Contract Management
Contracts represent all the business relationships throughout the organization. Organization must be certain that the agreements it enters into are low in risk, and that contractual terms are being observed and met.
With so much value locked up in your corporate contracts, you need to automate, simplify, and accelerate all processes related to their management.
Current Challenges
- Inconsistent contract language
- Lack of contract visibility and awareness
- No knowledge of when contracts and agreements are expiring
- Inability to track key events in the contract in advance
- No visibility into evergreen contracts, i.e. contracts which have auto-renewal clause
- Incomplete contract approvals and no audit trail of who reviewed and approved the contract
- No easy access to copies of contracts since contracts are stored physically in different locations
- Inability to search across all contracts for information and key elements
- Long contract execution cycle times
Solution
- Create contract templates
- Automate contract generation
- Automate template and contract approval
- Enable online collaboration
- Stay informed of imminent expirations through email alerts
- Online contract portal for increased visibility
Benefits
- Accelerate time to contract through automated contract creation and collaboration
- Lower legal, financial, and regulatory risk through standardized language and reporting
- Protect your company's bottom line
- Realize full savings and revenue through contract visibility and awareness
- Ensure more control and better compliance throughout the contract life cycle via system integration, alerting, and reporting
Features
Template Creation
- Create templates for different contract types
- Microsoft Word plug-in for easy template creation
- Include placeholders in the template to replace variables
- Include placeholders in the template to include clauses
- Send template through review and approval workflow
Contract Generation
- Use standard templates and clause library to generate contracts
- Ability to edit the generated contract if required
- Any type of document including scanned documents can be uploaded
- Send the contract through review and approval workflow
Document Management
- Configurable repository for templates, clauses and contracts
- Support for related documents like Amendments and Addendums
- Support for any type of document
- Automatic version management as updates are made
- Audit log of all actions made by users on a document
Approval Workflow
- Configurable workflow for template and contract approvals
- Conditional, Serial and Parallel workflows supported
- Assignment of task to users, groups or roles
- Built-in alerts, reminders and escalation feature
- Tracking dashboard for all documents under approval
Security
- Ability to set security at the folder and document level
- Security will determine who can view, update and administer
- User, group and role level security options
- Ability to disable Save, Print and Copy text
Collaboration
- Document approvers can annotate on top of the document
- Annotations can be done on any type of document (Word, Excel, PPT, PDF, etc.)
- Saved annotations help the author to see comments and change marks
- Approvers can compare 2 versions of a document to see differences
- Comparison can be done on any type of document and between document types
Meta-data
- Rich meta-data support allows tagging of contract with any kind of attribute
- Meta-data can be text, date or numeric
- Search can be done based on any combination of meta-data
Alerts
- Automatic alerts through email and SMS for expiring contracts
- Additional alerts based on contract events can be configured
- Online access to all alerts
Search
- Content search within the contents of all files
- Attribute based search based on contract fields
- Search on text, dates and numbers
Dashboard
- Contract dashboard shows information as charts and graphs
- Support for drill down from charts to data
Screenshots
Fig. Create contract templates using a Word plugin
Fig. Data filled in the form replaces place holders in the contract template
Fig. Windows Explorer like navigation to access templates, contracts and clauses
Fig. Access to document properties, actions, version history, security settings and audit log
Fig. Security can be set for users, groups and roles, filtered by Department and Location
Fig. Document Meta-data captures the summary of the contract and its key attributes
Fig. Search within the contract contents and using any combination of meta-data
Fig. Summary list of all contracts with key fields displayed
Fig. Configurable workflow for review and approval of templates and contracts
Fig. Remarks and comments can be made as annotations without editing the file
Fig. Compare documents to see differences between versions
Fig. Charts and graphs for displaying contract data with drilldowns