Today's contract tip is about managing updates to your templates.
We need to update contract forms regularly. We do this to fix mistakes, adapt to changing standards, and reflect evolving company priorities.
I've found that most companies do not have a systematic approach to updating their templates. Lawyers and professionals are too busy dealing with the day-to-day to think about the big picture.
Here are some of my approaches to creating a system to manage template updates:
1. Identify an owner
I recommend designating one person as the template owner and including it in the job description. Otherwise, the update process is easily forgotten.
2. Decide on a frequency and set a deadline
We need to balance the need to update our forms with the time it takes and the disruption it can cause. I prefer updating it every six months, but am open to updating it more frequently if needed.
Schedule a meeting every six months to discuss the updated templates. I also suggest including the topic in the quarterly performance review meetings. These steps help make sure the updates don't get lost in the day-to-day busyness.
3. Create a system for collecting input
I've used different techniques for this over the years, including:
- run a sample set of redlines between the company's form documents and the execution versions
- email myself quick notes about needed changes with a standard subject line (e.g. "Fix MSA ")
- add a document in the Sharepoint file labeled "Template Changes "
What other techniques do you use to manage ongoing updates of your templates?