Drafting contracts with a word processor

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Drafting contracts with a word processor

Introduction

You want to draw up a contract. Do you use a word processor for that? Why? Why not? And what is the alternative? We first look at the evolution of word processors. Then we zoom in on the problems of taking over unstructured data. Finally, look for a specialized alternative with which you get the highest return from your contracts.

Evolution of the word processor

The word processor once started as a handy replacement for the typewriter. Suddenly you had a backspace button. And the possibility to reuse (parts of) previous texts. This comes in handy when drawing up contracts. By saving recurring texts as templates, you can easily create the same type of contract again.

Contract Creation eBook: Drafting contracts with a word processor

Version control Enddate Notice Period Return on investment Word Documents Digital Contracts Physical Contract Text editor Templates Placeholders Database Contract Creation Structured Data Unstructured Data

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What is this eBook about

Retrieve from unstructured data

In theory you could draw up contracts very disciplined with templates, version management and placeholders.

In practice, we see a lot of back and forth emails with attachments. Drafting contracts with a word processor turns out to be a messy process.

It becomes problematic if you want to manage the contracts. Some companies print them out and sign with the pen. You might as well have typed the paper document with a typewriter.

A specialized alternative

During the drafting of the contract, you have often already thought about why you make those agreements and how you want to fulfill them. You probably want to be informed when the notice period is approaching. When you need to take action to fulfill or check certain agreements.

Drawing up contracts

Drafting contracts with a word processor is possible. You can use templates with placeholders and possibly collaborate online to prepare the document.

Unstructured data

When you want to manage the contract, you are left with a mountain of unstructured data. Information such as the end date must therefore be retyped in other systems. A mistake has been made.

Contract Data Management

A Contract Data Management does understand the context of contract data. During the drafting process, you already determine how you want to manage the contract. Retyping is no longer necessary.