Doing Deals Faster with Contract Mindmapping

Legal is one of the very few professions whose job depends on working with heavy texts which usually cover complicated business issues. To make texts easier to understand and work with, it’s suggested to visualise contracts. Visualising becomes especially relevant when a contract template is not standardised and has to be frequently changed.

Contract Mindmapping gives legal professionals an overview of contract content and helps you draft documents by creating structured interdependencies between clauses.

Based on your contract mind map you can easily automate your template and avoid gaps in standardized language, missing data, or regular typos. Automated templates eliminate risk or confusion, disarray and potential loss of critical information.

As an example, we mapped out a standard Loan Agreement to demonstrate how transparent and understandable the deal elements could be. We’ve also automated this agreement in Avokaado and added advanced functionality to show how a master template would look like.

The logic is simple: whenever you choose a clause such as Lender’s data and select a party (a private person or a company), an automated template would offer you the next clauses that are only relevant to your choice. Like this, you don’t have to go through the entire contract and decide to keep or skip this clause as all necessary clauses will be offered anyways.

With a visual mind map it’s easier to own contract content: understand how changes affect other parts of the contract and what should be corrected or added. Moving forward clause by clause with automated questions and choices is much faster to get the draft ready in a few clicks than bearing all the deal’s elements in mind and manually adjusting the entire template.This way, no data is lost and no risks are overlooked.

👉 Set up your first document workflow: Get started for free now. Avokaado is a pioneer in digitizing legal services. Our team is an expert in building DIY, knowledge management and collaboration platforms. 👉 Request a demo and we’ll show how you can start delivering cutting-edge solutions today.

Originally published at https://avokaado.io on July 22, 2020.