A big part of our business is in transactional law. Reading a strong preamble and a well structured contract or city ordinance – makes us smile.
After years of working with legal departments and local government agencies, here are 4 areas were we see these departments can easily benefit from.
These areas go beyond using a good CLM tool to manage and organize contracts in a tidy repository.
They are:
1. Having a Contract Review Committee: to review risks for contracts over a set amount of dollars e.g. everything over $500,000.
2. Having Standardized Templates: creating templates for all of your core agreements and using those templates as the basis for all your contracts is not only a time saver, but helps with version control also.
3. Having a Contract Signature Policy: having a signature policy in place ensures that contracts of a certain type or certain amount are signed by appropriate person with the capacity to enter into such an agreement.
4. Having A Contract Playbook: Creating a contract playbook is a front loaded project that takes time but pays huge dividends for your company in the long run.
This playbook should not only document and break down the company’s standard terms, it should also explains the “why” behind “why” they exist and “why” they matter.
Happy contracting!
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