Understanding Contract Management

No matter the industry, contract management processes are a time-consuming aspect for every business. Nevertheless, there are many important factors regarding this issue that need close inspection and always leave a margin for error.

As times change, your contracts and agreements need to adapt to new clients, circumstances and needs. However, these processes usually don’t evolve as constantly as they should.

 

What is contract management?

It is important to define what contract management is to fully comprehend the importance of this process. 

Contract management is the process of managing all agreements your company makes with clients, partners, vendors, and employees.

The types of contracts each organization works with varies and can include: lease agreements, vendor agreements, NDAs, SOWs, vendor agreements, MSAs and many others. However, each type has specific conditions and elements that should be met.

Steps of a contract management process

This management not only means creating the agreements. It also requires negotiating deadlines, terms and conditions and verifying compliance. 

Besides, this process demands monitoring the execution of the agreements.

 

contract management software Planning. At this stage, you need to start defining the type of agreement. This means, how the contract will be managed, what things you need to include and so on.

 

 

Creation. Once you’ve planned every aspect of your contract; it is time to start creating it.

 

 

Approval. After you have drafted the contract you need to send it for approval.

 

 

 

Negotiation. This process requires close follow-up and monitoring after the contract has gone back and forward, it might be complicated to keep track of the right version of the document.

 

 

Execution. After all the parts of the agreement have been defined and approved, it’s time to get the signature of the parts involved. You can use CLM software for this, or take the traditional printing and scanning process.

 

 

 

Administration. It refers to monitoring compliance of the terms and conditions defined on the agreement.

 

 

 

Contract management reporting Reporting. With a proper report, you can better understand how your contracts are being managed and also understand where they are running into road blocks.

 

 

Contract management software

what is contract management Implementing a contract management software can help you improve productivity, by simplifying this process and reducing possible errors. This tool takes care of every aspect, saving valuable time that can be invested on business growth.

So, if you really want to optimize your processes, contract management software can become your best ally. Another great feature is that it allows you to keep easy access and visibility to all your contracts when needed.

 

Contract Management

Contract Lifecycle Management (CLM)

Our solutions range from simple repositories to complete document lifecycle management tools.

Take control of the entire lifecycle of your documents.

Remove exhausting and error-prone tasks like renewals, contract generation, and approval tracking with a complete end-to-end contract automation solution.

Contract Repository

Get immediate access and visibility to all your organization’s contracts from any location, easily search all file types for a specific phrase or clause, and create unlimited templates to generate contracts in a matter of seconds, not hours. 

Template & Clause Libraries

Manage language across contracts, ensure timely execution of key processes with auto alerts and create contracts instantly using standardized approved language and a dynamic clause library. 

Approval Workflows

Automate even the most complex approval routing processes, manage workflows with outside parties through vendor/client portals, and streamline contract review with our redlining and version controls. 

Alerts & Tracking

Ensure the timely execution of key processes with automated alerts, escalations, and assignments. Measure KPIs and spot bottlenecks with configurables dashboards and visualize and drill down into data with graphical charts and custom reports.

Security

Comply with privacy standards with precise access controls, keep data safe with an application and hosting infrastructure validated by 3rd party security firm audits and government organizations, and protect your data from disaster with a doubly redundant infrastructure

Compliance

Comply with regulatory requirements like Sarbanes-Oxley, GDPR and HIPAA while managing risk, monitor and report on commercial health of contractual relationships, and use our build custom reports to capture any information found in our documents 

Buy Side

Monitor contract obligations, supplier performance against service level agreements, get customized reports and auto alerts for budgets and spend, and use pre-built & API integration to connect with your ERP and other solutions seamlessly. 

Sell Side

Integrate with CRM systems like Salesforce to generate proposals, MSAs and sales agreements in an instant. Manage and monitor complex future commitments, SLAs, deliverables, expirations and compliance with licensing agreements to minimize revenue leakage

Artificial Intelligence

Make lengthy document migrations a thing of the past. Recognize and import key terms and clauses using pre-built AI functionality. Identifying risky contracts and suggest replacement clauses without ever leaving Microsoft Word.

Our Solutions Integrate With Your Favorite Applications

A Solution For Any Budget

Having multiple offerings means we can always find the perfect piece of software for your team. 

Key Features

OCR

Automatically convert image files from .jpg, .png, .pdf and more into fully searchable documents while retaining the original image.

Print Templates for Word and PDF

Word and PDF templates allow users to arrange record data into printable, distributable formats that can be attached to records or emailed to stakeholders.

Track Document Revisions

Use our redlining feature to compare document versions and create full audit trails of edits.

Automated Contract Authoring

Create a complete contract with one click. Seamlessly place dates, fields, and formulas into a document without using ActiveX or client-side software.

Convert Documents Between Word and PDF

Convert Microsoft Word files into PDFs and PDFs into Word files directly from your Agiloft knowledgebase.

Electronic Signature Integration

When contracts are ready to be signed, integrate with Adobe Sign or DocuSign to collect signatures digitally.

Hacks To Get Sales Agreements Signed Faster

Request more information on our CLM offerings