A contract lifecycle management software is a boon for in-house counsels as it helps them in drafting, vetting, versioning and executing contracts.
Once the contract is signed, there are plenty to key obligations, milestones, payment schedules, important terms, etc. to be monitored. Though most of these are directly managed by the businesses or contracts owners themselves, the responsibility of the Legal Department cannot be underestimated because staying compliant with the obligations is of utmost importance andeven the smallest slip can have serious repercussions.
Here's how a Contract Lifecycle Management software can help you stay manage your contracts better.
The best way to reduce contractual risks? Draft them with care and review thoroughly.
A contract lifecycle management software usually allows you store and automate your standard and pre-approved templates. Hence, you can generate a new contract within seconds by simply answering a few questions designed by you. This is better for staying compliant as manually created contracts are error prone and may need a lot of editing and back and forth, specially if you forget to put in all the necessary clauses. To help with this, some software products also have a clause library.
A contract management software provides more visibility into the contract especially when it comes to creating a one page summary of each contract. Upon signing, you can capture the term sheet, key obligations, attachments, etc. It also becomes quite easy to search for contracts easily using advanced search filters which can search contracts by clauses, jurisdiction, special inclusions, dates, parties and keywords.
This is one of the most important features that really brings a contract lifecycle management solution to life. You can define on-demand triggers, alerts and escalations for almost any kind of activity related to a contract e.g. payment schedules, project milestones, key deliverables, service levels, renewals, review, termination, etc. You can receive reminders on emails or sync it with your Outlook and phone calendars. Never miss an important date and ensure these alerts reach to all stake holders, business owners, legal counsels, etc.
PracticeLeague's Contract management software provides robust features that help in contract automation and creation, and also helps in keeping track of the contract through its various stages.