The Essential Features In Contract Management Software

The automation of processes regarding new contract creation, tracking, and storage of existing documents, contract terms management, and overseeing the termination or renewal is referred to as contract management. The primary function of a firm’s adoption of the contract management software is housing their contracts in a digital repository. It reduces legal entities and businesses ‘ storage of documented information in their files and cabinets, increasing their crucial data’s access and safety.

The essential tools in contract management aim to create contract creation from templates and store the already signed contracts. There is complex contract lifecycle management software specifically designed to provide automation in each contract process stage. The contract process is directly linked to the management stages that include; approving the workflow, checking contract regulations compliance, and monitoring the essential contract milestones.

Some specific contract management software features need to be inclusive in the whole system to increase its efficiency and profitability to the entity that adopts it.

Strong search capabilities

When all the contracts of a firm or business are in a central database are not helpful if they are inaccessible. Systems that have the provisions of searching tools like ContractSafe provide an automated scanning and document indexing that helps in quick searches. One only needs to type what they need, for example, the name of the document or company, and the results are displayed on the screen and then click on the open option.

The role-based security

It does not necessarily mean that all the contracts are housed in a centralized contract repository with the same electronic storage. All the users have unlimited and equal access to the stored contracts. It does not also mean that the users can perform similar tasks. When one adopts a flexible system, they gain the ability to define their customized security roles, access configuration, and permissions in various and distinctive ways. It is demonstrated in ContractSafe, where individuals can create unlimited functions, and each role defines the contract types and features the users have access to. When the role is placed in the hierarchical organization, it restricts the users effectively in the contracts sub-organization owned and their designated roles.

Contract request and intake

The contract management software does not rely on emails when requesting new contracts or submitting the existing agreements. The system offers tools that help in designing and customizing their request forms. They require minimal training to efficiently use the systems in submitting any request or uploading the existing documents. A simple single click automatically converts the sent request to a contract.

A contract repository that is centralized and intelligently organized

When a legal entity or business has its contracts stored in a central database electronically, it is essential to their operations. Users usually require quick access to the needed contracts and associated data, and they appreciate solutions that offer a wide range of information viewing.  The searched information is based on the organization, task, document, contact, and contract levels. Shared document folders and spreadsheets cannot be compared to the modernized systems at any point.

Dashboards and reporting

One needs reports and dashboards to access the wealthy information contained in a contract repository to maximize the data and properly visualize actionable and valuable insights of all the contract processes. Several designed tools in the systems allow users to create their reports and come with standard reports and dashboards. Therefore, users generate reports within a short period by selecting the relevant columns of needed data and then filtering, sort, group, export, and save the report results as their personalized tabs for future referencing and convenience.

Electronic signature

The benefits of going paperless are endless. One gains control of the entire contract processes as one can easily track all the undertaken steps and procedures from the initial draft, reviewing, approval, and the last execution. Integration of the electronic signature using a computer, smartphone, or tablet makes it easy for the involved parties to sign in the contracts without being physically present.

Approvals and redlining

They help track the changes, automatic versioning highlighting features, sharing or checking the documents in the system, and allowing third parties to make their needed approvals and reviews.

Automated alerts and the alert rules

If you are bothered by missing the critical obligations and deadline in a contract, then automated alerts on the key dates are the following vital feature to look for keenly. There are tools in the system that help significantly set up alerts based on the specified dates in a particular contract. A simple form has options provided for one to accurately see when they start sending the required alerts depending on the selected time that could be before, after, or on the specific date. The frequency of sending the alerts and the format taken like in-system notices, emails, or both are also set. To deal with the standard notification periods like sending a notice to the service providers three months before one sets the alert rule and the system does the rest.

Managing common contracting tasks dedicated functions

The system has different capabilities like the amendment menu option (necessary when modifications of the original contract terms, dates, or rates) that automatically create the new contract version and saves the initial contract version for future reference.

Contract process management through workflow

Workflows ensure all the contract steps are followed to the letter and enable contract tracking in all its pre and post-execution phases. Provision of simple and accessible visual workflow designer from the system offers multiple steps definitions, tasks assigning, notification sending, and conditional branding.

Template libraries and contract clause

It helps speed up the contract creation process with pre-approved language and templates, enabling the non-legal members to generate contracts without limitations and within a short period easily; hence, the legal staff focus on other complex legal issues.

In conclusion, there are many features to consider when searching for the relevant contract management software. Depending on the solution one is looking for, including the complete lifecycle management or the fundamental contract repository, one can easily evaluate and find a perfect fit for their business or firm.

 

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