Before Concord, contracts were processed manually, using desktops and local storage. It was difficult to keep track of expiring and renewing contracts, often resulting in cancellation fees and time-consuming processes. Some departments weren’t aware of the correct processes for contracts, and even when they were created, it was hard for the legal team to get the access they needed to the latest version.
The legal team at thredUP needed a way to increase awareness around contracts and make collaboration simple enough so all teams would be able to efficiently work with Legal to form a contract. Additionally, the time spent managing and organizing contracts was time the legal team had to work through manual processes, not focus on strategic initiatives.
“Having a solution that helps you organize all of your contracts and know when they’re expiring, when they’re renewing, is a best practice I would hope that every business could have.”– Alon Rotem, General Counsel
With Concord implemented throughout the organization, all documents across teams are now being created through a streamlined process from a single central location. The legal team has greater visibility into what contracts are being created, and is able to implement templates and approval workflows to ensure contracts are consistent.
Finding and completing contracts is much easier than before. The legal team’s job is much easier as they are able to collaborate with teams all within the platform. Compliance, awareness, and risk management all increased with the introduction of Concord, allowing thredUP to create partnerships faster and more effectively while continuing to work towards their goals of sustainability through innovation.