Over the years of working with many small and large-scale companies, we have observed a few business pain points. For instance, sales teams may be fascinated upon getting more and faster closure of deals, but the contract review process slows them down. This common problem across several companies, regardless of the industry, needed a solution such as InkPaper to streamline and simplify the legal processes. InkPaper is a convenient tool that helps organizations speed up their legal process through services such as LLM-enabled contract drafting, AI-powered contract reviewing, smart team collaborations, negotiation management, electronic signatures, and more.
Here are key benefits of InkPaper that will help streamline your contracts:
1. Accelerated Contract Drafting
Drafting a contract is the first critical step in contract management, infamous for being time-consuming and stealing precious time from legal professionals. The traditional way relies on drafting contracts from scratch, where every word of the contract has to be well-thought-out and legally sound for lasting impact. The legal team has to go back and forth to ensure it is framed properly, containing principle clauses to support the cause. This process is particularly brutal for senior lawyers who have to brainstorm and craft such documents in high volume. With a new-gen contract management software like InkPaper, you can substitute the tediousness of this process with focused decision-making. InkPaper provides workflow tools that help upload your contract to the cloud, collaborate online with your colleagues without the need for repetitive emails, and quickly eliminate the issues within your contract. With InkPaper’s new add-in feature, a foolproof legal document is a prompt away, letting your business teams focus on getting more deals without worrying about contract delays.
2. Swifter Contract Negotiations
Once the contract is drafted, it is necessary to discuss negotiations and review the document with what is acceptable for both parties. A typical negotiation includes various subjects like pricing, terms and conditions, rights and obligations, warranty provisions, terminations, and renewals. This process is by no means a simple one. InkPaper’s CLM makes it easier for your team and remote stakeholders to review contracts and negotiate on any matter. This enhanced collaboration and transparency builds a trustworthy relationship between your organization and clients, resulting in business agility.
3. One-Version-Fits-All Word File
It is common to have multiple versions of the same contract moving to and fro during the review or negotiation process. Though this process is doable, it is error-prone, kills efficiency, and wastes expensive legal time, demanding you to manually keep track of the latest versions of the contract and manage changes. InkPaper saves you this hefty trouble by managing the latest version of the contract on the cloud for easy access by all the stakeholders. More so, you can directly embed the InkPaper add-in from Microsoft Appsource to review contracts on MS Word, share with respective stakeholders, and have them make changes wherever they use Word.
4. Transparent Process Visibility
Executing a contract is a lengthy process involving countless steps and stakeholders. While lawyers put utmost attention in drafting the contract, it is easy to overlook some crucial points. InkPaper provides process visibility that not only enables you to view the process but also allows you to edit, sign, and share documents by getting access to workflows. With InkPaper, you can track a contract’s progress, get notified when vendors sign the documents, and get reminders when someone hasn’t. Process visibility serves one more benefit of building trust with new clients who want to view significant changes in the contact process.
5. Ensured Document Security
The next crucial step is to make sure the documents are stored securely. InkPaper simplifies record management for you by keeping them in an electronic repository. This ensures your documents are not only secure but are easily accessible whenever required.
6. Auditable Contract Changes
Auditing contract changes regularly is the best way to optimize your team’s capacity for contract procurement. The more your team can manage contracts without errors, the faster your organization can grow. InkPaper creates a database that includes the history of every change made in a contract right when a document is uploaded to the system. This directory ensures every change is recorded, disabling the removal of the data.
7. Easy Sign Ups With E-signature
Signing the contract after the final approval is a trouble-free process. However, handwritten signatures make it difficult for organizations that deal with businesses across the globe. Emailing, printing, scanning, and signing the documents delays the contract procurement process. E-signatures by InkPaper simplifies this by providing a one-click solution. InkPaper e-signatures are not only legal in many countries but are also fully reliable and accessible from anywhere at any time. InkPaper uses blockchain technology that ensures the confidentiality of the document. InkPaper safeguards the legality, indispensability, and imitability of documents, enabling organizations to quicker agreements and accelerate business growth.
InkPaper is a new-gen contract review and negotiation platform that eliminates the time-consuming, error-prone, and tiresome processes of your contract draft, review, and execution cycle. InkPaper provides solutions to startups, mid-size organizations, law firms, and large enterprises. Using InkPaper can benefit you by streamlining your contract review processes, saving valuable time, and boosting revenue.