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