PracticeLeague - Legal Technology Solutions

Contract Management Process Made Easy & How!

by PracticeLeague

So much to do and so little time! The legal department of any big company deals with multiple contracts on an everyday basis and knows all too well the importance of creating, managing and storing of essential documents. They have to create new contracts regularly and keep track of them and of existing ones without making any mistakes. The complexity of this task makes it difficult for them to handle more than a few of these documents at a time.

So how can you handle your contract management efficiently? You need a Contract Lifecycle Management software to efficiently manage the whole lifecycle. That means everything from managing your contract requests, drafting, negotiation and finalization, and execution. The platform will help you to run effective operations in a cost effective and time-controlled way and help you understand the complexities of each contract and its effect on your business. A Contract Lifecycle Management software is exactly what the doctor ordered for your company!

Drafting

Creating contracts manually is time consuming and inefficient.

Even today most contracts are created manually and require a lot of time to draft them. Thus they pick up unnecessary risk. Creating contracts manually makes the probability of errors entering the documents very high. This necessitates multiple reviews of the documents until the errors are removed.

Armed with a Contract Lifecycle Management software, businesses can automatically create contracts by utilizing their own standard templates. These standard templates can be instantly created after answering just a few questions. Voila! Your personalized template is ready. You don't have to create them from scratch and waste your precious time. You can also happily say goodbye to those days when you had to hunt for old contracts for reference or reviewing contracts for inevitable errors.

Vetting

Few contracts are signed in their present state. They need to be reviewed several times and amended before they can be executed. Contract management is more than simply drafting or vetting contracts. Sometimes you have to use the contracts and share them with the other party. Different lawyers work on them and the final contract is quite different from its first draft. Managing versions in an organized manner is another nightmare that legal teams face.

Most businesses use MS Word for tracking changes or adding comments. So it is paramount for your Contract Lifecycle Management software to provide integration with MS Word. With a MS Word plug-in your legal teams can quickly access their clause library even as they are reviewing the documents and inserting clauses on demand. Doing this ensures that they save money and effort and use clauses which have been pre-approved. More ever there will be no errors in the contract and the language and terms will be standard complying with corporate policies.

Reminders

All contracts have a legal life span and need to be renewed, amended or terminated once the key deliverables have been exercised. Organizations work with several parties and use multiple contracts to get their work done. Hence it becomes difficult for them to keep track of important dates, milestones, notices and key obligations which could lead to breach of contract and huge financial loss. These are pitfalls you most definitely don’t want!

Contract Lifecycle Management software will send automatic reminders so that your legal team doesn't have to sweat over this. They will get notified when a milestone is due or when a contract is about to expire so that it can be smoothly renewed. They don't have to worry about compliance issues any longer.

E-signatures

The old way of manually signing a contract is time consuming and logistically difficult. It leads to unnecessary delay in the contract creation process. However, a Contract Lifecycle Management software solves this problem by making it possible for users to sign contracts electronically. They can even share contracts with other parties by using a secure portal for their signatures as well. This process works even if the other party is not utilizing any Contract Lifecycle Management software.

Secure Storage

Cloud computing has made it easy and cheaper to start and run a business. Now it is wasteful and short-sighted to waste time and money by using huge amounts of paper and overstuffed filing cabinets. Cloud storage keeps these vital documents and contracts safe easily. An added benefit is that they can be shared and edited online.

PracticeLeague’s Contract Lifecycle Management platform enables you to create, measure, control and analyse all contracts to ensure timely remediation of any mistakes or gaps. This ensures that there is minimal damage to the business. So get in touch with us and we will walk you through a Demo at a time of your convenience.

PracticeLeague’s Contract Lifecycle Management software is part of PracticeLeague’s Enterprise Legal Management platform that helps you 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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