Contract standardization: minimize risk and increase revenue
Trying to manually manage contracts for consistent legal language can not only put your company at risk—it leads to missed revenue.
In this download, we'll cover:
Get the executive summary on standardizing contracts
More than ever, legal teams have a duty to shield their organizations from unnecessary legal risk in an increasingly competitive and complex business environment. Most teams are focused on abiding by rules, regulations, and other compliance standards that could cost their companies dearly if violated. But others are realizing that the bigger risk to the company is lost revenue from vague contract language or rogue clauses that give away too much value.
Current contracting challenges for legal and sales teams
Contract language control: in high-volume sales environments, contract language is a source of constant anxiety and risk. Often, language is inconsistent across the organization—especially when contracts involve a range of custom clauses, terms, and conditions.
Timely contract updates: sales teams are under pressure to sign new deals or renewals quickly in support of revenue and performance goals. Different customers have different demands, and every change or modification in a negotiation triggers updates to contract clauses that can overwhelm legal teams and bring contract cycles to a grinding halt.
Avoiding costly rogue clauses: in the pursuit of client acquisition or retention, sales teams may offer enticements or incentives to close a deal after tough negotiations. But the rogue clauses highlighting these incentives may give away too much value or revenue to the client, or violate corporate policy, industry regulations, or compliance standards.
Solution: contract standardization
Conga’s contract management solutions help legal teams better define and control contract language without adversely impacting sales cycles. Conga’s integrated platform of solutions enables legal teams to:
- Simplify negotiations and contract details
- Improve security and speed
- Understand how CLM software improves the contract experience
Conga’s software helps virtually any legal team eliminate the need for extensive legal intervention in the contract processes. By leveraging the guard rails established by standardized language and automated contract creation, legal teams no longer have to weigh the consequences of choosing speed to revenue vs control. Read the executive summary for the full picture.