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Are You Sure You Can Find Your Contracts Any Given Time?

by PracticeLeague

“Verba Volant, Scripta Manent.” It’s a Latin term and it means “Spoken words fly away, written words remain.” That’s why people have put their faith in written documents all through the ages. Now fast forward to today’s business environment, where it is not possible for any organization to work without having at least a few basic contracts in place. In fact, contracts are the lifeblood of any organization and they represent an important relationship between various parties an organization is engaged with.

Businesses typically work with an entire gamut of partners, vendors, suppliers, customers, regulatory authorities etc. and enter into multiple contracts with them. These contracts are created, managed and usually stored/scattered in filing cabinets, emails, or a PC repository and most of the times not even known to the company where they are.

A final version of the contract travels through multiple versions that are discussed and negotiated over emails and stored in word documents. It’s only a centralized view of all the versions with their accompanying data and documents that were exchanged in the process and lost in many Personal Computers, emails and archives, that the final version that can offer the truth. Insights can significantly add value in the following processes.

Contract Renewal, Expiry & Termination

The right instant of time bears a lot of relevance to any outcome. Businesses need to find the right contract and the right information within a stipulated amount of time in order to avoid non-compliance, contract breach or expired contracts. If the contracts are not carefully stored it’s like trying to find a needle in a haystack. The Time Tracking and Reminder features send you alerts at the appropriate time so that you do not miss out on any important aspect of the contract.

Clause Library

You can integrate with MS Word and access the standard Clause Library which will provide you with pre-defined templates you can use saving time. It will also reduce the TAT taken for initial drafts and protect you from the risk of inaccurate contracts.

Compare Drafts

Using this feature you can compare multiple versions of a contract and edit, accept and decline changes instantly.

Version Control Management

This feature ensures that you are working with the most up-to-date document at any given time. It also stores all the other versions of the document so that you can access them anywhere, anytime. This feature enables the legal department to study all the versions of the contract in order to understand the series of changes it has gone through before it has been finalized.

Single Touch Point Repository

This feature stores all your documents and contracts in one centralised and easily accessible location so that you stay organised. All the documents are available to you at one place thereby saving precious time.

So businesses should invest in legal technology and utilize Contract Management software for its manifold benefits. PracticeLeague’s Contract Lifecycle Management platform is just right for you because once you implement it you won’t have to spend any time searching for your contracts.

PracticeLeague’s Contract Lifecycle Management platform gives you a great system to manage your contracts. It provides a safe, orderly and easily accessible location to store and utilize this valuable information. It's the new and smart way of managing your contracts. Get with it!

PracticeLeague’s Contract Life Cycle Management software is part of PracticeLeague’s Enterprise Legal Management platform that offers you the way to manage all types of Matters or Cases, like Notice, Litigation, Tax Litigation, Compliance, IPR and Risk. Visit us at practiceleague.com

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