Legal

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. Thus, a comprehensive contract management system is precisely what most legal departments depend on to mitigate risk and optimize corporate competitiveness.

Facilitate Contract Assembly
By using pre-drawn, pre-approved 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 re-interpret contract language every time contract is accessed. For common inquiries, abstracts can be prepared and made available to focus on the information needs of individual departments.

Mitigate Risk
By enforcing the use of standard terms and conditions, Legal professionals can greatly protect the assets of your organization. Through automated contract assembly and approval processes, Legal 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 which supports organizations in satisfying regulatory requirements such as Sarbanes-Oxley, HIPAA, or EPA. Regulatory compliance involves both the preparation of the contract and also the life of the contract. Contraxx helps ensure that companies adhere to contractual obligations throughout the life of a contract.