Tip 4: Make an Inventory of Your Contract Templates

Introduction

Earlier, we provided tips on how legal should not be afraid to involve other departments. You can access that article through this link: https://amstlegal.com/tip-3-legal-involves-other-departments/. Moving on, we are going to dive into the next tip in the series on How to Improve Contract Templates. This tip 4 concerns making an inventory of all contract templates.

Make an inventory of your contract templates

A must when using contract templates, which we at AMST Legal highly advocate for, is to

1. Regularly make a list of all contract templates that your company is using day to day.
2. Make sure you know how many specific/different contract templates the company has for its products & services, countries, languages and departments.

Best is not to only ask the legal department, but to especially ask the business (e.g. Sales, Partnerships, Procurement, HR) which template contracts they are using day-to-day. Just to make sure, also ask them to send you the exact template they are using and check if they are using the right templates.

After making the list, you might be amazed how many different templates are currently in use by the company and where they are all stored. Having this list will give you a better idea which next steps you should take to improve your contract templates.

Conclusion

Organizing your contract templates, reviewing how many you have, and sorting them can be a life saver in stressful times. Oftentimes you might not even need all of the templates that you have currently. So make sure to regularly check up on the status of your contract templates.

How many contract templates do you have in your company?

If you want to become even more structure, and streamline your contracting process – contact us at AMST Legal for tailored advice. Let’s take your contracting to the next level!