Twice in my previous roles as GC/ in-house counsel and legal ops, our team needed to create a repository of the company's global signed contracts.
Anyone who has ever had to create a repository knows how difficult and time- consuming it is. The biggest barrier to creating a repository is finding and gathering all the organization's signed contracts wherever they are (buried) across the organization. This alone can take weeks and months of manual work, which is a non-starter for many in-house teams and organizations. For this reason, many (most) in-house teams and organizations don't have a repository or perhaps have some kind of a repository without all their contracts in it.
The thing is, a repository is only as good as what you put in it.
If all of your signed contracts are not in your repository, then you actually don't know what you have agreed to and what's in your contracts. That's a huge risk and a huge loss of knowledge and insights for your legal, sales, engineering, finance, procurement, operations, and other teams. Our past contracts not only inform us re our past and past obligations but they also inform/guide our decisions for the future and help us the create the future of our business.
At Recital, we’ve been geeking out on contract repositories and we have been working on a new product that doesn't require any of the manual work for creating a contract repository. With our new Auto-Repository, you don't need to find and gather your in-flight and signed contracts across the organization. You don't need to manually upload your contracts into the repository in order to keep it up to date. Our pioneering product does all that for you. Remember, your repository is only as good as what you put in it. We make it possible for every in-house legal team to create and have a repository *with all their contracts in it* within days Vs weeks and months.
Once you have that in place and have visibility and insight into what's in your contracts, you can now start looking into ways of improving and streamlining your contracting processes. But, that’s a topic for another day and post 😎.
We will be sharing our learnings, tips, and strategies for building a repository in a webinar hosted by In-House Connect next Thursday, September 26. Come and join our CEO, Martin Ertl, and legal ops expert, Ashlee Best, for some best practices on building a contract repository. We will also give everyone a sneak peek into our new Auto-Repository product ✨.
You can register for the webinar here:
inhouseconnect.org/product/c…