Most Importantly Contracts are the key to any business. Thus we need Contract Management Services to make effective contracts. For that reason, many of the tools get the attention for improving contract management while addressing contract lifecycle or post-contract obligation management. 

Therefore, these technologies id design to assure an organization is getting the full benefits of what has been agreed on. But, there are some tools and such practices that should be apply earlier that can lead to success.

Here are some  ways for better pre-contracting best practices:

Choose User-friendly Request and Intake Process To Start

An online tool or application allows users to provide key information. Then upload relevant documents and hit submit. Moreover, the request is route to a triage team and a record is creating.

Confirm That a Contract Is Needed, and if So, Then You Should Be the Best Starting Template

Checking the database to see on the existing contract if they cover the new transaction or have to save time for them. Rather than an entirely new agreement, work on a needed statement of work or a contract extension. In conclusion, which one is easier between both of them, select than negotiating something new.

Capture Data in the Contract Life Cycle

Firstly, your intake process should include capturing data from the outset, including the request date, counterparty entity, agreement type, requesting organization. Secondly, other elements will use to measure your contracting efficiency. 

Make a Process of Each Request for Right Resource

Quick review should include in relevant data. Used to deal with complexity, urgency, geography, availability, risk and other factors. In other words, a quick review approach must be prioritized to ensure alignment across the company. Rather than the squeaky wheel getting attention. Also, recognize the right resource to support a contract. That is an automation tool that creates an instant contract and sends it to the other side for signature. Similarly, an AI tool that reviews third-party papers and provides an initial markup is aligned with your company’s policies and risk standards.

Integrate New Requests With Your Contract Database To Provide the Relevant Information

Similarly, your negotiation team will benefit you only when they have relevant information handy. Such as existing or similar contracts with the other party, including contract summaries, and risk assessments based on previously accepted provisions.

Leverage AI Tools With Quality Checks

AI tools have come a long way. But they cannot replace human intelligence. Reviewing results not only ensures to catch the issues. But, Also provides a complete response while serving with a mechanism.

In addition to these best practices, legal service providers also lend support in building up a legal department’s pre-contract readiness. 
AEREN LPO helps clients with developing workflow processes, intake forms, triage and assignment criteria. Also assesses the functionality of the tools currently in place. It cleanses and updates contracts, repositories and templates and much more. Consult AEREN for your contract management services.