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
company’s 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, Concord’s 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. Concord’s
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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