Automated Contracts Give You the Competitive Edge

Posted by Bray Dohrwardt | Mar 28, 2024 | 0 Comments

Do you need help to keep up with your contracts? Whether it is getting the contract negotiated, executed, maintained, or enforced, it is challenging to keep up if you are still using bespoke, paper agreements. In today's digital age, businesses constantly strive to streamline operations and increase efficiency. This is particularly important in contract management. Traditional contracts are often time-consuming to create, execute, and manage, leading to delays, errors, lost sales, and even legal disputes. However, you can enjoy a more streamlined and efficient contract management process by automating and digitizing your contracts. Contact the Dohrwardt Law Firm to discuss how your organization can automate your contracting process.

Digitized automated contracts are digital agreements that use technology to simplify the entire contract lifecycle. They can automatically generate contracts based on templates and selection options and securely store and manage contract data.

Imagine your sales team with tablet computers connected to pre-approved, digitized contracts. Instead of manually drafting and reviewing contracts and seeking approval from legal for every revision, businesses can use software to generate them quickly and accurately. Every variation your customer wants is available to the salesperson via pre-approved drop-down provision options. If your customer needs personalized payment terms, select the menu of available options. If your customer wants customized product variations, choose the pre-approved options. By filling in the contract with pre-approved drop-down options, the salesperson can produce an agreement with the customer for digital signature. There is no need to wait for the legal draft, revision, and approval. This is because all selected terms include pre-approved legal language and sign-off. This speeds up the contract process and reduces the likelihood of errors and inconsistencies.

In addition to execution speed, another advantage of automated, digitized contracts is improved compliance and risk management. By using software to monitor performance and enforce contract terms and conditions, businesses can ensure that all parties comply with the contract's terms. When terms are no longer valid, whether due to new rules or other market changes, contracts can be quickly amended and delivered to the sales team and customers electronically. Other common issues can be proactively managed, including renewals, termination, and tailored language complying with individual state laws. This can help avoid legal disputes and other issues arising when contract terms are not adequately enforced.

Digitized automated contracts bring many benefits to businesses seeking to streamline their contract management process. They save time by reducing errors, improve compliance by ensuring all parties adhere to contract terms, and mitigate risk by proactively managing issues like renewals and terminations. These advantages, among others, are why companies are increasingly adopting digitized automated contracts to enhance their contract management efficiency. If you haven't yet explored this powerful technology for your business, now is the time.

Contact the Dohrwardt Law Firm to discuss how your organization can automate your contracting process.

The information provided is only for general information and is not meant to be legal advice. Information on this website, including third-party links, may be less up-to-date, so you should contact your attorney to discuss your particular matter. Third-party links are provided for convenience only and are not an endorsement by the Dohrwardt Law Firm.

About the Author

Bray Dohrwardt

As an accomplished attorney with over 22 years of experience, Bray Dohrwardt has built an impressive career, enabling business growth and commercial success for many companies from start-ups to large corporations and nonprofits. He focuses his practice on business law and energy law.


There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Bray Dohrwardt is Responsible For the Content of this website

Bray Dohrwardt is licensed to practice law in Minnesota and Texas. Please contact the Dohrwardt Law Firm to discuss how the firm can help you get business done.