Developing a contract for a complex deal is a collaborative, time-consuming process that demands 100% accuracy – but is also likely to be on a deadline. Fortunately, Collabloop is software specifically designed to streamline the process, while at the same time maintaining maximum document security.
Collabloop is a form of task management software for contract “redlining”, the process of moving a document through multiple iterations until a final, approved version of the contract is ready. In most cases, the process is collaborative, with a core project team and input from lawyers, sales and services personnel, and in some cases IT and regulatory experts.
Before the digital age, that process generally involved lawyers trading physical copies or telexes of a contract in process. With Collabloop, the redlining process is done entirely in the cloud. Not only does this make collaboration with parties near and far easy, but also secure: the contract itself and all of the many relevant reference documents are available in a ShareVault virtual deal room (VDR), protected from hackers and prying eyes with state-of-the-art security encryption. Only authorized parties can enter the protected ShareVault online environment. Additional permissioning protocols like two-factor passwords and device IP registration ensure the contract in development and supporting documents are only accessible by the right people.
How Collabloop Works
Collabloop contract redlining software allows you to collaborate with internal and external parties and digitally track changes made to a contract. With Collabloop, there is a single version of the contract – collaborators are always working on the same document. When a party makes a comment or revision, their input is visible to everyone, much as it would in Word’s track changes annotations. Everyone involved can identify the source of a comment without resorting to email, Slack, and other platforms. And those revisions or comments appear in real time, which speeds the contract development process.
Use Collabloop Instead of Google Docs or Word
One barrier to a streamlined contract development process is reliance on popular word processing apps like Google Docs and Microsoft Word, particularly if they are shared by multiple parties in diverse locations. While these apps have a ‘track changes’ feature, many contracts require an activity monitoring report that specifies each change, the name of the author, and the date and time – which is a built-in feature of Collabloop. And Collabloop is housed in a ShareVault VDR, ensuring that every version of a document is protected.
Collabloop integrates with DocuSign
When the contract is ready for final review, your Collabloop document can easily be posted for review by other departments or senior management – Collabloop integrates with file sharing apps like DropBox, Box, Google Drive, Microsoft SharePoint & OneDrive. When the contract is ready for presentation, Collabloop integrates with DocuSign and all its online features.
Collabloop Saves Time and Money
Collabloop speeds the redlining process and can reduce the contract development project timeline by up to half. And with a new contract in hand, your organization can celebrate a new milestone!
24-hour Support
ShareVault knows that with a contract on the line, time is everything. That’s why ShareVault provides round-the-clock support from our IT team, who can answer questions and resolve issues quickly and efficiently.
Have Questions? Let’s Talk!
Collabloop redlining software and ShareVault’s secure virtual deal room allow a company to develop a contract in record time, without compromising on security. Since each company has unique needs, ShareVault feature sets and pricing are customized to fit your needs. To receive a customized ShareVault proposal, contact us today!