What To Include In Your Contract Request Form

Most businesses have in-house counsel or a legal team to handle their contract needs. When finance, HR, sales, or procurement people require one, they must put down a request. It can happen through a message, call, email, or simply stop by the office. However, the method must deal with the overwhelming volume and complexity of these requests.

Or else legal people have to work with vague queries, incomplete information, or lost requests. These failings in communication hinder the business from onboarding a vendor, client, or partner in time. That’s where contract request forms can help them out. They help expanding organizations streamline and expedite the intake process.

What is a contract request form?

A contract request form enables organizations to initiate the process of creating or modifying a contract. These standardized documents capture essential details that legal professionals require to draft competent legal agreements.

Businesses can utilize these forms to automate requests for new contracts or third-party contract reviews. Instead of exchanging emails or messages, requesters can centralize all the information in one place. Legal people won’t have to chase down details for the authoring process. Form owners can customize them to include fields pertinent to their industry, organization, and jurisdiction. Thus, across the organization, everyone upholds the rules and standards without extra effort.

What should you include in a contract request form?

Contract forms have the means to accelerate the request and intake processes. To do so, they must include all of the information necessary for legal professionals to draft accurate and legally binding contractual agreements. Comprehensive fields eliminate the need to repeatedly contact requesters to gather relevant details. Since there is not a single form that works for all kinds of situations, contract owners might have to customize them for individual situations. However, the information below is vital to every legal agreement.

• Requester: Full name of the person requesting the contract.
• Department: Department/Designation of the requester
• Party Type: Whether it’s customer, vendor, employee, partner, etc.
• Party: Name and contact information of the party.
• Contract Type: Specify whether it's a service agreement, purchase order, lease, etc.
• Required By: Deadline for the contract.
• Status: Whether it's an active, expired, or archived contract.
• Key Dates: Important milestones, including the start and end dates of the contract.
• Purpose of the Contract: A brief description of what the contract is intended to accomplish.
• Budget Information: Estimated costs and budget codes if applicable.
• Special Terms and Conditions: Any specific clauses that need to be included in the contract.
• Approval Workflow: Identify who needs to approve the request before it moves forward.

Why do you need a contract request form?

The ease and efficiency of the request and intake process can streamline the contract lifecycle. Getting agreements across the finish line will not require legal counsel to battle with requests and information overload. Without going through email and chat histories, they will have all the information they need in one location. They can prioritize drafting according to urgency and value. There’s no risk of delaying business operations due to unfulfilled contract requests. Contract request forms also have the following advantages:

• Prevents incomplete information

It’s challenging to instill uniformity when making requests through emails or chats. Consequently, there’s a possibility legal professionals will receive ambiguous or partial information. When there are multiple stakeholders, it’s easy to overlook critical details. A standardized contract request form guarantees that all relevant data, such as the parties involved, the purpose of the contract, important dates, and financial considerations, are recorded upfront.

By collecting complete and accurate data from the start, organizations can reduce the risk of delays and miscommunications later in the process. This clarity minimizes back-and-forth discussions and enables your team to focus on what matters—executing contracts efficiently.

• Standardize contracts

Consistency is key to any successful business operation. A contract request form helps standardize contracts across departments, ensuring that everyone adheres to the same guidelines and expectations. They can eliminate variations and ensure that similar contracts are created using the same template, reducing the likelihood of errors.

Standardization makes it easier to comply with legal and organizational policies. New employees can quickly learn the process and requirements leading to faster onboarding. Standardized contracts not only save time but also build trust and credibility with clients and partners.

• Accelerate contract lifecycle

A well-designed contract request form accelerates the entire contract lifecycle. A structured framework for submitting contract requests can drastically reduce the time spent on contract generation and approval. When all necessary information is collected upfront, the drafting process becomes streamlined, enabling your team to focus on what truly matters—building relationships and closing deals.

With all relevant details in one place, decision-makers can review and approve requests quickly. A clear submission process minimizes delays caused by missing information or miscommunication. Teams can respond more swiftly to market changes, giving your business a competitive edge.

• Monitor requests

Staying on top of contract requests is crucial for any organization aiming to maintain control over its legal obligations. A contract request form acts as a central repository for all requests, allowing you to track progress and status at any time. The increased visibility helps in identifying bottlenecks and optimizing the workflow.

The form allows contract owners to clearly define roles and responsibilities to ensure that nothing falls through the cracks. By analyzing request trends, they can foresee potential issues and make informed strategic decisions. Everyone involved has access to the same information, reducing misunderstandings and promoting collaboration.

How do you effectively manage contract requests?

Contract lifecycle management starts with the request stage. This is where legal counsels identify the need for a contractual agreement. It enables them to conduct an internal review to weed out unnecessary demands and prioritize high-value events. The pre-determined fields in request forms collect all the relevant details and enable legal teams to micromanage contract generation across the organization.

• Contract Status Alerts

Legal departments must keep track of numerous contract requests with diverse purposes and weightage. Manually monitoring them can risk critical information slipping between the cracks. Most contract management solutions offer request forms and real-time status alerts to improve visibility and communication. These automated notifications guarantee all stakeholders are informed about the status of their contract requests. They can oversee the progress of contract requests and avoid unnecessary delays. Assigning responsibilities and tracking actions taken on the documents instills accountability in the contracting process. Thus, businesses can foster better communication between departments to facilitate quicker approvals.

• Contract Request Permission

Establishing clear roles and responsibilities is crucial for effective contract management. By defining who can submit contract requests and who holds the authority to approve them, businesses can minimize bottlenecks and maintain control over the contract lifecycle. User-based permissions clearly outline who can initiate and approve contract requests to avoid confusion. They can establish different levels of approval based on the contract's value or complexity to streamline the process. As a result, departments can oversee contracts that are pertinent to them without being overloaded with data.

• Automated Workflow

Automated workflows allow businesses to route contracts through reviews and approvals. It minimizes manual intervention, reducing the chance of errors and speeding up the process. Contract management software with workflows allows businesses to streamline the entire contract lifecycle, including request, drafting, reviewing, and signing. They can oversee the entire process from a single place and receive alerts for changes and updates. All the stakeholders can align their interests and data throughout the process. 

Conclusion

Request forms can fast-track contract generation. It allows businesses to create, edit, and manage contracts without needing to go through multiple platforms and communication channels. They guarantee consistency in contract creation, as forms standardize them across the organization. The acceleration and efficiency enable the legal team to focus on more complex agreements, while routine contracts are handled efficiently.