Docs Legal Language Modification

Overview

In addition to using standardized legal language templates for the various agreement types in Docs, the Legal Language of agreements in Docs may be modified to include custom terms and language at the discretion of agreement Parties.  Docs also includes various pre-defined clauses that firms may add to agreements, to account for specific jurisdictional and regional needs, including:

• Governing Law Language - Paragraph 10 (specific to England & Wales jurisdiction)
• BRRD Terms - UK Version
• BRRD Terms - EU Version
• BRRD Terms - Hybrid Version

Users with Legal Language Composer roles may initiate changes to agreement legal language by clicking the pencil icon (Lock & Edit) within the Legal Language Work Stream.

Select Agreement Template

Firms may customize and save changes to agreement legal language in the form of a custom Agreement Template.  These Agreement Templates display in the Legal Language Library for use on future agreements, and are available via the "Select Agreement Template" drop-down for use on a given agreement.

Overwrite Terms

Upon selecting the Agreement Template, a message will display detailing the updates to the terms.

Click “Yes, Overwrite Terms” to apply the template from the library.  The entire Legal Language section on the agreement will be replaced with the language of the saved templates.  All paragraphs that have been modified by the saved custom template will be designated as “Changed from Standard Template” within the workstream.

Governing Law Language

For agreements being composed with a jurisdiction of England and Wales, users are presented with the option to include a pre-defined clause detailing courts of England and Wales as the exlusive jurisdiction for disputes pertaining to the agreement. 

After specifying "England and Wales" as the agreement Jurisdiction, users are presented with the following Yes/No radio buttons to determine whether to include this clause. By default, "No" is selected.

Standard Agreement Modifications

As of the Sprint 251 Release, firms have the ability to include pre-defined clauses pertaining to BRRD Bail-In Activity.  Available clauses include UK, EU, and Hybrid (both EU and UK) Versions of the language, which may be selected via the drop-down in the Standard Agreement Modifications section.

For agreements on which no BRRD clause has been inserted, firms will have the option to include no language, or any of the three available clauses.  If a BRRD Clause has already been included on an agreement, users will be presented with options to (1) remove the clause by selecting "None", (2) specify the alternate regional clause (ex. UK in the case that EU is already designated), or (3) add the Hybrid language, to replace the previous clause. 

Once desired updates are made, users may Save & Close or Send For Approval to allow other users to review and approve the workstream.