The contract process in many companies is often a conglomeration of fragmented procedures and labor-intensive processes. Key players don’t have the visibility they need to understand contract terms and conditions, compliance, governance, or analysis. CLM software promises to streamline the process, but every company is unique in its requirements and best practice procedures for investing, or any contract-based professional course of action. Outsourcing your contract lifecycle management to a paralegal service, instead of one-size fits all software, brings rich rewards. A significant plus factor is the Contract Playbook, which is custom-designed for each individual business based on that business’ past contracts, priorities, practices, investing guidelines, acceptable compliance limits, etc.
Creating a contract playbook begins by evaluating all present contracts and the creating a code of standards for all future contracts.
Parties and Forms of Agreements
The first chapter in your company’s playbook will likely deal with issues related to the contacting parties and the permitted and preferred forms of agreement. It establishes acceptable party information. Concept of purchase orders, and standard contractual terms-including term length and acknowledgement – are also typical. Additional guidelines cover signing authority and requirements.
Additional chapters in the contract playbook typically include:
- Acceptance of goods and conditions
- Delivery timeframes
- Indemnity – IP infringement and other causes
- Liability Limitations
- Terms of Payment
- Termination Rights
- Intended use
- Product specifications
Additional miscellaneous provisions may include information about attorney fees, general releases, lien waivers, party relationships, mutuality, notices, audit rights, arbitration and dispute resolution, Force Majeure, and governing law.
Your company’s contract playbook is customized, and then updated with each new contract. It provides quick and easy access for all personnel involved in the creation, negotiation, and/or approval of a contract, guiding each step of the process, including “language” samples in each section. The playbook provides guidelines for negotiation, approval, tracking, and contract analysis. Finally, a customized contract playbook helps to ensure compliance to contract milestones.
Organize and simplify your contract process. Save time and resources by outsourcing your contract lifecycle management to the experts. Contact Virtual Paralegal Services to learn more.