Contracts tend to reach legal at the last minute, attached to an email that says “need this signed today”. The reviewed draft goes back by email, the negotiation happens on calls, and the signed copy ends up in someone’s downloads folder with no record of when it expires or whether it renews on its own.
This template gives every contract a single path. The requester names the other party and the contract type (sale to a customer, service provider, supply, lease, partnership or other), enters the total value, term in months and the date it is needed, explains the context and attaches the draft. Legal has five business days to rate the risk as low, medium or high, list points of attention by clause with suggestions, attach a reviewed draft and write an opinion. The requester then negotiates and records the result, what was not accepted and the final version. Contracts above $50,000 go to a director, who confirms they are aware of the risks legal raised. Legal closes it by recording the signing date, expiry date and whether it renews automatically, and filing the signed contract.
It fits companies without a contract management system, where an in-house lawyer or an outside firm reviews the contracts that sales, purchasing and operations bring in.