ContractWorks Adds Drafting and Approval Capabilities

Over the years, ContractWorks has become one of the highest-rated contract lifecycle management solutions, helping businesses track and stay on top of key dates and obligations post-signature. But anyone who lives and breathes contracts knows that post-signature is only half of the contract lifecycle equation. 

As organizations mature and grow, their contract management needs evolve as well. As a business experiences growth in the number of contracts they deal with, its needs evolve to consider the entire contract lifecycle and how it can better scale from start to finish. That’s why ContractWorks is excited to introduce our latest functionality for contract drafting and approvals!

Speed up drafting time by 80% and approval time by 70%

Contract drafting and approvals can get messy, to say the least. From old templates that people shouldn’t use (but still do), to confusion around document versions during redlining, this part of the contract management workflow is what many consider to be the bane of their existence. 

Our latest innovation for Drafting and Approvals helps to alleviate confusion and stress by bringing a structured approach to how teams draft contracts and collaborate on approvals. With ContractWorks contract management, you can cut drafting time by 80% and reduce approval time by 70% with these key features:

Drafting

• Pre-approved templates allow you to maintain compliance with internal policies and legal regulations. By standardizing your contract templates, you ensure the language in your contracts is unified and errors are minimized. This empowers non-legal teams to draft their own contracts without worry since they’ll only use templates approved by the legal team!
• Automated drafting leverages a contract wizard with custom prompts that guide and assist users in drafting contracts, improving drafting speed through automation. You can also draft contracts with one click by pulling information from prior agreements and leveraging that language to quickly create new contracts. This drives more contracts through your pipeline at greater speeds, removing bottlenecks and improving efficiency.

Approval

• Collaboration during redlining between internal and external stakeholders is simple and easy with our Word-compatible contract editor! You can streamline edits, accept or reject terms, leave comments, and swap clauses to move contracts forward quicker.
• Smart workflows with customizable triggers help to automate approvals and get contracts to a closed state even quicker. You’ll have the ability to set as many stakeholders as you need to approve clauses, sections, or entire contracts, making the approval process frictionless.
• A clause library ensures organization-wide compliance with legal expectations when changes to contracts need to be made. You can create pre-approved clauses that users can pick from to empower them to make changes on their own, saving time for everyone involved! A robust activity log helps you keep track of the changes made so you can troubleshoot if needed.
• Automated real-time notifications and alerts remove the need to chase approvers and stakeholders. Everybody involved will know when contracts need attention, changes are made, and when contracts are finalized so you can act quickly and minimize downtime.

If you’re looking for contract management that covers the entire lifecycle, without the huge price tag of existing legacy solutions, we want to hear from you! ContractWorks’ Drafting and Approval features enhance collaborative contract management, and they are available now. We’d love to answer your questions and show you how we can help get your contracts under control.

Click here to schedule a demo today!