Feature Update - Save Time with LawSimpl’s Contract Review & Vault

The legal sector in India incurs expenses far beyond what one might initially anticipate. A major portion of this expenditure arises from contracts. Companies spend a fortune on drafting and reviewing contracts, as these serve as the source of binding legal relationships between the parties. Yet reviewing contracts is still one of the most time-consuming tasks.

Be it a startup or a big law firm, contract lifecycle management has become an indispensable part of their work. To avoid the chaos, companies prefer to have a contract review before executing them. Even though they spend a huge cost in this process from handling the fees of legal professionals hired for it to document management (printing, storing, etc.) along with the days that it takes to get complete.

Where businesses are finding it a challenging task to cut costs and save time in Contract management, LawSimpl turned it into an opportunity to innovate. This innovation will help the professionals save hours on contract reviewing without spending a great deal of money without compromising the accuracy and privacy.

Contract Review - LawSimpl has recently added a ‘contract review’ feature in its dashboard. This tool has been designed to provide a comprehensive review of a legal document to its users. This feature will cut short the time of contract reviewing from days to minutes without compromising the accuracy. The tool thoroughly analyses the uploaded document and gives a detailed review of it. While uploading the document, the users can also give instructions as to the specificity of what they want to be reviewed. The review will tag the risks in the clauses as ‘low’, ‘medium’, and ‘high’. The users will get an option of ‘resolved’ or ‘accept the risk’ for each erroneous clause. They can choose either of them as per the requirement. At once, 10 documents can be reviewed ensuring that users don’t have to toggle between the tabs. This feature will save the heavy cost and amount of time consumed in reviewing a contract and will allow professionals to have a balanced and cost-effective contract lifecycle management.

Vault - This feature allows users to have an easy and structured contract management system for their files. With the help of this feature, a user can secure, organise, and store their legal documents. Here, users can create customised folders for their legal documents which can store up to 100 files at once. Once uploaded, the user can use these documents directly from the vault for review. The vault will systematically categorise them according to their name, status (review completed or not), findings, and date. The ‘status’ feature makes it easier for the user to identify which documents have been reviewed, saving the manual labour of checking what has been reviewed and what has not. The user can upload any type of document in the vault be it a PDF, JPG, or Docx.

To maintain the user's privacy and security, the platform has ensured that the stored files in the Vault will not be retrieved by LawSimpl, not even for training purposes. LawSimpl has ISO 9001, 27001 certification to demonstrate its excellence in quality management and information security while dealing with user’s data.

Whether you are a startup, a law firm, or an individual practitioner, these featureswill save you days of manual struggle and cost.

A user will get 10 REVIEWS ABSOLUTELY FREE!

Ready to simplify your contract process? Upload, review, and securely save your contracts with LawSimpl, start now