All Announcements

Replace Counterparty

CLM

Feature Name: Replace Counterparty

Product Area: Contract Management, Party Information

Impact of Change: Save time by allowing edits to the counterparty without affecting other contracts or needing to create a new one.

Roles Impacted: Business Users, Contract Creators, Contract Editors

Description:

Ever selected the wrong counterparty when creating a contract and felt that sinking feeling of "oh no, now I have to start over"? Not anymore! You can now replace the counterparty on a contract at any point in the contract lifecycle – from Drafting to Review, and even after Execution – without needing to recreate the contract or restart workflows.

This is one of those features that feels like it should have always existed, and now it finally does! 🎉

Problem Addressed:

We've all been there:

  • You accidentally select "ABC Ltd." when you meant "ABC Technologies Pvt. Ltd."
  • You spot a typo in the counterparty's email after the contract is already in review
  • You need to update counterparty information on an executed contract for record-keeping
  • You renamed a counterparty ABC Ltd. to Acme but it impacted all other contracts which had counterparty ABC Ltd.

Previously, fixing these mistakes ranged from annoying to nearly impossible. You might have had to:

  • Recreate the entire contract from scratch
  • Use workarounds that left old links floating around
  • Live with incorrect information in your executed contracts

Solution Overview:

Navigate to the Party Information section on any contract details page, click 'Replace Counterparty', and you're done! You can replace with either:

  • An existing counterparty in your workspace, or
  • A new counterparty that you create during replacement

What happens when you replace:

  • Signatories linked to the previous counterparty are automatically removed (except in executed stage)
  • The new counterparty's primary Point of Contact (POC) is added as a signatory (where applicable)
  • Any active links with the previous counterparty expire immediately 🔗
  • Everything is tracked in the activity log for complete audit trail

Quick Tips:

Managing Duplicates: If replacing creates duplicate counterparties, use Manage → Counterparties → Merge or archive the incorrect entries.

Correcting Individual Emails: Use Replace Counterparty to update emails for individual-type counterparties from the add/edit recipient sidesheet.

Renaming vs. Replacing: Renaming a counterparty changes it everywhere across your workspace for all contracts. Use Replace Counterparty when you only want to update the current contract.

Common Questions:

Q: Will signatories be removed when I replace a counterparty?A: Yes, at all stages except executed. The new counterparty's primary POC is added automatically (except in executed stage where all existing signatories are retained).

Q: What happens if the contract was already sent for signing?A: All previously sent signing links expire. You'll need to send new signing requests.

Q: Will replacing counterparty clear questionnaire answers for Template Flow?A: No, your responses are retained.

How to enable

This feature is now available to all customers across all workspaces! 🚀

Relevant resources

Help article: Link