Contract Lifecycle Management
Traditionally, the process of contract drafting, reviewing, negotiation and signing has been a long-stretched out task, often unstandardized, and difficult to streamline. It can rely on passing work through multiple hands, long email chains and ad-hoc conversations which leads to many organizations losing visibility over the most up-to-date version and all the minor decisions that are made and executed. This also pushes legal teams to accept more risk than they have to, just to get pen on paper. Furthermore, upon signing, meeting ongoing contractual obligations to reduce risk exposed to the business is time consuming and sometimes just not done at all.
How Checkbox Solves Contract Lifecycle Management
|Challenges||How does Checkbox address it?|
The manual collection of information to create or review contracts is time-consuming, often consisting of reading email chains and ad-hoc conversations.
Checkbox’s no code platform empowers lawyers to build smart, dynamic forms with complex rules and decision-tree logic. This creates a centralized place to collect and store information for the legal contract.
When in-house legal teams generate their own contracts, there’s a high risk of human error from manually creating contracts, and non-compliance if the incorrect, or an outdated template is used.
Find out more about the challenges of contract generation and how Checkbox addresses them here.
Checkbox automates the generation of documents by populating an underlying master template which is compliant by design.
Using document workflow, these business-critical documents are automatically customized and can feature:
It is difficult to coordinate and document back-and-forth communications taken to reach an agreed legal document.
Seamless workflow automation facilitates and centralizes all communications between lawyers, business users and external parties, including any comments, approvals and uploaded legal document versions.
Controls to minimise the risk exposed to the business can be unstandardized due to the bespoke nature of legal documents.
Based on the nature and size of the legal document, Checkbox recommends controls relevant to the contract. It also enables the legal team to add their own risk controls to the database for re-use in similar contracts in the future.
In-built reminders assist with following up control owners to ensure they’ve completed the relevant task required to remain compliant.
Horizontal view of the negotiation and contract status is lost through back-and-forth emails.
Track the real-time status with Checkbox dashboards where information such as contract status, e-signature status, and approval timestamps can be displayed.
It is difficult to track the renewal date of the contract, thus not creating ample time to take relevant actions to successfully renew the contract on time.
Be automatically reminded a set number of months before the contract is about to expire and streamline the process of notifying the right people and requesting tasks to be completed.
How Does Checkbox Automate This?
2. Checkbox’s workflow automation software facilitates and records all communications
A record of all the comments made by either party and any uploaded versions of the contract, including the timestamp, is kept within Checkbox.
3. Upon the contract being finalized, Checkbox automatically sends the contract to relevant parties with requests to e-sign
All relevant parties follow the DocuSign or AdobeSign experience to quickly and easily sign the document.
4. Checkbox can automatically store signed contracts in other document systems
Signed documents are sent to store in central document repositories such as Google Drive, SharePoint, iManage, or NetDocuments.
5. Manage controls based on the contract generated to remain compliant
Receive suggestions for relevant controls required to reduce risks, such as data breaches. Assign tasks to different departments and ask for evidence of their task completion to enforce compliance.
6. Set up automatic reminders and track the end-to-end lifecycle of the document through the Checkbox dashboard
The real-time stage of the document, along with all contract and e-signature details can be viewed.