Benefits

Improve Compliance

Contracts are compliant-by-design and the whole legal team can rely on standardized fallback positions. Create a database of compulsory, recommended and bespoke controls to ensure a proactive approach with meeting contractual obligations.

Allow the Legal Team to Focus on High Value Tasks

Automate the generation of contracts and streamline the contract negotiation phase with external clients and vendors. Chasing up different departments and clients can be streamlined with automated reminders.

Improve Maintainability

Through the no-code App builder, the solution can be easily built and modified for any policy changes, without requiring the help of IT.

Oversee All Requests and the Information Shared

Track the contract across the stages of its life-cycle process through the MLS dashboard. Upon signature, documents are automatically directed to the repository of choice.

challenges

HOW DOES MLS ADDRESS IT?

The manual collection of information to create or review contracts is time-consuming, often consisting of reading email chains and ad-hoc conversations.

When in-house legal teams generate their own contracts, there’s a high risk of human error from manually creating contracts, and non-compliance if the incorrect, or an outdated template is used. 

Find out more about the challenges of contract generation and how MLS addresses them here.

It is difficult to coordinate and document back-and-forth communications taken to reach an agreed legal document.

Controls to minimise the risk exposed to the business can be unstandardized due to the bespoke nature of legal documents.

Horizontal view of the negotiation and contract status is lost through back-and-forth emails.

It is difficult to track the renewal date of the contract, thus not creating ample time to take relevant actions to successfully renew the contract on time.

MLS’s no code platform empowers lawyers to build smart, dynamic forms with complex rules and decision-tree logic. This creates a centralized place to collect and store information for the legal contract.

MLS automates the generation of documents by populating an underlying master template which is compliant by design. 

Using document workflow, these business-critical documents are automatically customized and can feature: 
 
1. Conditional clauses – where only the relevant clauses are inserted into the document and numbered automatically. 
 
2. Dynamic tables - to structure information in rows and columns that are adjusted automatically to the content. 

Seamless workflow automation facilitates and centralizes all communications between lawyers, business users and external parties, including any comments, approvals and uploaded legal document versions.

Based on the nature and size of the legal document, MLS recommends controls relevant to the contract. It also enables the legal team to add their own risk controls to the database for re-use in similar contracts in the future. 

In-built reminders assist with following up control owners to ensure they’ve completed the relevant task required to remain compliant. 

Track the real-time status with MLS dashboards where information such as contract status, e-signature status, and approval timestamps can be displayed.

Be automatically reminded a set number of months before the contract is about to expire and streamline the process of notifying the right people and requesting tasks to be completed