An elephant may never forget, but you’re not an elephant.
You’re in-house counsel, and you’ve got way too many things on your plate—from employment issues to product licensing, liability questions, and sales contracts—to also keep track of key dates across the thousands (or hundreds of thousands) of contracts in your portfolio.
Just one accidental contract renewal can cost your business tens of thousands of dollars, not to mention the toll it takes on your reputation.
Lexion’s intelligent Repository gives you several ways to set automatic, timely alerts for key dates across all of your contracts to make obligation management easy and ensure you never miss important deadlines, milestones, or obligations.
It all starts with AI
When a document enters your repository, whether it’s submitted by email, uploaded manually, or ingested automatically from your e-sign solution, Lexion’s best-in-class AI quickly extracts and tags key dates, including expiration or renewal, notice of termination, and more. Better still, the dates and reminders in evergreen contracts will refresh automatically year over year, so you don’t have to calculate and track those dates manually. You can also set custom fields you’d like to track, so you can easily tag any date that’s critical to your business.
These tags and extractions don’t just make key dates and terms easy to find, either. It makes them easy to report on and set alerts for, too.
Get automatic alerts for key dates across all of your contracts
Some dates are important enough that you want to track them across every document.
For these always-nice-to-knows, Lexion makes it easy to set automatic reminders across all of your contracts to help make sure you’re protected by default from things like unexpected (and costly) vendor renewals or untimely expirations.
Receive custom alerts for individual dates and deadlines
Most contracts also include dates that are more unique to that engagement. For example, you may have a client contract that includes several milestones or deadlines you’ve agreed to meet, with incentives or penalties associated with each.
Lexion makes it easy to add alerts to even the most complex contracts by setting up custom reminders on individual documents, too. Simply add custom fields for any additional dates you’d like to track, and you can set up reminders for any of them individually.
These custom alerts make it easy for
- Sales and Customer Success to scale relationships by getting proactive updates on expiring contracts so they know when to begin talks about renewal and upsell opportunities.
- Procurement to reduce unwanted costs with automatic notification of upcoming deadlines for written notice of non-renewal.
- Finance to stay on top of income and expenses with advance notice of upcoming payment deadlines, milestone payments, and when to begin charging fees or interest.
Set up automatic reporting for key stakeholders
And of course, there are many situations in which it’d be helpful to receive regular updates on dates across a batch of contracts—like all of your active vendor contracts that are set to renew automatically next quarter.
Lexion makes that easy, too, with robust search and reporting that allow you to build dynamic reports and send automatic updates to key stakeholders and teams at whatever frequency you’d like. Whenever a document enters your repository and meets those criteria, it will be added to your report automatically so it’s always up to date.
Together, they mean total control over your entire body of contracts, and the peace of mind that comes from knowing you’ll never miss a thing.
Does all of that make Lexion the AI-powered pachyderm in your pocket?
Want to see Lexion’s automatic reminders and reporting in action? Schedule your demo today.