You’ve witnessed this play out at your company before. You may have even done it yourself. A contract is needed, so you ask legal to draft it. Legal, being buried with a million tasks, looks for the latest contract used with a counterparty similarly aligned to the current situation. Once identified, a quick search and replace process takes place to remove the legacy information and the current deal’s details are added to make it look like new.
There’s just one problem. Using executed contracts as a base template for new agreements can create a variety of compliance risks and impact negotiation leverage. A centralized template library and automated contract playbook can make your company’s contract lifecycle management more effective, more efficient and ultimately more profitable. In this white paper, learn how you can leverage template libraries and playbooks to reduce legal risk and increase efficiency and compliance in just five easy steps.