Automate these legal documents to improve efficiency
Last updated: 2021-06-01 (originally published on 2016-12-14) — by Alex
Every business strives to stay on the correct side of the law.
Each time you establish a business relationship with a purchaser or supplier, you definitely want to document the rights and obligations of both parties. This ensures that both sides are on the same page when it comes to payments, timeline, and other deliverables. The same goes for every time you hire a new employee or rent out your office space to a new tenant.
But are you spending more time than necessary on legal administration? There are many legal documents that you may use regularly for managing business relationships; and the need to repeatedly draft, check, and edit documents can take up a significant slice of your time, especially for a fast-growing business. Not to mention you may be prone to make careless mistakes hence subjecting your business to unwanted risk.
Did you know that it is possible to automate the process of putting together legal documentation?
Here are 4 key reasons why it’s worth doing:
Document automation technology such as Zegal Document automation helps you produce legal documents 10x faster, keeps them accurate and consistent, and contain built-in controls to ensure important details are not overlooked or entered inconsistently.
Here are 3 types of documents that your business should consider automating:
1) Agreements for supply of goods and services
This is the core of your business and it is not a surprise that many companies would have multiple precedents in this area (e.g. long form/short form, buyer/customer/balanced, IT/Non-IT). Automation allows you to combine all these into a single document with questions that control which options are included. By having a menu of options the deal with issues such as intellectual property (IP) ownership, limitations of liability and insurance, you can give your employees the flexibility to deal with the typical negotiation points that will come up.
Agreements that we recommend you automate include:-
- Sale of Goods Agreement & Supply of Services Agreement: Before a product reaches its final destination, it may pass through the hands of international manufacturers and distributors. Similarly, when you enter into an agreement with a supplier of services, there are so many terms to agree on (price, timetable, and standards of services etc). Automating these documents helps you make sure that you don’t miss any of the essential considerations and that each section of the document is correctly filled out.
- Purchase Order: If your clients or customers are placing repeat orders for your goods or services, you might want to consider providing a standard Purchase Order so that they can make repeat orders as and when they need them.
- Invoice: An Invoice is vital, given that cash flow is vital to any business and getting the money you are owed by your customers or clients is key to survival. Automating your Invoices saves you time on generating this crucial document.
Learn more about Managing Cash Flow.
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2) Employment agreements and related documents
Employment Agreements are considered complex documents that ask for many variables (think: salary, benefits, hours, holiday, sickness, termination, confidentiality, etc.) and must be be highly-customised for each employee you bring on-board. Automating this would save you significant time and cost!
3) Company secretarial documents
There are a whole host of requirements you have to meet as a business, whether under the Companies Act in Singapore or the Companies Ordinance in Hong Kong. Getting through all that paperwork is often a hassle and time-consuming! Document automation can help you quickly and consistently prepare these frequently used documents, and eliminate worry about whether your documentation is in compliance with the most updated regulations.
Yes, the list looks daunting – exactly why you should have these documents automated!
- Banking Instruction for Payment of Interest or Dividends
- Directors’ Resolution for Bank Account Opening
- Directors’ Resolution to Appoint Directors and/or Acknowledge Resignation of Directors
- Directors’ Resolution to Appoint First Auditors
- Directors’ Resolution to Change Financial Year End
- Directors’ Resolution to Issue Shares
- Non-executive Director’s Letter of Appointment
- Proxy Notice
- Share Certificate
- Shareholders’ Resolution in Lieu of an Annual General Meeting (AGM)
- Shareholders’ Resolution to Alter Constitution
- Shareholders’ Resolution to Appoint or Change Company Auditors Due to Resignation
- Shareholders’ Resolution to Change Company Name
- Shareholders’ Resolution to Remove Need for an Annual General Meeting (AGM)
Do you know what to look out for when selecting a Company Secretary that is right for your business?
Document automation is the way to go for improved efficiency, as well as save time and cost.
With Zegal, you get access to all the legal documents that your business needs, as well as automate your most frequently used documents so that you can create them at a 10x faster rate than you do today.
Our intuitive document builder and automation technology increases your business and legal productivity by letting you do the following:
- Manage legal at your fingertips. Legal on-demand: wherever you want, whenever you want. Let our document builder guide you through the process of creating even the most complex legal documents from start to finish.
- Always have the latest document on hand. Never have to wonder “is that the latest version?” again. Yes, the law changes. But we’ll keep our documents up-to-date, so you don’t have to.
- Enjoy predictable legal spend. One legal expense to meet your everyday legal needs throughout your business lifecycle.
- Have your legal department in the cloud. Don’t wait till a problem happens that you call an attorney. We work hand-in-hand with you so you get legal right from the outset, and prevent problems from arising in the first place.
Have existing documents? Prefer to use your own template?
Let us automate it for you.