The legal department’s ability to protect a company’s assets depends on its own controls and workflow processes in drafting, maintaining and renewing contracts for the entire organization. The Contraxx suite provides a comprehensive contract management system than legal departments can rely on.
Facilitate Contract Assembly
By using predrawn, preapproved clause and term libraries, Contraxx can significantly reduce contract assembly time. Legal departments can present technical legal language of contracts to non-legal users in a “business-useful” form, reducing burden on company attorneys to reinterpret contract language every time a contract is accessed. For common inquiries, abstracts can be prepared and made available to focus on the information needs of individual departments.
By enforcing the use of standard terms and conditions, legal professionals can protect the assets of your organization. Through automated contract assembly and approval processes, the legal department can assure that appropriate and consistent language is used for important clauses, such as warranties and indemnities, to mitigate risk that your company will be subject to any legal action. Contraxx will also identify and, if appropriate, satisfy insurance provisions, liability provisions and other ongoing contract obligations that are required throughout the contract lifecycle.
Comply with Regulatory Requirements
Contraxx creates a culture of compliance that supports organizations in satisfying regulatory requirements such as Sarbanes-Oxley, HIPAA, or EPA. Regulatory compliance involves both the preparation of the contract and the life of the contract. Contraxx helps ensure that companies adhere to contractual obligations throughout the life of a contract.