Key Features Of Contract Management Software For Legal Departments

A system created to simplify and hasten the process of creating, negotiating, and executing contracts is known as contract management software, also referred to as the contracts of lifecycle management software (CLM). Contract management software is one solution for any legal department. Why?

In this article, we will go through all the advantages of adopting a contract management solution for legal departments, so continue reading.

What Are The Key Features Of Contract Management?

Any sort of legal department has some specific features. When you are using paid or contract management software for free, you require a system that will support the security of all types of legal documents. Everything goes through the process, from contract creation to software capture.

To create an immutable audit trail, all you require is this trial. So, when you select the contract management software, you must always check the quality of the software to see if the qualities match your requirements. Then, go for the next step.

Here are some of the qualities that you should check when selecting contract management software.

1. Easy Contracting Request & Approvals Of An Interface

You can effortlessly enter legal requests and submit them for request approval using top legal contract management software. The data entry for request records has been greatly streamlined.

Easy-to-use requests for increasing the intake forms that enable users to gather, store, review, and approve the automated requests, help decrease communication bottlenecks.

2. A Centralized, Intelligent and Organized Contract Repository

Any effective contract management system must include a central database where all contracts are electronically maintained.

Users will value solutions that offer them several ways to see information, whether it is at the contract, organization, contact, document, or task level.

Users require quick and simple access to the contracts along with the contract data. With this level of versatility, spreadsheets, and shared document folders just cannot compete.

The ability for you and your team to give appropriate access to all your contact details and other related documents from any location on any device is also ensured by a cloud-based and centralized contract repository, which is increasingly important in today’s world.

3. Automated Document Assembly

Using reliable legal document assembly solutions, businesses may create quick, legally correct, and precise contracts.  Maybe you are not using government contract management software, but automatic features should always be there.

Legal teams can handle various templates and document versions for quick contract generation and exportation into common file formats by automating the dynamic integration of data fields with clauses from a pre-approved clause library.

Document templates are simple to change and can be used repeatedly.

4. Obligations Workflow

Healthy contrast life cycles depend on the diligent observance of obligation fulfillment.

Organizations may achieve their contractual needs and concentrate their attention on more strategic parts of contract administration, such as an opportunity for the realization of data analytics, by utilizing automated alerts, notifications, task escalation, and approval routing.

Legal contract management software allows users to design the obligations procedure to start when certain conditions are met, either before or after the contract is executed or both.

Flexible obligations management encourages a culture in which contracts are subject to the appropriate alerts, notifications, and approvals at the appropriate times.

5. E-signature

Do you ever find yourself wondering, “How do I sign a PDF?”?

Integrating legal contract software with electronic signature applications like DocuSign is possible. Enabling safe electronic signatures for contracts from any location.

6. Custom Metrics

Monitoring the progress of hundreds or thousands of contracts might take a lot of time. With the use of contract management software, you can track every step of a contract’s progress in a single, configurable dashboard.

So, with the press of a button, you can access all the information you require. When you are going to see the actual metrics, you can identify the ups and downs of the metrics. And by analyzing the metrics, you can plan out your next move. With Salesforce contract management software, you can see all the metrics and plans for your next move.

7. Workflow Configuration

What if you’re working with a more complicated document that needs several approvers or signers at lifecycle stages? Workflow configuration is useful in this situation.

Users can centralize the process so that there are no bottlenecks or duplications, map out a full lifespan in stages, and designate the approvers along with the signers with the use of automated contract management notifications, and it also gives us reminders along the way.

Here Are A Few Budget-Friendly Contract Management Software?

The cost of contract management software depends on its features and the number of users. However, comparing a number of software can be difficult and time-consuming. Here are a few budget-friendly software that you can use.

Contract Works

This software is specifically built for businesses that are looking for more contract drifting capabilities. However, it comes with a learning curve and the price is comparatively higher than other software.

Price range: The basic package starts at $700/month, and it goes up to $2000/month for a company.

CobbleStone

This is an amazing contract management software made with a focus on procurement. Even though it has a lot of advanced features like OCR data extraction and AI-based contracts, the complex learning curve often turns out to be a hurdle.

Price range: CobbleStone does not share its price range openly on its website. You must contact them to get an overview of their price chart.

Concord

Concord is a contract management software that strongly focuses on electronic signature capabilities, contract generation, and editing. There are multiple features available, and the functionality of the software might get a little unintuitive and overwhelming from time to time.

Price range: For “Essentials,” you can get the package for $49/month, and for businesses, it is $79/month. They also offer custom pricing for enterprises.

ContractSafe

ContractSafe is one of the best hassle-free contract management software with quick implementation, transparent pricing, and flexibility. You can access all the information quickly with organizational features and powerful search capabilities.

Price range: The price range starts at $375/month. The pricing depends on the features you choose. Moreover, there are unlimited amendments, archives, and attachments, and it also allows unlimited users for every plan.

Contact Book

This software primarily focuses on generating software. Moreover, this software stands out because of its collaboration with other tools and its “Save the Trees” initiative. However, there are a few drawbacks as well, like limited reporting tools, third-party contracts, and opaque pricing.

Price range: This software also doesn’t share its price range openly. You must contact them directly to get their price chart.

Wrapping It Up:

I hope the selection of the contract management software is now clear to you. However, when you select the software, the first uncompromisable feature is your data security. So, how are you going to select your contract management software? Do not forget to share your opinion through the comment sections.

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