How to grow your Business

Document automation for Small Businesses

Charles Brecque
June 28, 2021
Document automation for Small Businesses

It might seem surprising but a small business will create hundreds of legal documents each year, even when they don’t have permanent legal counsel. The majority of these documents will be variations of the same templates such as for example employment contracts or privacy notices. In this article we discuss 3 areas where small businesses can save time and costs on their high volume, low value contracts.

1. Templates

Generating a contract from a template is the riskiest part of the contracting process, especially if you are manually editing a word or pdf version. Typos can occur, sections can be accidentally removed and finally templates can contain out-of-date clauses if they are not regularly updated. Sourcing a new contract template every year is not economical and doesn’t solve the contract tailoring problem. Small businesses can save on average 3 hours per contract by using a platform like Legislate to generate their documents. Moreover, Legislate’s templates are up-to-date and lawyer reviewed which means that template renewal costs are avoided. Find out how Legislate works.

2. Workflow automation

Creating and executing a contract takes on average 7 steps and more if more than 2 parties are involved. Not using automation creates unnecessary friction which can cause errors and delay signatures. Errors can lead to time being wasted on restarting the process and delaying signatures increases the chances of parties changing their mind about the agreement. Legislate minimises the cost of an error by allowing users to make potential amendments to the terms of their agreement without needing to restart the whole process. Negotiations are centralised in the activity tab which means that both sides can manage the conversations from the same place.

3. Data management

Contracts contain valuable information which is largely untapped. Renewal events and monetary values can inform the strategy of a business if they are aggregated correctly. Pdf contracts are not machine readable and therefore require a human in the loop to manually extract its values. Making contracts machine readable is the first step before unlocking smart contracts. Legislate’s contracts are built on knowledge graph technology which means that the elements of the contract are natively machine readable. Moreover, the flexibility of the knowledge graph means that it can automatically compute the formulas and calculations which would typically be performed in a spreadsheet which means that businesses who use Legislate no longer need them.

Contract automation is no longer reserved to large companies with legal documents. Businesses of any size can now automate their high volume contracts and make sense of their contract data with platforms like Legislate. Legislate is the only platform to offer machine readable contracts that can be tailored by the unlawyered. Read our tutorials to find out how to create non-disclosure agreements, employment contracts and consultancy agreements with Legislate. Alternatively, book an introductory call with our team.

‍The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.

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