When you’re a founder of a new business, you need to start earning money as soon as possible. That’s why at the beginning of their new venture, many owners are laser-focused on having commercial contracts drafted and signed quickly so they can begin closing deals right away.
But what many founders overlook with this approach is implementing a contract management process to ensure the company’s contracts are organized and properly stored.
For many new and growing businesses, these signed contracts often live across a number of different locations, hidden in various email inboxes, saved on desktops, or printed out and filed away in a physical location. What’s worse, where all these contracts are located is often only known in an individual’s head, so if that person leaves the business, that information goes with them.
This lack of organization makes it incredibly challenging for founders to manage their company’s contract lifecycle and get a holistic view of all their existing legal agreements. This disorganization makes things difficult for companies from a compliance perspective when they get audited or if they’re trying to raise funding.
Automate and streamline contract management
This is where Caravel’s Contract Automation Service comes in. Using the latest technology, our software helps to auto-generate legal documents and organize them in one central location, helping you close deals faster and with confidence.
Our services help you track contracts through their entire lifecycle – from drafting and signing to tagging and storing – all in one easy-to-use dashboard. All contracts are signed using a simple e-signature feature and are stored in a centralized repository. These easily accessible contracts can also be filtered by category, like sales contracts and employment agreements.
The dashboard view allows you to see all of your contracts at a glance and track where each one is in the process. What’s more, our platform also integrates with HubSpot’s CRM software, so you can include signed contracts in your client’s contact record.
How our Contract Automation Service works
To start the process, we’ll draft your first agreement. We’ll arrange a meeting to define the terms of your contract, draft it and work with you to refine it until it’s ready to go. If you already have an agreement in place and don’t need one drafted, you can skip this step.
Then, for a setup fee of just $250, our team will code this contract for automation into our platform. We can include alternative texts to be encoded into the agreement as well (like your company’s playbook). You can upload an unlimited number of different templates into your portal.
These automated contract templates and the self-serve portal help streamline the previously cumbersome process of drafting contracts in Word and uploading them to a digital signature platform. Our automated platform does all of this in one system to help speed up the process of preparing contracts for your new customers so you can close deals faster and focus on growing your business.
This affordable service is designed specifically for smaller, growing companies at just $99 per month per user (and $79 per month for additional users).
Request a review from your lawyer
Though it’s a self-service platform, you may find that you need help from a lawyer with more complex contracts or if you run into any issues or if you are negotiating an agreement with a client. To help you speed up communications with your lawyer, we’ve included a ‘Request Firm Review’ feature, which allows you to flag specific sections of a contract, and sends an automatic notification to your lawyer for review before the contract goes to a client.
Store external contracts in your portal
Have old contracts sitting outside your portal? You can send any contracts signed outside of the platform (like those sitting in an email inbox) to a centralized email address, which uses AI technology to detect the user and automatically upload agreements, tag them and store them in your account.
Optimize your contract lifecycle today
Ready to automate your contract management process? Find out more about our Contract Automation Service or get in touch with our team to get started today.
Contract Automation case study: Get Coding
Get Coding is a Newfoundland and Labrador-based training company focused on training people for the jobs of the future. They help individuals learn to code to get hired in Canada’s growing tech industry. Their one-on-one training program is completely personalized and more affordable than traditional educational models and coding boot camps.
The tech training company offers deferred conditional tuition for its students. This unique offering required customized agreements and a traditional legal solution would have required considerable time and resources to implement.
Get Coding used Caravel’s Contract Automation Service to seamlessly create service agreements that give them customized contracts without needing any additional legal support. This solution also provided Get Coding the flexibility to generate and organize all their legal documents in one central location.
By creating these customized contracts that support their unique tuition payment terms, Get Coding was able to test out this new business model to expand their offering and make their program accessible to more customers.
“Before starting an engagement, Caravel lawyers met with us multiple times to ensure they understand our requirements well. They offered valuable insights and communicated with us frequently throughout the work. They even set up our company with online legal management software. All of this was done professionally at a reasonable rate. We will certainly be working with them consistently going forward.”
– Sahand Seifi, CTO & Co-Founder, Get Coding