RWE Trading live with Raft contract management system
28 July 2005 | 1538 views | 0
Source: Raft International
Raft International Plc, today announced that RWE Trading, a leading European multi-utility company, has successfully implemented raft legal, Raft's innovative contract management system.
Raft legal is a powerful tool that helps automate the creation, management, delivery and archiving of legal documentation. Raft legal has been designed to enable companies to conclude contract negotiations in faster time periods and reduce administrative overhead. RWE Trading required a tool that could decrease the time by which their legal contracts are created, processed and delivered and also stored safely for quick retrieval.
"After the electronic preparation and implementation of the documents into raft legal, raft legal allows the comparison of clauses throughout various contracts with different counterparties which enables us to achieve consistency throughout our portfolio and thus to minimise the legal and economic risk. The straightforward electronic capture of all signed contracts in raft legal as well as their respective negotiation correspondence helps us create transparency and raft legal's link to Microsoft Outlook will speed up external and internal communication" said Claudia Grohmann, Legal Counsel of RWE Trading.
Raft legal provides a common repository for contracts that enables companies to measure their risk going forward. Broadly raft legal covers three main areas: negotiation management, agreement comparison and agreement archive.
"An integral part of any credit department and indeed any legal department within energy, financial services or other large corporations is the safe storage and quick retrieval of legal documentation." Raft legal integrates seamlessly into raft credit for exposure and credit mitigation or it can be implemented as a stand alone contract management system," said David Priestley, Chairman and CEO of Raft.