Contract Management Services
What is contract management services?
Contract management involves analysing, reviewing, and various other steps that are taken through a contract’s lifecycle. Contract management ensures that contracts are kept on track and that all terms are being honoured throughout the duration of the agreement. While drafting, negotiating, and signing a contract are important first steps in an agreement between two parties, we enter the critical phase of the contract management process once a contract has been signed.
Key points to consider while selecting a contract management service
Contract management services refer to solutions created to enable and simplify contract compliance, reduce contract cycle times, and keep numerous contracts organised to ensure that they operate as desired. Contract management services include various aspects of the contracting process, right from solicitation, creation, and negotiation to administration and maintenance. Below are the most important features to look out for when selecting a contract management service for your business.
- A system to securely store all of an organisation’s contracts. This is usually a cloud-based storage system hosted on a highly secure server.
- A secure and transparent electronic signature feature to enable fast and effortless signing of contracts.
- Contemporary security measures such as digital watermarks and user authentication processes ensure that sensitive documents don’t end up in the wrong hands.
- Automated alerts and reminders that eliminate the need to manually track each contract’s renewal date.
- Automatic report generation capabilities save a great deal of time and resources when compared with manual report creation.
- A system to easily and efficiently search for and locate individual contracts. This allows decision-makers to easily compare various documents, identify potential bottlenecks, and make timely strategic decisions.
A competent contract management service can ensure that organisations and their legal teams stay updated on various aspects of all their contracts throughout the contract lifecycles. These include various revisions and updates as well as timely contract reviews. Contract management services also prepare an organisation for contract renewals, giving them the opportunity to renegotiate terms rather than missing renewal deadlines and getting locked in an auto-renewal cycle. Automating and streamlining the contract management process in this manner lightens the load on legal and contract management teams, eliminates mundane manual tasks, and allows employees to focus on their core duties.