Template Standardization

Industry: Life Sciences
Client: Fortune 50 Pharmaceutical Company

Issue:

The client struggled with a disjointed contract storage, review and negotiation process due to their fragmented contract management function across multiple global locations. They were using separate templates across their jurisdictions which created inefficiencies to create and manage standard contracts. They faced cost pressures and lacked a centralized team to take on the effort to project manage and standardize the workflows across its global locations.

Solution:

Mindcrest implemented a multi-shore launch led by a centralized team and its attorneys. We reviewed templates in five languages for multiple jurisdictions to standardize clauses by eliminating unnecessary language and identifying ‘best’ versions of individual clauses. Our team tested and implemented all templates in five languages on the CLM authoring tool that would automate creation of new contracts. We provided a go-to negotiation tool inclusive of all the approved parameters and clauses they could negotiate. Mindcrest assisted in review and preparation of all authoring training material for their global support team. During this multiyear, ongoing engagement, we implemented a Managed Services solution to migrate and manage all legacy and newly-executed contracts into the CLM system. Our team carried out the migration by accurately building the contract hierarchy when reviewing and abstracting over 30 contract fields.

Benefits:

  • Coordinated all CLM services globally through our Managed Services model to ensure timely implementation of the new program
  • Implementated a CLM authoring tool to decrease the cost for contract creation by over 40% and significantly reduced negotiation cycle
  • Reduced the total number of contract templates from ~90 to 30, ensuring compliance with regional and domain-specific clauses
  • Developed a concise playbook and workflow process to document and implement a robust governance framework
  • Supported multiple global locations in their CLM onboarding, training, negotiations and recordkeeping functions on an ongoing basis