Management of an international commodities trading company wanted to transform their existing manual contract process. Using clauses and playbooks in MS Word was inefficient, error-prone and slow. Contract reviews by external counsel made closing deals slow and created repeat reviews of legal content that was already available in existing contracts.
Challenge:
Harmonise and automate Sale & Purchase Agreements. Reduce contract cycle times for their traders. Lower dependence on external legal counsel. With commodity prices moving fast, an automated contract creation solution that always uses the most up to date legal content was crucial for both the trading department and legal.
Solution:
Shareforce replaced the existing manual process with a centralised clause and template management platform and self-service contract automation. Traders input term sheet data directly in Shareforce and initiate a contract.
Results:
- Traders generate bespoke client contracts based on automated templates that allows dynamic changes to offer clients contract flexibility, including fallback options and precedent clauses.
- Legal operations use collaboration workflows and reusable, modular legal content enabling them to quickly finish the contracts started by trading.
- Legal reduce the frequency of relying on external counsel for review of new contracts by easy recall of precedent clauses.