Benefits

Improve compliance

Contracts are compliant-by-design and the whole legal team can rely on standardized fallback positions.

Protect your legal team’s time and allow them to focus on high value tasks

Automate the generation of contracts & streamline the contract negotiation phase with external clients and vendors. Automatically send reminders to stakeholders who haven’t actioned your document yet.

Improve maintainability

Through no-code, the solution can be easily and independently modified for any contract content, logic or format changes. The platform tracks all responses that have been entered, providing an audit trail for record keeping.

Oversee the contract and e-signature status

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.

Standard fallback positions can consist of multiple versions which can be outdated, creating unnecessary risk.

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there’s a high risk of human error from manually creating contracts, and non-compliance if the incorrect, or an outdated template is used.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 contract.

Clients and vendors experience a tedious and lengthy contract signing process by having to download, sign and re-send their contract.

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

MLS builds smart, dynamic forms with complex rules and decision-tree logic, enabling a centralized place to collect and store information for the contract.

Create and centralize fall-back clauses to ensure all contracts reflect the most up-to-date business position. MLS as a legal automation software, legal teams can easily self-serve the re-generation of contracts as required, ensuring uptake of the technology.

The generation of documents is automated by populating an underlying master template which is compliant by design.

Using document workflow, these business-critical documents are automatically customised and can feature:

1. Conditional clauses – 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.

MLS facilitates and centralizes all communications between lawyers, business users and external parties, including any comments, approvals and uploaded contract versions.

Leverage e-signature in MLS to effortlessly sign contracts and reduce the friction and time to execution.

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