Creating a new contract shouldn’t begin by copying an old one. Yet “Save As” remains a familiar shortcut.
Someone opens the last agreement, changes the counterparty name, updates a few dates, and starts editing. Along the way, old language, outdated information, and terms written for a different relationship can find their way into the new contract.
The new agreement may have a new filename. That doesn’t always mean it has a clean starting point.
Contracts 365 can generate a contract document from a configured template and populate it with information stored in the contract record. A requester can generate a standard agreement, whether it’s an NDA or MSA, using an approved template and the metadata already collected during the contract request.
Then, information such as the counterparty, contract type, legal entity, effective date, or other configured record values can be placed into the generated document. The first draft begins with the appropriate template and available contract data rather than an agreement created for a different transaction.
The generated document is also saved with the contract record, giving the governed process a consistent place to begin. From there,automated contract workflows can move through the appropriate review and approval steps.
Approved templates help organizations maintain greater consistency in the documents they create. Automated Document Assembly also reduces the repeated work of finding an earlier agreement, copying it, and replacing information by hand.
Contract teams still review the document and make the decisions the agreement requires. They simply begin with a draft designed for the purpose, populated with the contract information already available.
Automated Document Assembly gives the next agreement a cleaner place to start.
Contracts 365 is powerful contract management software for businesses that use Microsoft 365. See how Automated Document Assembly can help your organization generate agreements from approved templates and contract-record data.
Request a demo and experience the power of Contracts 365 today.