Ironclad Insights: Enhanced Record Relationship Types
Ironclad is set to enhance its contract hierarchy options. Within the family tree view, users can now identify Amendments within the hierarchy:
Ironclad Repository showing a Contract Family
We see this as a first and crucial step towards eliminating the need for making manual updates to the metadata of an amended contract.
Here are two common examples that might be addressed with this potential automation:
If an amendment extends the contract term, Ironclad would update the Expiration Date of the selected contract automatically in the Repository
If an amendment increases a contract’s value, Ironclad would automatically update the total contract value of the corresponding record being amended
In this future end-state, users can quickly grasp the latest commercial or legal terms of a contract from a single record, rather than having to analyze each amendment to extrapolate that information.
Users can designate an “Amendment” relationship via the Contract Family UI in the Repository, a metadata import, or using the API.
This enhancement paves the way for more streamlined contract management. We're excited to see how these improvements will benefit our clients, saving time and reducing errors in the amendment process. Want to learn more or explore how this and other features could work for your organization? Reach out to us—we’d love to connect!