One of the great capabilities of full-featured contract management systems is generating signature-ready contracts quickly and easily. Automated contract generation is accomplished through the use of document templates that contain data field tags that link to the contract data records.
What is Data Merge?
“Data Merge” uses the same concepts as “Mail Merge” that you may already know. These are software features that combine a template with a data source. The merge operation fills in predefined fields in your document template with contract details from the data source. This can include the parties to the contract, addresses, contract type, value, venue, jurisdiction, signatories, titles, and other contract-specific information. The data merge function can quickly generate signature-ready contracts, for a single contract or multiple contracts in one process.
Accurate and Professional Contracts
The days of “copy and paste” to fill in the particulars of a contract are, or should be, long gone. This was what worked in the past, but it was “old school” and error prone (although faster and better than manually typing in each item!). Data merge accurately pulls information from your contract database (the “data source”) and inserts it into each contract. This minimizes human errors, making your contracts more reliable and professional.
Flexibility of Contract Templates
A dull-featured contract management system enables you to easily customize your contract templates with dynamic elements to handle different contract types and scenarios.
How to Use Data Merge for Contract Generation
If you have not seen data merge working for contracts, you may be surprised at how intuitive the process is. Here’s how to generate contract documents using document templates and data merge tools.
Step 1: Create Your Contract Document Template
The contract document template is basically your contract document with data field placeholders that are linked to the contract database.
For example, the template might have a placeholder for the contracting party name, contract date, and specific terms. The data field placeholder may look like “<Contracting Party Name>”, “<Contract Date>” or “<Contract Amount>”.
The Contract Templates are stored by contract type (like NDA, Consulting, Employment, etc.). The templates can copied and modified to be used for similar agreements, or for variations of a contract, like Non-Disclosure, Mutual Non-Discosure, and Limited Non-Disclosure.
Step 2: Create the Contract Data Record
Contract documents are created from contract data records. Contract records can be created directly or through a more formal contract request and approval process. In advanced systems, once you choose the type of contract that you want to create, the document template for that contract type is automatically embedded in the contract record. Each contract type will have fields that are common to all contracts and some fields that are specific to that type of contract. That is why the document templates are tailored to each contract type.
Step 3: Generate the Contract Document
Once the contract data record has been entered, the contract document can be generated. If the standard document template for that contract type is what you need, then you can generate the signature-ready document immediately. If a different version of the document template is more appropriate, it can be selected at this time and saved with the contract record.
If you are using Contract Advantage™WebElite (CA) by Great Minds Software™, these steps are straightforward. CA seamlessly integrates contract data with contract document templates.
Step 4: Preview the Contracts
Before finalizing the contract documents for signature, preview the contract documents to ensure everything looks right. Review each field to make sure the correct data has been inserted.
Step 5: Generate and Distribute the Contracts
After previewing, generate your contracts. Depending on the software, you can save the contract documents as individual files, print them, or email to the contracting party. If approval and negotiation workflows are required, the documents can instead be routed to these workflows. Finally, the contract can be sent for signature through a digital signature service like DocuSign™, via email or printed out for a “wet” (manual) signature.
ContractAdvantage WebElite allows for all of these options.
Great Minds Software for Advanced Contract Generation
Great Minds Software has been a leader in contract management solutions since 1989. With over 600 implementations and 25,000+ users worldwide, we offer scalable solutions for businesses of all sizes. From document management to e-signatures, our Contract Advantage software is designed to simplify your contract management process.
Automation and Efficiency
Using mail merge with Contract Advantage makes large-scale contract generation practical. The software automates the process and saves you time.
E-Signature Integration
Contract Advantage offers e-signature options. This means you can send contracts for electronic signatures immediately after generating them.
Streamline Your Contract Creation Process Today
Data merge for contract generation is an effective way to streamline contract generation. When you automate the process, you save time and reduce errors. For the best results, use Great Minds Software’s Contract Advantage WebElite. These solutions integrate seamlessly with your contract database and offer advanced features like e-signatures and document management.
Don’t waste time manually creating contracts. Automate the process with Contract Advantage and improve your business’s efficiency. To learn more about our products and services, contact us now! Start automating your contract generation today!
No comments yet.