What is a living document or a dynamic document?
For the most part, a living document is one that is frequently and consistently edited or updated. However, a living document is a document that contains data that can then go on to start a new event or be part of a broader automated process. It means that living documents can be far more efficient and effective than a dead document like a PDF. In a PDF, data is stored within it but cannot be used further. While you may be able to edit it in some cases, you can only ever store the PDF document and not use what it is within it in an automated way like a dynamic word document will be able.
A living document will start with a first draft. From that point, a company may establish a framework around that draft on how to edit it, make updates or changes. What that framework looks like, or the process of how those changes or revisions are made, will be down to the company which owns the document. An excellent example of this would be a contract template that must be revised each time a contract is needed between the company and another party. An employment contract is a good example. Different clauses can be amended within the original document to create one final agreement.
Often, document automation software will be significant assistance when working with living documents. Creating the original document is straightforward right from the beginning. It will usually allow collaboration between teams so that any amendments, changes, or suggestions can be made at once and tracked. Plus, such software can help you stay on the right side of regulation. When regulation is updated or required, such software can alert you to this fact or even update document templates automatically.
Using living documents or dynamic documents in your company can be hugely beneficial as it means that data can be used more effectively. It means the data within that document - be it regulation or otherwise - is always up to date and therefore reliable. It also streamlines processes by not requiring first drafts of contracts and other repetitive documents to be started from scratch. Instead, contracts can be quickly created and relied upon to be accurate.
Automation of contract creation and other legal documents is at the heart of what Contractbook does. By using our templates and automated document generation software, our clients can combine data with pre-existing templates to create a personalized document fit for their purposes. That document can then go on to be used centrally. It can be continually updated and amended as and when necessary.