IACCM President Tim Cummins recently blogged about this topic saying, "Standard templates improve business control, reduce risk and increase efficiency. They have been adopted by more than 70% of large companies.
Specific benefits include:
Creating and managing standard templates within an enterprise document assembly system provides the additional benefits of:
Cummins went on to say, "The volatility of today’s economy has made it critical for the law department to know what is in their contracts. Executive management expect them to know whether particular actions can or cannot be taken. For example, during the recession, many companies unilaterally changed payment terms, or sought to exercise termination rights. Without standard templates, this became a time-consuming – and risky – task.
Law departments in many businesses are increasingly looking at ways to automate their contracts. They want reliable repositories; they want to be confident about the competitiveness of their terms; they want easy access to what has been negotiated; and they do not want to be seen as an inhibitor to getting business done."
Document assembly is the way to accomplish these goals and win the argument for standard contracts.