PracticeLeague Legal Contract Management Software-Agile and Seamless Contract Process
PracticeLeague Legal Contract Management Software-Agile and Seamless Contract Process
by PracticeLeague

July 2020

Virtual Environment

A Contract Management Software typically is programmed to create, read, analyse, and monitor contracts. With large corporations maintaining vast volumes of documents and agreements in the system, there is every possibility for the contract to attract a certain degree of ambiguity in the contractual terms, mismanagement, or human errors. Naturally, it also entails costs and risks.

The magnitude of the problem is felt all the more in situations like the present pandemic, where corporate legal teams work from home with limited access to documents and contracts in question. Using old ways to collaborate becomes untenable as legacy systems suffer from several shortcomings, especially when it comes to collaboration and seamlessly managing the contractual processes.

Automated systems for contract management are among the most sought-after legal technology solutions for enterprises built on the blockchain infrastructure. They are a set of codes (rules) that trigger and activate upon fulfilling upon the fulfilment of a command. To this context, the PracticeLeague Contract management system is a key differentiator of sorts, which decimates the repetitive and laborious tasks and smoothly integrates into a unified platform for efficient contractual processes.

A step by step guide for Enterprise- level Contract automation process

Implementing a cloud-based Contract Management Software provides a real-time solution, while also ensure contract milestones met.

  • Request for Draft
  • Initiation, in other words, begins with a request for a particular contract/agreement for the transaction. Typically, this involves the list prices, vendor-list, user roles, and planning depending on the kind of contract.

  • Authoring and vetting
  • Contracts drafted through the set of templates simplifies the process and gives accurate inputs. It is here that the template builder feature of Legal Contract Management Software comes of use, allowing users to select, tag, and custom-make the contracts based on the results. Templates have standard clauses in place that can be modified and drafted as per the user's necessity, while also making sure that the contracts comply with the stipulated contractual terms.

  • Review and Approval of contracts
  • The extensive clause library has built-in features of a one-touch point repository of all the relevant clauses. Clause library can help build contracts and retrieve them in case of negotiation or renewal while also storing contracts in the repository. Review of contracts takes place at this stage, involving negotiation and auto contract review. Companies may view the terms and negotiate with the concerned parties regarding the commercial terms, contractual conditions, discounts, variable pay/amount, and incentives.

  • Signature and franking
  • The execution of contracts has become digitized, too, with the out-of-the-box implementation of electronic signature platforms into the CLM system. The secure integration of signature into the CLM platform through a third-party signature provider or an e-aadhar the platform seamlessly defines the future workflow. The contractual process is complete, and the data goes back to the central repository after this crucial step of execution of the contract.

  • Analytics and Reporting
  • Legal technology embedded with cloud computing improves risk management. The data also provides for actionable insights into the various operational aspects in terms of sales, trends and functionality.

PracticeLeague Legal Contract Management Software-Agile and Seamless Contract Process

So, what makes Contract Management System a commercially viable option for business organizations?

Handling multiple pieces of information and documents is nothing short of an overwhelming task for Legal Counsels. They are known to devote time and resources to ensure seamless contract lifecycle management. The ACC Legal Department benchmarking report shows 97% of the legal department work allocation to Contract Management-Reviewing and Drafting worldwide, and 80% of the lawyers take care of this function. Closer to home, things are no different, either. "It is a daunting task, more labour, and less scope to focus on advisory roles."

Contract Management software for legal departments through Block-chain technology overhauls contracting, build competency while also save costs and resources, ergo transform the core operations of organizations. It aims to transform the legal delivery processes and streamline the contracts with the right AI and blockchain-enabled capabilities to ensure that every piece of contract is well-managed, accurate, and free of all discrepancies.

PracticeLeague's Contract Management Software is an innovative management platform for end-to-end-contract management for Enterprises that have to manage huge volumes of contracts and transactional agreements.

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