Given the speed of modern business, creating a new contract from scratch for every new deal isn’t feasible or efficient.
Instead, your business — and overburdened legal team — should take advantage of customizable contracts and contract templates.
Competitive Companies Use Customizable Contracts and Contract Templates
Customizable contract templates give your company a competitive advantage. While it’s never a good idea to copy and paste terms you find on Google (ever), legal teams will benefit from having various templates for different types of agreements, especially for deals below a certain dollar amount. This way, they can make adjustments to standard terms only when a specific deal calls for it.
Contracts can also be automatically customized with the right language if there’s logic built into templates. In LinkSquares Finalize, legal teams can create rules on templates that will automatically insert or remove language, ensuring that agreements are drafted correctly, the first time, helping legal teams move faster.
By using customizable contract templates, legal teams can allocate their time to initiatives that bring more value to the business. Plus, it gives sales reps more autonomy when working a deal, since they’ll have the ability to self-serve and customize contracts with pre-approved legal language.
Using Contract Templates
Templates set a great foundation to build future contracts on. In LinkSquares, the clause library gives legal the power to draft contracts in a fraction of the time, have more consistency in their contract language, and execute contracts more quickly.
With a centralized contract repository to pull from, legal can efficiently create contracts from terms that have worked for them in the past, reducing both effort and potential risk.
Benefits of Contract Templates
Customizable contracts reduce the chances of sales reps going rogue with contracts, and increase legal’s confidence that the right terms are going out at the right time.
Here are some other benefits of using contract templates:
Quicker Sales Cycle
Contracts can slow down the sales process. Waiting on legal to create, negotiate, review, and approve the terms of the agreement often means there are weeks of lag time between the verbal agreement and collecting a signature. Contract templates enable legal teams to standardize agreements, streamline contract execution, and hit their pipeline targets in time.
Allows Legal to Innovate
Legal isn’t just a risk mitigator. They need to contribute to the bottom line as a strategic business unit. But if their heads are buried in simple NDAs or standard sales order forms, there’s very little time for them to be proactive and bring innovative ideas to the table that move the business forward. Templates allow them to be more strategic with their efforts and spend time on tasks that generate more revenue for the business.
Improved Accuracy
Templates allow legal teams to standardize common agreements and popular clauses, and enable more consistency in the language of outgoing contracts. Using customizable contracts, they won’t need to create contracts ad hoc anymore, and so they’ll be able to iterate on agreement terms over time, allowing for better accuracy and less risk in their agreement terms.
Takeaways
Customizable contracts reduce legal bottlenecks and improve sales outcomes. Templates are a good way for legal and sales teams to work together to close business quickly, have more trust in their contracts, and spend time doing what they’re good at. Learn more about contract templates by requesting a demo.
