Exigent Group Limited, in partnership with Canadian law firm McCarthy Tétrault, has rolled out a new document creation tool by the name of DocBuilder.
DocBuilder has been designed to save up to 75 per cent on document drafting costs. According to a statement from Exigent, it can be used as a standalone product or in conjunction with Exigent’s contract management solution, Chameleon.
“One other key differentiator is in the choice of templates: clients can use their own contract templates, use templates created by McCarthy Tétrault, or work with Exigent’s expert legal team to build new templates and playbooks,” the statement said.
The main feature of the new tool is that it's “easily customisable”, allowing contract and document templates to be created and customised by Exigent’s legal experts based on a company’s specific requirements.
Another key feature is labelled as its “quick data population”. According to the group, the tool captures all of the necessary data and information to complete a document.
On top of this, the tool is fully integrated with DocuSign, allowing teams to sign, send and receive fully executed contracts without the need to print, manually sign or scan.
Exigent CEO David Holme said the development of the new tool comes after extensive client demand for a new end-to-end solution that significantly reduces document drafting costs.
He said the tool is the first document assembly tool of its kind, and allows time, money and resources to be used for higher value contract drafting and review.
“Many agreements used today are template-based, requiring little revision or negotiation. Each organisation may have its own template, written on their own paper, but largely they follow a standard format with a few variations. In other words, ideal for automation. For example, 80 per cent of NDAs follow a standard format with minimal alterations,” Mr Holme said.
“To think that law firms can charge up to $1,400 for an NDA that could be produced in-house by non-lawyers for $225 shows just how much room there is for efficiencies in this space. And to do so in the context of contract management best practice means in-house legal teams can really make huge savings and get clever about their contracts.”