Updated: Dec 2, 2021
Whether you are running a startup, a mid-sized company, or a large corporation, every business deals with multiple contracts such as NDAs, partnership agreements, licensing agreements, SaaS, etc. From the moment a new deal is acquired, the legal counsel or the organization’s legal department initiates a contract workflow. A contract workflow includes multiple stages, such as contract creation, contract reviews, negotiations, signatures, and secure storage. Managing multiple contract workflows simultaneously consumes a lot of legal time and directly affects the organization’s sales cycle.
While creating and reviewing multiple contracts is challenging, it can be easily simplified and accelerated by utilizing an efficient contract workflow and e-signature platform like InkPaper. InkPaper streamlines the contract workflow to the execution cycle by simplifying negotiations and providing secure e-signatures.
Here are five reasons why legal teams need InkPaper:
Streamline contract review
In a contract workflow, reviewing and negotiating the contract takes up the most time. Contract negotiations undergo a lot of back and forth using word files via multiple emails. Every word file exchanged is then created into an updated version of the contract. These multiple versions of the contracts are dispersed over the emails, making it difficult for legal teams to manage contracts efficiently. InkPaper simplifies the negotiation process by enabling legal teams to collaborate under a single platform. Legal teams can edit, review, redline, and add comments to the contracts all in a single platform. InkPaper benefits the legal teams to collaborate and review contracts effectively in real-time.
Internal teams, such as sales, logistics, IT, finance, etc., often want insights into the contract workflow. Using InkPaper, these internal teams can access and control the contract workflow by getting complete visibility into the process. Team members can see who last edited, reviewed, commented, or signed the contracts and track the status of the contract workflow. Furthermore, InkPaper features a notification bell that enables legal teams to send alerts to the signatory and remind them to sign the contract promptly. With complete visibility to the contract workflow, internal teams can work with each other more efficiently.
Increase productivity and business growth
According to a recent survey, 41% of legal professionals would like to spend more time on business development but are unable to do so because of heavy workloads. By providing a digital contract workflow and e-signature platform, InkPaper cuts the time wasted on lengthy manual contract reviews. Thus, legal teams can do more work for less amount of time, increasing productivity in the legal department. The time saved can be optimized to get more deals and to execute multiple contracts more quickly. Furthermore, small and mid-size law firms can utilize the time to take on projects which were previously too labor-intensive and unfeasible. Using InkPaper, legal counsels and law firms can focus more on business growth.
Multiple contracts of the organizations are stored across the combinations of emails, shared drives, hard disks, filing cabinets, etc. The dispersed location of the contracts makes it difficult to locate them and risks the contract’s security. InkPaper securely stores the contracts on the cloud making them easier to access from anywhere, at any time from any internet-enabled device. The contracts are secured with cloud safety and accessible only to the owners and designated stakeholders.
Obtain e-signatures easily
Legal contracts often need signatures from multiple parties. Sending contracts via emails and waiting for the signatories to print, sign, scan, and return the signed contracts can cause unwanted delays. InkPaper eliminates these delays by providing reliable and secure e-signature technology that can be accessed by all the parties from anywhere, at any time. With InkPaper, legal teams can obtain e-signatures quickly and streamline the contract workflow to the execution cycle for the organization.
Legal teams can thus optimize InkPaper, to review, negotiate and sign contracts faster. With InkPaper, legal professionals can get complete control over the contract workflow and can manage multiple contracts effortlessly. By eliminating the repetitive time-consuming tasks from the legal contract process, InkPaper boosts productivity and empowers law firms and legal counsels to scale more business efficiently.