SMASHDOCs, a development and sales platform for collaborative word processing projects, announced a new solution that simplifies and accelerates collaboration in creating, negotiating, and signing contracts. SMASHDOCs’ Contract Drafting Projects allows all contract project stakeholders to work collaboratively from the first draft to eSigning. The new solution is suitable for medium-sized companies or large corporations, including insurance, banking, finance companies, as well as other industries.
The draft contract is stored online and every action is logged and audit-proof. It is also possible to add legally compliant, digital signatures without having to leave the online contract. At the end of the drafting process, the digitally signed contract and a clearly documented history of the entire drafting process are archived in PDF. Negotiations with other stakeholders can be conducted online via the platform or via exporting a Word version of the draft contract and re-importing the modified Word document with comments from the relevant parties.
The new solution ensures that every single step in the drafting process is transparent and traceable. SMASHDOCs simplifies workflows with section-by-section versioning, which makes sure that the entire contract drafting team knows precisely when and where an amendment has been suggested and whether it has been adopted or not. A second feature, intelligent change tracking, helps ensure no project stakeholder will miss or overlook modifications because it automatically highlights all of the changes that are new to the respective viewer (Adaptive Redlining). SMASHDOCs’ comment function facilitates detailed discussions about contract content in real time, including confidential exchanges between selected users. Metadata, such as the start date of the contract, interest rates, prices and bank transfer information can be tagged in the online contract, allowing contracts to be generated in a contract management system once negotiations have been completed without manual input. The system can also generate self-executing “Smart Contracts.”