In a recent webinar, Marc Doucette (Koho), Pepe Toriello (Red de Firmas), and Denis Potemkin (Majoto) discussed contract redesign in CLM. As many companies and law firms want to transition from Outlook or Excel, they need a better business tool. So, in this post, we summarize the problem, a possible solution, and how Koho software could help you.
The basic problem in contract design for business models
To get more efficient results, they have to leave behind traditional solutions such as word, sheets, email, among others. Since legal language has become critical for its understanding, contract template design through automation becomes a better solution.
While digitalization of documents might improve the management of information and drafting, you could still face some problems. The use of archaisms and complicated terms generates bottlenecks, misunderstandings, and confusion about the main clauses. Hence, you need contract redesign to enable customization, negotiation, standardization, and signature readiness.
In other words, contract redesign can help you avoid unclear, unreadable, and lengthy documents that prove to be a risk. As people don’t respond well to terms and conditions, they don’t comprehend, using a contract template design ensures better outcomes and negotiations.
Contract redesign makes for a streamlined process
Instead of using traditional ways, apply contract design to include plain language, lean drafting, and simpler data collection. A design-build contract tool like Koho has many features that boost efficiency from 40 to 50% more than without it. Thus, you can respond faster, decrease mistakes, refine compliance, build trust, and promote customer satisfaction.
As you implement a contract design tool to automate projects, CLM becomes a more dependable operation for your legal assistants and experts. Moreover, it can be a distinct advantage regarding market competition and handling massive volumes of essential documents. A design-build contract software has the ability to drive your company into the future of 5.0 industry standards.
If you’re not familiar with a contract design solution catered to your needs, Koho software can be the right solution. This business intelligence system has all the features you need to make contract redesign simple, quick, and comprehensible. You can rely on this technology to make your business efficient, compliant, and trustworthy. Be sure to contact our representatives for information about this product.
