Managing contracting with multiple suppliers, customers and entities is hard. Whether it’s a tripartite rental contract, or a services agreement in a marketplace, many of our customers routinely use complex deal structures as a part of their everyday business. Bi-party contracts just don’t cut it.
At SpotDraft, we aim to be the perfect CLM solution for every contracting need and delight customers at every step of the way. However, until now, you couldn’t process multi-party contracts through the SpotDraft platform. That changes today.
Introducing: Multi-Party Workflows
Now, you can create, negotiate and sign contracts with up to 10 parties on SpotDraft.
The best part? You still get SpotDraft’s seamless end-to-end contracting experience, saving you time and increasing deal velocity.
CREATE
Previously, SpotDraft allowed you to create new contract templates involving only one counterparty. Now, we’ve added features to expand this workflow to cover multiple parties. You can:
- Add up to 10 counterparties: Easily process the most complex workflows through SpotDraft
- Set roles and aliases: Stop struggling with convoluted legal entities. Define context-based aliases for parties - “Borrower” instead of “Overly Complicated Entity LLC”
- Specify Questions: Set up multi-party role-based questionnaires to populate contract variables - avoid errors and simplify the creation process
NEGOTIATE
Use SpotDraft to negotiate and redline agreements with all your counterparties. With Multi-Party workflows, you can now choose to negotiate with several parties in parallel, or one at a time.
Access:
- Complete version control: Negotiating with multiple parties at once can be hard. Track every single redline and comment in the Activity Log, so you never miss a change.
- Conditional clauses: Complex deal structures mean you need protection for every scenario. Automate clause-insertion into contracts, based on triggers defined by you.
- Trigger approvals: Prompt approval requests to designated users, based on deal-value or any other triggers you choose.
SIGN
Once you’re done negotiating, use eSigning on SpotDraft to execute the agreement. We’ve redesigned the experience and added support for multiple recipients. You can now:
- Select multiple recipients: Choose who to send your contract to. You can pick any number of recipients.
- Assign a signing order: Define the order in which parties are asked to execute the contract.
- Collect additional fields: Drag and drop multiple fields, including signatures, initials, dates and stamps onto your contract, and assign them to parties.
GET STARTED WITH MULTI-PARTY WORKFLOWS
Enabling businesses to streamline their contracts remains our priority at SpotDraft. As an existing customer, you can start using Multi-Party Workflows in your workspace immediately - reach out to your dedicated Customer Success Manager to learn more.
If you’re interested in learning more about SpotDraft, click here to book a demo.
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