Your organization’s contracts are a treasure trove of useful data, but without the right tech, it can be hard to find the information you need when you need it. For LinkSquares customers, that's where Smart Values come in: key pieces of contract data extracted by AI that break your contracts down into reportable information.
So, which contract terms are the most important for your team to track? We crunched the numbers and uncovered the top 10 Smart Values that are most commonly added to saved reports in LinkSquares.
Check out a sneak preview below of our new guide that breaks down why legal teams track these areas of contract language the most in their daily legal work.
This is the date a contract ceases to be in effect. LinkSquares can identify both explicit and calculated termination dates to deliver a numeric, trackable date.
The date a contract becomes enforceable. Like termination dates, these can be explicit, such as "this contract will take effect on June 1st, 2025," or calculated, such as "this agreement shall take effect seven (7) days after signature."
The individuals, groups, or organizations involved in an agreement. You can track obligations to or from the same party across multiple agreements.
The date when a contract ends one effective term and begins another.
This term means a contract will renew unless one or more parties explicitly cancels it. This is common in leases and subscriptions.
The Salesforce Smart Value tracks whether a contract was uploaded directly to LinkSquares or through the Salesforce Integration. This value is usually shorthand for whether a contract was drafted by a sales representative rather than the legal team.
LinkSquares Finalize is listed as an official application on the Salesforce AppExchange, a leading enterprise cloud marketplace.
This value shows how many days before a renewal date a party must give notice of their intent not to renew.
The date when the final party signs a contract, fully executing it. The execution date is usually populated by an e-signature application like LinkSquares Sign, DocuSign, or Adobe Sign.
The number of months a contract will be in effect. If the contract renews for "an additional term," this value will tell you how many months that term will be.
Contract type refers to the category of an agreement, such as non-disclosure agreements (NDAs), scopes of work (SOWs), master services agreements (MSAs), property leases, and employee offer letters. Sorting by contract type can be helpful when building reports or workflows, since the details that matter in an NDA often differ significantly from the clause details in a sales contract.
Key contract details like these top 10 Smart Values are essential for driving contract work, organizing your agreements, and helping your team prioritize which contracts to focus on. For example, legal teams rely on contract dates to drive their task lists – but these values also help sales, marketing, and customer success focus on reaching out to the right customers at the right time.
You need a contract lifecycle management (CLM) tool that can consistently, quickly, and accurately extract these values from all your contracts. Getting them wrong (or getting them too late) could have serious consequences. The days of paying paralegals or outside legal service providers to manually read and document all your contracts are over.
LinkSquares isn't just the best way to identify what’s in your contracts; it’s also the best way to share that data with your organization and demonstrate the value the legal team delivers to the business every day.
Read the eBook for more insights on these areas of contract language and how legal professionals leverage them in their day-to-day work.