How often have you found yourself hunting down a contract searching in filing cabinets, asking co-workers, or pulling files from an archive?
Unfortunately, many companies have woefully inadequate procedures for managing contracts and all their associated files. Storage and retrieval is one issue. The inefficiency of how contract procedures are managed can be a cause for even greater concern, with lengthy reviews, long cycle times, and high costs for the creation, authoring, negotiation, execution, and renewal of contracts.
Estimates have shown that as much as 60% of corporate litigation is related to contract disputes. Implementing contract management software helps control risk and liability, not to mention empower people and maximize the value of business relationships.
An effective system for managing contracts is one that provides a consistent and centralized approach. Accuracy is enforced, negotiation cycles are shortened, and legal risks are minimized.
We are holding a Webinar on the topic: PAPERLESS CONTRACT MANAGEMENT, exploring the advantages of managing contracts in a centralized system to:
- Store contracts and files in a searchable, secure, organized way
- Track contract milestones with reminders
- Clear up bottlenecks so contracts move faster
- Increase awareness and control over contract life-cycles
What’s in a contract management system
With a contract management system, a single repository stores all contracts and supporting documents – everything is organized. Templates are managed in the system. eForms are available too as a way for people to request new contracts. Once a new contract is started, auto-naming and filing means that folders are automatically created, and file names are consistent.
As contracts are developed, a built-in versioning system keeps a record of every change and makes it easy for people to collaborate on language.
Workflow with email notifications keep everyone informed and make the approval process fast and efficient. Even people who are outside the office can get involved using a Web interface that lets them log in on their laptops, tablets, or smartphones.
While in negotiation, audit logs are recording every change. A connection with Microsoft Outlook is capturing every email that is exchanged.
At execution, important records policies are applied so the system knows who to inform of the new contract, where to file the executed agreement, and when to notify people later when it needs to be reviewed, renewed, or re-negotiated.
Metadata describes the files. Security prevents anything from happening. And, full text searching makes it easy to find everything again quickly.
Finally, the system stays on top of renewals. Sophisticated reporting and alerts keep you aware of critical milestones and important dates.
We hope you can join us for the webinar to see the contract management system in action! Register at: https://info.documentlocator.com/Contract-Management.html