Contract writing has become dreadfully complex. Ever-increasing contract volumes, stringent regulations and compliance standards, and more and more cooks in the kitchen complicate the process. Additionally, organizations need contract writing software that supports a holistic process, including drafting, negotiation, and governance— not just simple document creation. Thankfully, AI contract drafting in contract management software is reshaping expectations and possibilities for contract managers and legal teams. Here's how with seven must-have features..
Contract templates are foundational to efficiency in contract lifecycle management. They essentially help contract managers start with a clear view of the finish line - housing tried and true language that works, and all of the sections and terms inherent to a specific type of agreement. Modern contract writing software offers centralized, standardized contract templates with merge fields for contract metadata. For example, CobbleStone Software supports a standardized document template library with fully mergeable fields and standardized clauses and legalese. In turn, contract writing software reduces manual errors, accelerates contract drafting time, and supports consistent workflows across contract management software environments.
A governed clause library is essential for building a consistent playbook and compliant language. Whether negotiations go smoothly, become contentious, or stalemate, organizations need pre-approved, alternative, and fallback contract clauses to maintain control in any situation. For example, CobbleStone Software's clause library includes standard, alternative, and fallback clauses with rules-based inclusion. A clause library strengthens contract writing software by preventing outdated or risky language from entering drafts in the first place.
AI contract drafting is now expected to support clause suggestions, summarization, contract redlining, and risk detection. Any provider worth their salt provides this contract AI functionality and more. For example. CobbleStone Software's VISDOM® AI can generate clauses, surgically auto-redline to replace non-standard language with preferred clauses and sections, identify risk with suggestions, analyze contract sentiment from both sides, and compare third-party papers. Overall, AI contract review reduces manual work and strengthens the value of contract writing software.
Contract writing is a collaborative process that requires all hands on deck. Legal, procurement, sales, finance, and other teams might all be involved in one contract. As such, contract management software tools must support real-time collaborative editing, commenting, and track changes. CobbleStone supports online contract collaboration with track changes, commenting, redlining, and detailed audit trails with dates, times, and users accounted for. Collaboration is also permissions-based, with the ability to accept or reject editors based on permissions. Strong contract collaboration reduces version confusion and improves transparency within business ecosystems.
Microsoft Word integration remains essential to this day, as legal teams and contract managers still draft heavily in Word. Contract writing software should integrate seamlessly with MS Word to support familiar workflows and comfort in the drafting process. CobbleStone Software's Microsoft Word Add-In supports clause insertion, contract redlining, and AI-powered analysis directly in-app. This familiarity and ease improve contract drafting efficiency and reduce friction for legal teams.
Drafting and even negotiations are just a part of the lifecycle; Approval workflow steps matter just as much.
Leading contract management software can route drafts through legal, finance, and business stakeholders according to a well-scheduled, rules-based process. CobbleStone Software offers configurable workflows that support approvals at the document, clause, and even business-term level. If a resource is not completing a task on time, the workflow task can be escalated to another resource according to a pre-configured plan.
Automated contract workflow processes help ensure compliance and reduce bottlenecks.
Drafting, negotiations, approvals, and every other CLM step mean nothing if a contract doesn't get signed. Without a signature, a contract is incomplete, and its execution is delayed.
Look for contract writing software that offers native e-signatures or integrates with major providers. For example, CobbleStone Software offers its native IntelliSign® eSignatures and integrates with leading third-party eSign solutions such as DocuSign, Adobe Acrobat Sign, and SignNow.
Either way you go, seamlessly integrated eSignatures accelerate contract execution and improve visibility, so make sure you prioritize them.
CobbleStone Contract Insight® delivers all seven of these contract writing software capabilities in one platform. CobbleStone Software is praised for its near-limitless flexibility and configurability, yet it doesn't have a barrier to entry. Instead, it provides user-friendly and intuitive features from the start on a powerful AI-powered platform built on VISDOM AI. Users enjoy a consistent, continuous, and seamless process from request to drafting to negotiation to signature and beyond! CobbleStone Contract Insight is a comprehensive, practical choice for organizations seeking advanced contract writing software that offers all the bells and whistles while remaining easy to use.
Want to learn more about these CobbleStone features and countless others? Book a free demo today! It's free - and risk-free.
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorney for legal advice regarding any particular legal matter.