Contracts always seem to be overwhelming, right? They seem to always require additional reviews by various team members and departments, and at times they should. However, an easier way exists through the self-service contracts.
Self-service contracts enable individuals to prepare and submit contracts to a counterparty without involvement of the Contracts or Legal Department. These are primarily used for standardized, high volume contracts. Self-service standard contract creation can offer several efficiencies to individuals and organizations. Let’s look at five of them:
1. Time-saving: Self-service standard contract creation allows individuals to create contracts quickly and efficiently without the need to consult with lawyers or contract experts. This can save a significant amount of time in the contract creation process.
2. Cost-saving: Traditional contract creation methods often require the assistance of lawyers or contracts experts, which can be costly. Self-service standard contract creation can eliminate or reduce these costs, making it a cost-effective option.
3. Consistency: Self-service standard contract creation ensures that all contracts created are consistent in format and language, reducing the risk of errors and inconsistencies that can lead to legal disputes.
4. Accessibility: Self-service standard contract creation can be done online, making it accessible to anyone with an internet connection. This makes it an ideal option for those who are located in remote locations.
5. Shorter Time-to-Revenue: Standardized contracts reduce the overall time required to get to signature, resulting in shorter time to revenue.
Self-service contracts, however, do not mean you have to establish this all on your own. That’s where we come in at ABiz. Through our services and the experience of our team members, we can guide you through the process of creating self-service contracts and, in fact, your entire contract life cycle! It’s one more way we bring clarity and innovation to the full lifecycle in commercial contract management. By architecting business models, managing contracts and educating to unlock value, we create efficiencies and reduce risk.
by Nancy Nelson