This solution provides a comprehensive checklist to review a general commercial agreement, which can be used to review an draft proposed by a third-party or one you are creating.
Customize this solution to reflect the terms favoured by your company or firm. Invite your colleagues to discuss terms. Keep a record of your review and contract drafts in one place.
1. Create and customize your master template
Start by creating a new workroom from this template (click “Use this Template”) This will become the template that is customized to reflect the terms favoured by your company or firm. You and your colleagues will be able to create a new workroom from this template for each new agreement to be prepared or reviewed.
- Give your new workroom a name that distinguishes it, such as “XYZ Corp. Terms Review Checklist.”
- If you need input from colleagues on the master set of terms, invite them to the workroom.
- If you want one or more contract forms to be available for reference or use, upload them to the Pick a form task.
As you modify the list, indicate which terms are absolutely required and which are aspirational. Use the chat channel for any item to discuss desired terms with your colleagues.
2. Invite users
Once your master template is ready to use, invite colleagues who will use it for reviewing agreements. If you do not want any colleague to be able to make changes to the template, invite them in the Viewer role so they can use but not modify the template.
If you want to provide broader access to the template within your organization, you can assign a group to the workroom to allow anyone in the group to discover the workroom through search and use it.
3. Create a new workroom from your customized template
Use your master template to create a new workroom for each individual agreement to be reviewed. Modify the workroom title to include the date or other identifier of the agreement or transaction.
Invite any colleagues who are involved in the review or execution of the agreement under review.
If you are reviewing a proposed agreement, upload it to the workroom for reference.
4. Use the checklist for review
Review the proposed agreement against the checklist and mark them as complete as they are resolved.
5. Upload the executed agreement
When the agreement is executed, upload it to the workroom to keep it with the record of review.