Legal teams processing a lot of contracts see a lot of the same requested changes to those contracts, and those kinds of repeat requests tend to surface many of the same questions.
Do you know if you’re using the most current language? As you add team members, how can you get them up to speed quickly on preferred language and positioning? Are you still using Word or Excel to track your fallback indemnity or limitation of liability clauses? (Oops, it turns out that doc hasn’t been updated in a year…)
Lexion’s new Clause Library helps you prevent those “oops” moments by saving your favorite clauses in one convenient place. With it, you can easily access your most current language, share it with your team (wherever they are), and ensure everybody’s on the same page and using the same language—all without having to manage one more tool.
Bonus: Combined with Lexion’s powerful search, our Clause Library makes searching, tagging, and reporting across all of your contracts simple—so you easily track which contracts contain your standard or non-standard clauses.
Save your favorite clauses
When you craft a particularly well-written or effective clause, you want to remember it for the next time that same issue comes up. Lexion lets you add clauses to your library with the click of a button, so your favorite clauses are always on-hand—for yourself and your teammates.
Standardize agreements
Whether you’re drafting a new agreement and want to save time, or you’re new to the legal team and have to hit the ground running, Lexion’s Clause Library makes finding and using your company’s most current, legal-approved language quick and easy.
Reduce contract risk with fallbacks
Does each member of your legal team draft and negotiate an indemnification or limitation of clause differently? Those inconsistencies may increase risk for your organization. With Lexion’s Clause Library, you can easily store fallbacks for commonly negotiated clauses to ensure that your entire legal team is consistent in their positioning, reducing pesky contract-related risks that could impact your organization’s value or expose your organization to unnecessary liability.
Simplify reporting
Lexion’s Clause Library makes it easy to find and report on the thousands (or tens of thousands) of contracts across your Repository, identifying all of those with standard versus non-standard clause language. That means quick visibility into your contracts, and a more complete picture of your company’s liabilities and obligations.
Want a closer look at Lexion’s clause library? Book a demo today.
