Secure Contract Repository
A secure contract repository is a place – online, in an office, or in an off-site storage facility – where all contracts and agreements are filed and stored securely. While in-office files are traditional, online private contract repositories run by professional contract management companies such as LawInsider are best for security and document retrieval.
Two Types of Secure Contract Repository
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Manual System
Using a traditional filing system, law offices file printed and copied documents in boxes stored either on-site or off-site in storage units. However, keeping paper documents is no longer a good use of materials or time.
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Online System
The modern contract repository system is entirely online, but documents are always available to print when necessary. In addition, cloud storage stores and sorts contracts securely and by multiple methods depending on the lawyer’s needs.
Three Problems with the Manual System
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No Tracking Capability
If all your contracts are printed out and stuffed into boxes, you won’t be able to access them to check for renewals, amendments, or deadlines.
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Longer Work Times
Only one person at a time can work on a printed document. Online documents use editing software that allows more than one user at a time to make changes.
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Longer Response Times
Working with manual documents means it will take longer to get back to your clients who may get tired of waiting.
Eight Benefits of an Online Secure Contract Repository
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Document Protection
Data protection is the whole ballgame. Online secure contract repositories guarantee privacy, which is lawyers’ primary legal obligation to their clients. The best contract management software will ensure data protection.
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Document User Permission
While keeping data secure is essential, lawyers must be able to share documents. Cloud-based software uses user permissions to share documents. It’s especially helpful in tracking changes to new drafts. However, documenting changes created on paper copies is slow and prone to error.
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Document Identification
Online documents are always available by name at the touch of the keyboard. However, if a lawyer or paralegal doesn’t know the exact name, searches can help you quickly find the document you need.
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Document Retrieval
An online secure contract repository allows lawyers to retrieve documents by multiple methods: date, client, matter, renewal, or however they prefer to set up their contract storage system.
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Document Sorting
A well-managed, secure contract repository helps you sort data and documents, which is especially useful with clients with multiple contracts that renew at different times or do business under more than one legal entity. As a result, you can create the best system for your organizational needs.
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Document Tracking
An online secure contract repository that offers contract tracking can help identify when contracts are up for renewal or may no longer be legally binding. Remaining on top of active contracts may ensure client retention.
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Create a Stream-Lined Process
Contracts don’t stand alone. Most law firms oversee hundreds of contracts for multiple clients. Therefore, maintaining a process for the creation of each contract is critical. An excellent online secure contract repository does this for you.
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Saves Time
An online secure contract repository system eliminates the manual work necessary for maintaining a traditional data storage system. In addition, manually checking contracts is billable time wasted.
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Reduces Waste
Instead of printing thousands of pages of ink, using a secure contract repository reduces the impact on the environment by storing documents electronically.
Implementing Your Secure Contract Repository System
The initial data dump is the hardest part of switching from a manual to an online system. First, you must copy every existing document and upload each to the appropriate file and folder. Administrative employees can copy and upload at a lower hourly rate than lawyers and paralegals. When your documents are uploaded, provide training for all employees on how to use the software.
Conclusion
A secure contract repository makes managing contracts easier by maintaining an online system for storing and working on documents that allow you to keep, view, and track all your documents in one place.
If you are interested in making it easy to search through your contracts, LawInsider’s contract repository makes it easy for you to upload your documents and find the hidden contracts among them. From 100 to 100,000 contracts, there are no limits and no hidden fees for the amount of documents that you can organize. With secure access and encryption for all files, you can be sure that your contracts stay safe and private.
Key Terms
- Repository – In this article, a repository is a location to collect and keep data protected. When referring to an online secure contract repository, t is also called an online data storage unit.
- Contract Renewal – contracts are only signed for a finite time. After the term ends, the agreement is null and void unless the two parties agree to renew it.
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Tags: Contract, Contract Repository, Repository