Clauses are the vital elements of contracts that form and structure the key information from A to Z. Typing in new clauses in a legal document can take too much time and hold your daily workflow. Copying and pasting provisions from previous contracts may be an easier task, but how to keep essential clauses in one place and instantly pick the one you need for your document?
With Loio’s Clause bank feature, you can efficiently work with all necessary provisions and always have them at hand. Let’s see in detail what Clause bank can do for you and your contracts.
What is Clause bank?
While you’re drafting your contracts with our Clause bank, you can easily insert our default clauses into your document or create new ones and tailor them to your agreement. If you work in a team, you can share the clauses with your colleagues.
We have merged our default clauses into categories that fit in various types of legal contracts. With each update, we will add more clause templates to our Clause bank.
How to use Clause Bank?
Clause Bank is an essential tool for effective clause management on your own and in legal teams.
Firstly, we provide you with the "Standard" folder where you can review our default clauses. If you decide to create new clauses, you will see them in two more folders: "Personal" if you work solo or "Team" if you work with your fellow legal pros.
In the Preview, you can see the full clause content under the clause name tab (e.g. “Assignment Clause/Novation”).
Notes can include key information on the clause that you can add while creating or editing it, e.g. its title, a relevant document type, related tags, etc. Overall, you can leave any notes you want for you and your colleagues.
If you think that the clause fits within your contract well, you can save it to Favorites and use it in your following documents, or add it now to your current agreement. You will see the provision right at your cursor’s spot.
After the clause has appeared in the text, be sure to fix the formatting of your document. You can try out the Styling feature to see how Loio can help you clean up messy text styles in contracts.
If you couldn’t find the necessary clause, you can always create a new one and save it for future use. Click ‘New Clause’ above and fill in the required clause details like title, category, and clause text. If you’re the Owner or Admin of your Team account in Loio, switch the toggle bar below on your right to enable sharing the clause with your teammates.
When you’ve finished creating the new clause, click ‘Save’. If you no longer want to keep the form, click ‘Discard’.
How can I request to add a new clause category?
Soon we will add more clause categories and templates to help you draft contracts productively every day.
If you want us to add specific clause categories, let us know via our Live Chat or our email at firstname.lastname@example.org.
We hope you will successfully master the art of clause management for your agreements and boost your contract drafting with our Clause bank feature.