What are clause libraries?

Clause libraries are collections of standardised, pre-written, and pre-approved contract clauses that can readily be inserted into contracts that are in the process of being created. This significantly streamlines the process, because general councils or lawyers assisting in the case only have to approve of a given clause once, ensuring that its use is consistent and compliant. They can also be useful in removing keystroke errors and inconsistencies stemming from manual handling.

The Docfield CLM makes it a breeze to add clause libraries, so that users can grab clauses ‘off the shelf’. Docfield also provides entire free templates with conditional logic; automatically inserting clauses depending on triggers or variables within the contract. It is truly the fastest way to write legal agreements. Aside from this you can push these changes across thousands of documents at the same time, meaning the approval process for changes or additions is no longer a blocker.

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What are some of the benefits of using clause libraries?

A major advantage of clause libraries is that it significantly reduces the time to draft a contract. This becomes particularly pertinent in commercial use-cases, where road to revenue and drop-off in deals should always be minimised. A sales person can quickly insert a pre-approved clause, trusting that their deal is both compliant and fast.

Secondly, users can benefit from a compliance workflow that does not actually slow down, but rather speed up, the contracting process. To elaborate the Docfield CLM can automatically insert different clauses depending on the jurisdiction in which it is signed, so that it is always compliant with local legislation. However, it can do this for any number of variables or reasons – as you like!

Another benefit of clause libraries is that it removes unnecessary repetitive work, freeing up more time for value-added work that draws people into the legal profession.

Optimising contract performance and onboarding

Beyond saving time and reducing risk, clause libraries improve overall contract performance. They serve as a comprehensive knowledge base, facilitating quicker onboarding for new legal professionals and ensuring that all contracts present a consistent image. Uniformity in contract language projects professionalism and reinforces trust with clients and business partners.

Home-made libraries may be set up using basic tools like Microsoft Word files stored on shared drives or organized via platforms such as SharePoint. However, these systems lack advanced search functionalities, metadata tagging, and workflow approvals. In contrast, CLM software like Docfield offers enhanced features such as version control, granular access rights, and intelligent tagging based on legal domains, clause length, and formality. Overall, this makes working with clause libraries far more efficient and effective. Reach out today to hear how Docfield can transform your legal operations!

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