Financial Contracts
Anyone who has ever worked on generating and negotiating contracts understands the many challenges involved. Along with sorting through all the legal requirements and ensuring regulatory compliance, there are typically numerous rounds of reviews, edits, and revisions that greatly impact business efficiency. Contract workflows that include negotiations between two or more parties further exacerbate the ability to reach the final approval stage, which ultimately impacts time to revenue. Moreover, rushed, mismanaged, or inaccurate contracts can leave organizations vulnerable to significant risk.
In many organizations, the negotiation process is mostly paper-based and manual, involving multiple printed versions with handwritten changes that are faxed back and forth. This process wastes precious time and resources, not to mention being error-prone and environmentally wasteful. Moreover, it can be challenging to maintain an accurate history of a negotiation process using only paper archives, particularly all of the contract versions produced during the process.
EMC Document Sciences’ award-winning xPression® 3 software suite streamlines the creation, approval, and negotiation of all types of contracts. xPression applies business rules to document content and processes, improving efficiency and productivity. It enables users to move to a paperless contract negotiation environment, removing manual steps and reducing or eliminating the need for physical storage of paper documents.
Key features include:- Create, negotiate, and revise contracts with familiar Microsoft® Word, the most popular authoring tool used by legal professionals.
- Quickly search for alternate clauses from a library of preapproved content or select from a
predetermined list of content choices, thereby speeding approval. - Control versions, manage history, and track all changes made to any version of a contract.
- Gain visibility into the contracts management process by generating reports to show vital
management details, such as contract aging status, time elapsed at each workflow step,
and end-to-end processing time by work group. - Produce both electronic and printed versions of contracts in a variety of formats for
multichannel distribution.