Build and manage your own contract library?
Building and managing a contract library is the foundation for professional business. The contract library is in line with the company’s activities and fits within the current legal framework. With the help of an up-to-date contract library and the ‘impacted contracts’ functionality (this functionality refers to the impact of changes in laws and regulations on contracts in libraries), the company supports its contract management. This often provides an important bottleneck and point for improvement.
Contract portfolios that are continuously maintained and up-to-date by the Contract Board can be made company-specific. The company-specific contracts and playbooks then end up in the company-specific contract library. Contract libraries are of strategic importance for the various business activities. For example, a contract library for selling business activity reflects the way in which a company wants to do business with (potential) customers.
The application of up-to-date contract libraries requires sufficient knowledge from employees. There are knowledge bases, awareness and training programs and professional second-line support is available for the (responsible) employees so that they can carry out their work properly.
Building a contract library
The composition of the (company-specific) contract libraries depends on the purposes of the business activity(s), on the contracts, on relevant laws and regulations and on the liability and cost risks. For a number of generic business activities (governance & compliance, sales, personnel management and purchasing) we have developed contract libraries that serve as a subcontractor for the company-specific contract libraries.
Contract libraries must be carefully curated and managed, both commercially and professionally. Changing legislation and changing business activities also require this. If desired, we train employees in compiling and managing contract libraries and in contracting with the help of scripts.
We often organize, together with the employees involved, the business and professional activities. We support the employees in compiling and maintaining the contract library, with contract sets and script items. We can also support in building or adapting training programs for employees who apply the contract libraries.
Drafting and keeping up to date contract libraries with contract and playbook items is at the heart of the smart contracting application that organizes the legal operations.
New and changing legislation, case law, and best practices form the input for the Contract Board for the continuous and professional maintenance of the contract portfolios. If this leads to possible or necessary adjustments in contract libraries and concluded contracts, users will receive a legal update from the Contract Board (the functionality impacted contract). This is just a placeholder to help you visualize how the content is displayed in the tabs. Feel free to edit this with your actual content.
The nature and scope of business activities determine the need for a contract library. For companies with a modest company size, a sectoral contract library may be sufficient. We manage a contract library for different business types for specific sectors.
We can manage the contract libraries for companies, and ensure that the contracts and playbooks remain up to date. We are happy to make an appointment and discuss the possibilities of managing the contract library.
Building and managing a contract library is the foundation for professional business. The contract library is in line with the company’s activities and fits within the current legal framework. With the help of an up-to-date contract library and the functionality ‘impacted contracts’ , the company supports its contract management. This often provides for solving an important bottleneck and improvement point.
Make an appointment and discuss the right approach for your situation
Do you have questions about organizing, implementing or expanding your legal operations? Our service owner will be happy to discuss your specific needs, wishes and/or case.