Frequently Automated Contracts And Other Documents

Sep 16, 2019

Time saved by automated documents measured by a red sand hourglassIt doesn’t matter if you are from the US, Latin America, Europe or Asia. The most frequently automated documents are generally surprisingly similar, regardless under which law your company or law firm operates. 

To begin with, which contracts and other documents are automated most frequently? It depends – whether you work for a large law firm, small law firm, financial institution, real estate industry, or as a corporate counsel for a company operating in another business area.

Based on our long-term experience with over 100 000 users in 5 continents, we made a list of the most frequently automated contracts and documents:

 

Law firms

Law firms typically begin automation with these three simple documents:

  • Engagement Letters
  • Power of Attorneys
  • Non-disclosure Agreements

Subsequently, large law firms go further with automating

  • Set of security documents for bank transactions
  • M&A documentation (SPA, SHA, etc.)
  • Contracts and other documents for real estate transfers
  • Documentation for company formations (articles of association, board decisions, affidavits etc.)
  • Corporate governance documents (e.g. Board of Directors Meeting Minutes)

The rest of the documents typically automated by law firms depends on the expertise of a law firm, but in general, the most frequently automated documents are:

  • Escrow Agreements
  • Employment Contracts and other documentation for HR
  • Debt trading, collection and handling (e.g., Cease and Desist Letters, court filings, Settlement Agreements, etc.)
  • Class actions documentation
  • Family law agenda such as divorce & Separation documents, childcare documents or last wills
  • Documentation for public tenders
  • Licensing and IT contracts (EULA, Privacy policies, Terms and Conditions, etc.)
  • Insolvency and bankruptcy documentation

Financial Institutions

Of course, all banks, insurance companies and other high-volume financial businesses have automated their client documents, such as LMA Standard Documentation. However, we will rather be focusing on internal documents that are typically handled by corporate counsels, procurement or sourcing departments.

As an example, some of the documents automated within the area of purchasing services can be:

  • Contracts on providing services
  • Purchase Agreements
  • Master Service Agreements
  • Framework Purchase Agreements
  • Documentation for tenders
  • Amendments (Amending contracts)
  • Contract Prolongations
  • Termination Agreements, notices and withdrawals

Note: Last three documents are usually connected with agreements/contracts and therefore data from them can be transferred automatically.

Debt handling documents, on the other hand, can be represented by:
  • Notices
  • Cease and Desist Letters
  • Debt Transfer Agreements
  • Settlement Agreements
Lastly, here are some other often drafted documents:
  • Board minutes
  • Annexes to financial and tax reports and filings
  • Affidavits
  • Documents for processing of personal data
  • Employment Contracts and other documentation for HR
  • NDA/Confidentiality Agreements
  • Lease Agreements
  • Licensing

Real Estate Industry

Property managers, real estate agencies and developers use document automation a lot. Among the most popular documents for automation are:

  • Brokerage Agreements
  • Reservation Agreements
  • Property Purchase Agreements
  • Forward Purchase Contracts
  • Escrow Agreements
  • Commercial Lease Agreements
  • Rental Agreements
  • Termination documents
  • Documentation for land registers (usually depends on the country)
  • Construction Agreements
  • Master Service Agreements (property managements and repairs)

Other companies

Most of the companies are not in any of the above-mentioned categories. Does it mean they are not automating drafting and management of their documents? Or course not. They are automating as well. Among the usually automated documents are:

  • Engagement Letters
  • Contracts on providing services 
  • Purchase Agreements
  • Master Service Agreements
  • Framework Purchase Agreements
  • Employment Contracts and other documentation for HR
  • NDA/Confidentiality Agreements
  • Amendments (Amending contracts)
  • Contract Prolongations
  • Termination Agreements, notices and withdrawals
  • Notices
  • Cease and Desist Letters
  • Power of Attorneys

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