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SpotDraft

Sportdraft is an contrat automation and management platform that allows clients to automate the creation of their contracts. It features are:-

  • Centralized contracts
  • Predefined workflows
  • Data-driven insights
  • Esignatures
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Description

SpotDraft is a contract management and automation software which helps clients to automate their end-to-end contract lifecycle from creation to execution. It allows clients’ legal team to manage and create contracts from single software increasing their efficiency. Madhav Bhagat, Rohith Salim, and Shashank Bijapur founded it in 2017 in Bangalore, Karnataka, India. Many companies trust it, including UNZO, Notion, Bharat Pe, Phone Pe, Rapido, Chargebee, On Deck, CRED, and more.

 

Contract Templates:

In SpotDraft clients can create templates from contracts easily for future use. Which allows clients to make new contracts from templates very easily. Clients accomplish this by selecting variables such as names, dates, currencies, etc., in the contracts and converting them into placeholders. This enables clients to modify the essential fields, facilitating the creation of new contracts from templates when needed.

With SpotDraft clients can edit their template themselves allowing them to create contracts by themselves without relying on their CLM vendors. This allows clients to create and manage their contacts with pre-prepared templates without the need of others. Clients can set up questionnaires or guardrails for templates which can help their teams to avoid making mistakes. The client can also add conditional clauses to contracts when they have reached any specified value, allowing for better contract management. Clients can also create templates which include tables by inserting dynamic tables which allow to make changes in contract in these complicated fields.

For important contracts we can set predefined values above which it requires approvals of predefined persons or stakeholders.

 

Workflows:

SpotDraft allows the clients to automate their workflows of general contract through its automation function allowing clients and their team to save a lot of time by putting high volume contracts in automation workflows. By setting up pre-approvals for various contracts, clients can alleviate their concerns as the contracts will be sent automatically to the stakeholders identified by the clients. Stakeholders approve these contracts, significantly enhancing the efficiency of the approval process. If someone makes changes to the contract after one stakeholder’s approval, the contract must undergo the contract review process again and obtain approval from the relevant parties.

SpotDraft’s e-signature feature enables clients and their teams to automate the workflow. It automatically sends contracts to all stakeholders who need to sign the contract. We also auto sign some basic contracts automatically which can reduce the workload. It also sends email follow-ups every two days for contracts that have not been signed.

 

E-Signatures:

Spotdraft allows creation of legally binding e-signature which are in compliance with ESIGN (USA), eIDAS (Europe), and ECA (UK). It automatically logs the changes made to the contract anytime by any parties when using e-signature. Cryptographic encryption is applied to all e-signature documents, enabling clients to detect any changes made to the documents. This ensures that all documents using e-signatures are encrypted, and all modifications are accurately recorded.

Clients can create an automation workflow of e-signature with different scenarios which allow them to increase their productivity without affecting the integrity of documents. SpotDraft also permits the automatic addition of e-signatures, with clients having the option to specify the conditions under which the signature will be added.

 

Reporting:

The SpotDraft reporting function enables clients to create custom reports. Clients can generate these reports based on various criteria, such as different types of contracts, specified times, assigned personnel, and custom tags assigned by clients. Additionally, clients can view the number of executed contracts, contracts in the drafting stages, or contracts awaiting signature.

Repository:

SpotDraft helps clients to gather all the information into a single repository that allows them to see the data they require from anywhere at any time. It allows the clients to provide role-based access to this data which means that the particular stakeholder can see and use particular data only.

SpotDraft Provides various filters with its clients can select various filters to take different data from the repository. It also enables clients to link various contracts with the same background, making it possible to locate them through a single link. This feature facilitates the rapid retrieval of required data.

 

Campaigns:

SpotDraft has a feature in which it allows clients to send contracts of the same type to different people. Clients can accomplish this by using a campaign builder to choose the required template and upload the variables to the builder, which can then send bulk contracts to various individuals. It also empowers clients to track the status of contracts sent through campaign builders, enabling them to monitor the number of signed contracts and the number that is still pending.

 

Pros:

  1. It is very good software with a very easy to user interface dashboard.

Cons:

  1. All the contracts are in a single page in the repository. There should be an option of making folders. 

 

Suggestion:

SpotDraft is a contract lifecycle management software that helps clients by making their contract lifecycles smoother, faster, and easier. Which can help clients team to do the work that really matters. It has a very easy to use user dashboard that allows quick learning of new people who want to work on this software.

 

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