Concord, a leading contract lifecycle management platform, today announced Clause Selector, a new tool that enables in-house legal teams to selectively enable other departments to originate contracts using a range of customizable templates. Clause Selector stores pre-approved legal clauses within a contract template, making it easy for internal teams to create contracts on the fly with minimal involvement from the legal department. The tool was developed in response to the growing trend towards organization-wide deployment of agreements, increasing organizational efficiency while enabling legal teams to maintain control and ensure compliance.
Clause Selector is both an empowering mechanism, and a control-and-compliance mechanism. It helps in-house legal personnel empower teams throughout an organization to initiate contracts from templates without having to come to legal for every detail, because the choices are already built into the template. Clause Selector also provides a greater level of control and compliance because all language has been vetted and approved by the legal department before being added to the template.
Clause Selector delivers speed, simplicity and self-service. Legal can deploy the tool to the entire organization in a matter of minutes, without the need for IT involvement. Clause Selector is easy to use and requires no training, so users are up and running in a matter of minutes.
Clause Selector frees up legal personnel from the oft-tedious task of contract initiation by enabling them to customize contract templates with multiple pre-defined clauses and modification parameters. This makes it possible for individuals in other business functions such as sales, procurement and HR to begin the contracting process unassisted, while Clause Selector ensures those contracts will confirm to the companys pre-defined contracting guidelines.
Clause Selector helps corporate legal teams scale their operations more broadly because they no longer need to manually inspect each and every contract, said Kai Ichikawa, Head of Product Marketing for Concord. Corporate legal departments actively search for technologies that enable them to be more successful. Clause Selector empowers organizations through automation, while freeing up legal teams to allocate more time to strategic, higher-value business initiatives.
An example of how Clause Selector works: Companies typically have multiple non-disclosure agreements. They have an NDA for vendors, another NDA for prospective employees, and yet another NDA for industry analysts. While the bulk of the NDA language is often identical, there are specific language requirements for each of these groups. Rather than creating a trio of separate contracts, Clause Selector gives organizations the ability to offer multiple options for clause language embedded directly in a single NDA, or an any other contract template.
Founded in 2014 and headquartered in San Francisco, Concords mission is to empower people and organizations to agree more. Driven by the belief that agreements are the foundation of everything, Concord was built to remove the frictions that stand in the way of agreements. Concords radically simple, and intuitive contract management platform is designed for everyone across any organization. Enabling users to create, collaborate, sign and manage all agreements in one place. Concord enables 230,000 companies around the globe to connect all their people, processes and contracts in one place. Built with intuitive features, like online negotiation and editing, deadline alerts, and approval workflows, Concord gives users everything they need for the entire contract lifecycle — making growth and compliance synonymous.
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