Contract Lifecycle Management Software – We are pleased to announce the release of Contract Lifecycle Management (CLM). With this release, we have reached a new milestone in our journey to provide software solutions to run the entire enterprise in the cloud. To our core functions such as Sales & Marketing, Finance and HR, we are now adding a new department: Legal.
Contracts govern every penny that goes into or out of the business. If companies are equipped with the right contract management software to manage them, they can transform contracts from static documents to strategic assets.
Contract Lifecycle Management Software
This changing situation calls for digital contracts that can be easily accessed and modified. Powerful contract management software allows you to automate and streamline contract processes and unlock the real potential within them. With CLM, legal teams can save a significant amount of time that can be invested in higher value tasks.
The Application Of Clm Across Industries
In addition to providing efficiency in legal operations, contract management software should enable better business outcomes. To achieve this, any contract management software must comprehensively address the following aspects of legal transactions:
Drafting: Our extensive library of predefined contract templates and the ability to create custom contract templates make drafting contracts easy. The Contract Clause and Contract Type Template Library provides a simplified approach to contract approval. This saves a lot of time in the drafting phase and ensures consistency of language in your contracts. Our document editor has advanced document assembly capabilities with all the features of collaborative editing, contextual comments, and fillable fields in Writer.
Consent: Contracts are legally binding, so their content must be clear, concise and precise. The approval process can improve compliance and reduce risk by ensuring that stakeholders know the scope of the contract prior to execution. In contracts, managers can set up approval workflows (serial and parallel) and associate them with contract types. Approvers can add appropriate comments to the document and approve or reject it.
Discussion: Unlike traditional methods, where you regularly send contract documents as email attachments, contracts allow you to provide controlled access to your colleagues’ addresses via password-protected links. People communicating with other partners can collaborate in real time, suggest changes to documents, make relevant comments, and establish their visibility. The discussion history tracking and compare changes features are especially useful when there are many discussions.
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Implementation: Contracts are pre-signed by SIGN (signature software), making this critical phase of the contract lifecycle fast and effortless. Eliminate email, print, signature and fax cycles and dramatically reduce response time. Sign and keep legally binding signatures for minutes. You can also specify a signature order that includes signer groups: corporate signers, co-signers, and other representatives, such as witnesses.
Post-mortem management: Contract editing supports post-mortem steps, including: amendment, renewal, extension and termination. It comes with predefined character templates that can be customized for each of these steps. Standard templates simply provide a skeletal structure of the document, which participants can edit as needed to complete the content. Whereas in contracts, when the user modifies the contract by making changes to the contract, a correction letter is automatically generated that captures the current changes along with the complete history of the contract. This elimination of human intervention in the production of documents simplifies the management of the contract life cycle after its execution.
Analytics: Managers can make better-informed decisions by accessing actionable business insights derived from a wealth of contract data. Contracts includes more than 30 custom reports covering various aspects of contract management. A custom dashboard provides an advanced overview of your business offerings at a glance.
All activities carried out by users at these levels are tracked chronologically. Action-level tracking provides the contract owner with information about whether people involved in that action received email notifications, viewed documents, and performed the intended action using timestamps.
Steps To Reduce Contract Lifecycle Time With Clm
Administrator Configuration: Administrators can organize contract lifecycle processes by configuring clause libraries, contract type templates, contract letter templates, and workflows for approving contract types. Activity logs, access and audits provide better visibility into activities across the organization.
While adding appropriate clauses such as indemnification and limitation of liability can reduce risk at the individual contract level, it is an overall contract management process designed with risk mitigation in mind that can prepare your business for risk.
Contracts, with their ability to review and approve performance, provide better transparency of contract terms to all parties involved. Maintaining a library of clauses with legally acceptable contract language and form templates will be a guide for contract drafters. The aforementioned governance arrangements give managers better control over the hiring process, thereby improving compliance.
Type of Obligations: Breach of contractual obligations is a major risk factor for businesses. Failure to meet obligations can lead to negative regulatory and financial consequences, leaving the organization with damaged business relationships. In Contracts, all obligations related to the contract can be monitored and managed from the respective Contract Obligations category. The contract owner can delegate tasks to the respective business owners and set reminders for them. Managers can stay on top of the real-time progress of these roles with role-based reporting.
Infographic: The Contract Management Lifecycle (and…
Contracts are dynamic documents that affect every part of your business. The growing importance of contractual obligations requires operational visibility and cooperation in them. In our first release, we support CRM integration. Sales agents can initiate a deal from the relevant section of the deal record in CRM and track the status of the deal from CRM. We have many integrations and third-party integrations with other apps on our roadmap. Contracts will also be part of the article.
Find out firsthand how contracts can transform your legal practice by signing up for our free trial. For pricing information, visit our price comparison and deals pages. Contract Lifecycle Management (CLM) refers to how a company manages contracts at their various stages. An effective CLM solution simplifies and streamlines the contract management process while reducing errors.
As a business deal approaches, the parties negotiate terms and gather data to prepare an acceptable contract.
The actual process of writing a contract. The writer puts the terms and conditions of the contract in writing. Contract owners/writers often collaborate with their colleagues at this stage.
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After drafting the contract, the contract holder sends the document to internal stakeholders for approval. This process ensures that stakeholders are aware of potential risks and opportunities in advance.
Both parties discuss the terms and conditions in detail to reach an agreement. Contract negotiations can go through several rounds and are often the most difficult part of the contract management process.
The parties sign the contract document and the contract enters into force. In CLM’s digital process, secure electronic signature software is used for this step.
Every promise made in a contract is an obligation. The contract owner assigns responsibilities to Directly Responsible Persons (DRIs) and ensures that they are met. Failure to comply with obligations can result in legal, financial and reputational damage.
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Sometimes parties agree to make changes/amendments to existing clauses. Treaty amendments usually go through a cycle of ratification, negotiation and signature.
When the parties involved decide to execute the existing contract beyond the chosen end date, they can renew the contract or extend the term.
Company contracts contain valuable information that can be used to improve the contract management process. The right analytics model can help gain valuable insights, while giving contract managers the opportunity to influence business strategy.
Small businesses and startups can manage through the CLM process manually. But as a company plans and deals with more contracts, a digital CLM solution becomes essential. As the business landscape becomes more volatile and regulated (not to mention disruptions from supply chain crises), the focus is on risk mitigation and compliance.
Contract Review And Lifecycle Management
CLM software can help your business improve compliance by giving managers more control and visibility into their business contracts. The right software also improves contract turnaround times by streamlining the contract lifecycle, giving contract managers time to focus on high-value tasks instead of spending hours each day on paperwork.
Most CLM software solutions offer predefined and custom templates. This greatly reduces the time it takes to draft a contract. A modern CLM software solution is equipped with a full-featured word processor with real-time collaboration features to improve the quality of contract language and reduce errors. Advanced document compilation allows you to select an article and switch between languages of other articles under the same article, eliminating template duplication.
CLM software eliminates the need to send contract documents as email attachments throughout the negotiation process. Contract owners can provide controlled access to contract documents by sharing password-protected links with colleagues. Third-party contacts can collaborate with colleagues, comment on documents, suggest changes, and track them. If necessary, both parties can quickly access or retrieve previous versions of the document.
Physical documents do not need to be passed between companies for signature. Most CLM software solutions are integrated with secure electronic signature software.
Contract Lifecycle Management (clm) Software
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