I have always had a knack for remembering what I have read. Having now spent over a decade drafting, reviewing, and negotiating commercial contracts, I can recite just about any contract clause on demand. Even with this skill, however, Out-House Attorneys built and maintains a clause library.
You should too.
What is a Clause Library?
A clause library is a collection of contract terms that represent the minimally acceptable standard for each term. It allows users to replace or improve substandard contract terms in third-party contracts with pre-approved alternatives.
Why Do I Need One?
Contract lawyers spend a great deal of time editing contracts to make them conform with the business's 'contract playbook'. Hundreds of hours are spent re-writing the frequently negotiated terms.
A clause library saves a great deal of time as it allows users to review and redlines contracts more quickly as they are spared the necessity of re-writing some clauses from scratch.
With adequate training, a clause library can also be used by internal Sales teams. This speeds up the contract lifecycle and alleviates some of the contract backlog and burnout in the legal team.
Where Do I Start?
That's the easy party! You don' need to re-invent the wheel.
Out-House Attorneys offers a dedicated Contract Overflow Support service. As a part of this service, we can define your contract standards and build a clause library for you - all while helping to clear your contract overflow!
If your organization can benefit from a clause library or contract playbook, contact Out-House Attorneys or visit www.outhouseattorneys.com.
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