Manually authored contracts often cause holdups. But thanks to contract authoring software, the tech can do most of the heavy lifting so that businesses can get more done quickly without sacrificing accuracy.
Contract authoring software that enables businesses to create and manage contracts and other legal documents efficiently. It is built to handle a variety of contract management tasks, from authoring to post-signature, and has the ability to track and store contracts.
So, what specific tools come with contract authoring software? You’ll be amazed at how much they can do, but here are three of the most notable and useful features.
Streamline the contract authoring process with company playbooks. This feature allows you to easily insert standard policies and guidelines into contracts, so you don’t have to keep copying and pasting every word. Contract authoring software cuts your work in half by letting users add saved clauses with just one click.
You can create various playbooks to fit specific needs or even a generalized template that can be used for any situation. You can even add multiple playbooks at once whenever a process calls for it. DocJuris has many pre-made playbooks based on research and surveys from over 250 businesses. Get started with our free playbook template.
With manual review, collaboration can be quite a mess due to all of the revisions made with each contract. But contract authoring software keeps the process organized and structured so all parties can see exactly what’s going on and which additions were included. In addition, you can add comments and tag partners so they can see your messages and thoughts.
Contract authoring software also allows you to separate discussion threads between your internal team and external parties. That way, your comments reach the right people at the right time. With an improved collaboration system, both parties can accomplish more in a short amount of time.
The latest contract authoring software integrates AI technology to perform several tasks, such as formatting and predicting demand and supply sources. Automation systems speed up the contract authoring process by doing repetitive tasks for you so that you can spend more time on other aspects of your business. In addition, they provide a huge assist in the redlining process, as the software can markup documents based on your playbooks.
There are several reasons businesses should consider dedicating time and resources to implementing contract authoring software. Here are five key benefits of contract authoring software.
One of the most significant benefits is increased efficiency and productivity. Traditional contract creation and management processes are often time-consuming and error-prone, requiring considerable manual effort and coordination among multiple parties. By automating these processes, contract authoring software can help businesses streamline their contract workflows and reduce the likelihood of errors and delays.
Another critical benefit of contract authoring software is improved accuracy and consistency. This software typically includes a range of standard clauses and templates to help ensure that contracts are drafted in compliance with relevant laws and regulations. It can also help enforce internal policies and standards, ensuring that all contracts within an organization are consistent in their language and provisions.
Nothing moves the process along than a solid collaboration system. Contract authoring software provides various tools for both parties to communicate and collaborate. For example, people can leave suggestions and comments on the document for other collaborators. Not only that, the cloud-based editor allows users to make and view edits in real time, which means that a user can see whenever someone is currently editing the document.
Collaboration tools also make it easy for people with different languages to work together faster. Contract authoring software includes a multi-lingual interface that interprets and translates words into one’s desired language. That way, there’s no need to hire a translator, as the software has one built in for your convenience.
In addition to these operational benefits, contract authoring software can help businesses reduce their legal risks and costs. By providing a centralized, secure platform for managing contracts, this software can help companies to avoid disputes and mitigate the risk of non-compliance. It can also help organizations keep track of their contracts and easily access the information and provisions they need, reducing the need for costly legal review and advice.
Enhance relationships with customers and partners
Finally, contract authoring software can help businesses enhance their reputation and relationships with customers and partners. This software can help companies to provide a better customer experience and foster stronger relationships with their partners by enabling organizations to quickly and easily create and manage contracts. It can also help companies to demonstrate their commitment to compliance and professionalism, which can be essential for building trust and credibility in today's highly competitive market.
Overall, contract authoring software offers a range of valuable benefits for businesses, including increased efficiency and productivity, improved accuracy and consistency, reduced legal risks and costs, and enhanced reputation and relationships. As such, investing in this technology can be a smart move for any organization that wants to streamline its contract management processes and gain a competitive edge in today's market.
At DocJuris, our cloud-based contract authoring software has all the features mentioned earlier and more. We give you the essential and accurate tools to write contracts faster so you can close more deals. Learn more about our software and book a demo today.
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