CounselLink Answer Center for Clients

Counterparty Administration

  • Updated

The Counterparties space allows you to manage information about organizations you do business with. You can:

  • Create new counterparties

  • Edit or delete existing counterparties

  • Configure counterparty fields

  • Assign counterparties when creating contracts

This article covers the following:

Accessing the Counterparties Administration Page

You must have the CLM Admin role under Contracts to perform the actions detailed in this section.

For CounselLink+ Users:

  1. Click the Corporate Profile option from the dropdown under your name in the header.

  2. Click Counterparties under the CLM Administration section of the QuickLinks panel. 

    The Workflows Admin page displays.

For non-CounselLink+ Users:

Click the Counterparties tab on the side tool bar.

Managing Counterparty Fields

Back to top

Before creating counterparties, configure the available field options that appear on the counterparty form.

Common configurable fields include:

  • Entity Type

  • State of Incorporation

  • Country of Incorporation

  • Address Type

  1. Access the Counterparty Fields administration page depending on your organization:
    • CounselLink+ users

      • Click Counterparty Fields from the QuickLinks panel of the Corporate Profile page.

    • Non-CounselLink+ users

      • Click the Counterparty Fields tab from the Administration section of the side tool bar.

  2. Locate the relevant field section.

  3. Select values for the required fields.
    1. Click Edit values.

    2. Click +Add value.

    3. Enter a name .
  4. Repeat as needed.
  5. Click Save at the top of the page.

Creating a Counterparty

Back to top

The counterparty space allows you to add details about the counterparties your organization works with. Once created, you can assign them when creating new contracts.

Before creating a counterparty, your organization must first set up counterparty fields. 

  1. Access the Counterparties administration page.

  2. Click New Counterparty. The Add Counterparty page displays.

  3. Complete required fields (marked with a red asterisk).

    You may see different field options than the image.

  4. Optional: Click Create additional address if multiple addresses are needed.
  5. Click Save.

Editing a Counterparty

Back to top

You can edit counterparty details after creation.

  1. Access the Counterparties administration page.
  2. Select a Counterparty name. The Counterparties Overview page displays.

  3. Click the pencil icon next to the name.

  4. Click the three vertical dots.

  5. Select Edit.

  6. Make updates to the counterparty information as needes.
  7. To add an address:
    1. Click Company Addresses.
    2. Click Add Address.
  8. Click Save.

Deleting a Counterparty

Back to top

When deleting a counterparty, you must reassign associated records.

  1. Access the Counterparties administration page.
  2. Select a Counterparty name. The Counterparties Overview page displays.
  3. Click the three vertical dots.

  4. Click Delete.

    The confirmation window displays.

  5. Choose another counterparty to reassign existing records.
  6. Click Delete and Reassign.

Adding a Counterparty Field to a Contract Request

Back to top

CLM Administrators can add a counterparty selection field to contract request forms.

  1. Navigate to Contract Fields:
    • CL+ users: From the QuickLinks panel of the Corporate Profile page.
    • All others: From the Administration panel on the right side of the page.

  2. Scroll to the Contract Request section, and click Add Field.

  3. Enter Counterparty organization in the Field name field.

    The field name is case sensitive; enter the exact field name: Counterparty organization (case-sensitive).

  4. Select Text for Field Type.
  5. Click Save.

The field appears on new Contract Request forms.