maintained and there is significantly lower risk of questions or disputes arising later on.
An effective collaborative process also fosters re-use of approved language, for instance with clause libraries that contain previously developed language. This speeds future contract development even further.
- Search and information re-use
- Clause library
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Want to learn more? Read about phase 3, the Contract Approval Process.