When an agreement is amended, you have the option of updating the agreement template to the most recent version. Users with the Legal Language Composer permission are able to make this update.
Determining Agreement Template Version
The version of the agreement template that is used on an agreement can be seen in the Agreement ID section, under the Agreement Template menu. Agreements that are using an old template will display an "Update Available" hyperlink next to the version year. Selecting this hyperlink will open the Legal Language workstream where additional information can be found.
If the note "Update Available" is not visible to you, your agreement is using the most recent template version.
For more information on agreement templates, please access the FIA's Documentation Library.
Updating Agreement Template to the most Recent Version
Only users with the Legal Language Composer permission can update the agreement template version. On an Executed agreement, selecting "Update" will initiate a new agreement version. For agreements in Composition or Execution, any update to the agreement template version will require all parties to the agreement to approve the workstream with the new agreement template.
Selecting "Update" displays a pop-up comparing the current agreement text, with all changes made from standard, to the new agreement template. You can always close this pop-up, which will result in no action, or decide to either "Keep Existing" or "Use New Language"
Selecting "Keep Existing" will not make any changes to the workstream, it will keep the current agreement template. If you select "Use New Language", the agreement text will update to the most recent version. The system will always update to the standard template, with no changes carried over from the earlier legal language. You can make updates to the agreement text on the new agreement or use a saved template once the agreement text has been replaced.
A history record will be added to the agreement history showing the update to the agreement text.
Once the update has been made, all parties to the agreement will need to approve the legal language workstream in order for the agreement to be ready to move to the Execution state.