1. How do we setup standards for contract management?

Steve being the Chief Legal Counsel is interested in setting up contracts with standard legal terms and conditions, manage litigation risk with appropriate clauses and protect intellectual property in all the organization’s contracts. Currently, he does not know which contracts have what clauses and if there were any contracts that did not have the appropriate clauses and have to be updated.

eContracts assists legal counsels in setting up contract types and templates with a legal clause library that has required and optional clauses to be added to contract language as necessary and alerts contract managers if a particular clause has not been included in a contract. This allows the contract managers and legal counsels to identify and approve any non-standard contracts and be able to manage the legal risk to the organization proactively.

2. How do we manage the volume of contracts while being diligent on all of our contracts?

Steve, the Chief Legal Counsel, needs to be able to manage the workload of the contract and legal team while being diligent. Without a proper system to automate the contract creation process while monitoring the non-standard contracts his contracts team is having to be watchful to make sure that there are no errant contracts by keeping a close tab on the grapevine and people involved in the contract life cycle.

With eContracts, Steve can set up a strong legal foundation with contract clauses and templates and allow some of the common and standardized contracts to be created with self service capabilities (like NDAs, Master Agreements, etc.) while flagging certain specific types of contracts and setup rules for when a contract is a non-standard contract to make sure that they are reviewed and approved appropriately.