A clause library is a well indexed, searchable, and customizable repository of all possible legal clauses that your organization might use, review or approve in business contracts.
Organizations need standards for scale and efficiency.
Contracts pass through the desks of many stakeholders in any organization. Junior employees drafting or reviewing agreements, not only lack knowledge and experience but also the organizational or relationship context in which the agreements are being made.
They typically depend on existing contracts (considered internally as 'Golden Contracts'), internet searches, professional websites like ACC, or fall back on their network. While all of these are good ideas, a lack of organizational standards and a system of clause management will mean one of the two things:
On the other hand, when experienced attorneys or contract specialists are working on agreements, their previous experience, and extremely risk-averse perspective can sometimes lead them to draft clauses that are more like artisanal works of art than functional forms of language meant to protect their organization/client's interests.
A useful clause library has
So, in summary, here are the key benefits of having a good 'Clause Library':
ContractKen helps you build, customize and maintain clause library. This clause library is fully searchable and suggestive.
Using the ContractKen Webapp, you can:
We've integrated the clause library with the word add-in such that you can directly access the pre-approved clauses right within the document that you are reviewing, using the ContractKen word addin. You can either replace the concerned clause with examples from the library or insert it for comparison
Our design ensures that your contract review teams are only using the pre-approved clauses, and continue to maintain a robust clause library without complex technology integration or lengthy training sessions.
Relevant read: Understanding the role of clause library in contract risk management
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