Contract Management Software

Reliable, High Compliance, Secure Contract Lifecycle Management (CLM) Solution For All Your Contract Management Needs. In Cloud Or On Premise Contract Management Software, Your Choice!

Features

Contract Lifecycle Management (CLM) Solution For All Your Contract Management Needs : In Cloud or On Premise.

CENTRAL CONTRACT REPOSITORY & IN-BUILT CLM

Securely store all of your enterprise's legal contract and retrieve in sub seconds using highly efficient indexed search.

CONTRACT REVIEW & APPROVAL WORK FLOW

Highly efficient in-built Contract review and approval work flows adapting to your business makes it easy to run your day to day business operations.

STRONG SECURITY

Multi-factor/Two Step authentication (MFA) for secured login access to your contract lifecycle management solution, Secured Multi-Tenancy with exclusive data storage,Fine grained highly customizable role/permission scheme based security system for users, World class Secured SSL Certificate,Encrypted data storage and Secure Data Center.

CONTRACT CREATION AND RED LINING

Create and draft your contracts easily by dragging and dropping approved clauses within Microsoft Word and boost team productivity and compliance. Maintain all versions and redline against the central contract repository.

ANALYTICS, AUDIT LOGS & REPORTS

Contract Analytics,reports and extensive audit trail logs within your Contract Management System.Numerous dashboard widgets which provides ability to keep track of expiring contracts and audit trail from all users across the entire organization.

GROWS WITH YOUR BUSINESS AND IMMEDIATE ROI WITH MINIMUM CUSTOMIZATION

With exponential growth ,any business needs its contracts to be securely stored in the best possible system for continuous operations. CMx provides just that with its scalable, reliable and elastic design.

SELF SERVICE IMPORT & EXPORT

Using Self Service Import your team can import all of your existing contracts into CMx and migrate from your existing contract management system or folders. With export your administrators can move out all your contracts from the system , you are the owner of your data at all times.

EASY CONFIGURATIONS,PERMISSION SETTINGS,REMINDERS & INTEGRATIONS

Provision your business departments, locations, users, roles and fine grained permission schemes. Configure your business process work flows and day to day operations.

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Reduce Legal Contract Risks And Increase Compliance & Efficiency By Using Contract Management Software For Cloud Or On Premise.

 
 
 

Contract Life Cycle Management or simply Contract Management refers to the software tools , inputs and outputs that can be used for strengthening the relationships between two or more entities (either business or individuals) by properly managing contracts with or without using software and thus reducing, eliminating or mitigating legal,financial and procurement risks.

Contract Lifecycle Management

Core Components Of Contract Management System

Following section explains about most of the must have components or features of Contract Management Software.

Stage 1: Contract Request:

Contract Life cycle Management starts with the Contracts Requesting process where one party requests for or initiates the contracting process and subsequently uses that information for drafting or authoring the contract document.This is usually the first step in Contract Life cycle Management. 

Inputs:

Information on what the contract should contain and critical dates such as contract start date,end date and any milestones. 

Outputs:

  1. Contract Request information is saved in the CLM Software for further CLM stages. 
  2. Audit Trails. 


Stage 2: Contract Authoring, Review and Red lining, Contract Negotiation

In the Contract Authoring or Drafting stage , contract or agreement document is created or generated using software which includes all clauses, terms and conditions. It is usually in this stage Contract Approvers and Signing parties are determined and approver and signing details are captured in the contract document.

Inputs:

Contract Request Information.  

Outputs:

  1. Contract or Agreement Document, usually in Microsoft Word or Adobe PDF format.  
  2. Audit Trails. 


Stage 3: Approval and Lawyer or Legal Review

Agreement document prepared in previous step is submitted to internal or external approvers and then once they approve the document to proceed further, Contractual document moves to the next step in the CLM life cycle.

Inputs:

Contract Document.  

Outputs:

  1. Contract Approvals from designated stake holders. 
  2. Audit Trails. 


Stage 4: Execution or Agreement Signing

Contract document which is approved is sent to respective parties for signature either online or using manual process.

Inputs:

Contract Document with no signature.

Outputs:

  1. Contract Document with signatures from all contracting parties.
  2. Audit Trails. 


Stage 5: Contract Database or Repository Storage

Once the contract document is signed it is stored permanently in a easy to retrieve agreement database. Both contractual meta data and documents are indexed and saved for future reference.

Inputs:

Contract Document with Signature.

Outputs:

  1. Contract Document saved in repository for future reference.
  2. Audit Trails. 


Stage 6: Records Management

This stage enables complete control of all critical business documents through reliable storage of records with backups and retention policy enforcement policies providing confidence that your critical records are in secure for global information management with high compliance.

Inputs:

Agreements, Contractual Documents.

Outputs:

  1. Compliance enforcement by safe storage in a Records Management Software or Solution.
  2. Audit Trails. 


Stage 7: Easy Search and Retrieval

This stage enables business users to quickly search , apply filters and retrieve relevant documents from the contract system.

Inputs:

Contract Repository tagged with relevant keywords for easy search and retrieval.

Outputs:

  1. Search results of contract repository with relevant documents.
  2. Audit Trails. 


Stage 8: Audit and Reporting

Every stage captures audit trails and the contract meta data and documents are properly indexed for easy retrieval. This stage ensures business users can quickly and efficiently retrieve and mine contract data and produce in depth reports.

Inputs:

Contract Repository containing agreements. 

Outputs:

  1. Custom Reports.  
  2. Audit Trails. 


Stage 9: Contract Renewal , Amendments and Disposition

Once the contract reaches its end date , it must be renewed to stay in active status.If the contract is not renewed on time it could cause financial risk for the parties involved in the contract.

Inputs:

Contract Document with a recent expiry date.  

Outputs:

  1. Contract Document renewed to a later expiry date.
  2. Audit Trails. 


What benefits and Return On Investment can be expected by using Contract Management System?

 
Contracts play a critical role in any multi-party transaction, documenting terms such as critical dates, pricing, external/internal party information and signatories. Losing visibility to your critical contracts and terms can lead to missed deadlines , penalties, overpayment for services, timely payments collection from external vendors and much more which has a high impact on your business operation and profit margin. It is essential for companies across all industries to better manage their contracts at an enterprise level. However, far too often multiple business units within an organization have their own drives/directories or other data stores where contracts are kept. This can lead to confusion, disarray and potential loss of critical information. Forward-thinking companies will smartly centralize their repositories with an efficient contract management system that creates a single source of record for their enterprise-wide contracting needs and CMx perfectly follows this vision. 

Only some companies worldwide manage their contracts and contract processes really good. Contract management systems helps to maintain order and efficiency to this critical area. Contract management software ranges from very simple database that allow companies to search and find their contracts and track information (such as contract expiration dates and deadlines) to contract lifecycle management (CLM) systems that attempt to automate the entire contract lifecycle, from the initial contract request through contract creation, signing, filing, and post-contract reporting. Some systems are primarily intended to support the procurement function, and others the sales contracting function, but increasingly these systems are being designed to handle all types of contracts. 

While a simple contract database or contract repository may be enough for companies with only a small number of contracts to deal with, more fully featured CLM systems add significant features and functions to help manage what, for many companies, is an increasingly complex and critical area. 

With more contract management systems being offered as a cloud hosted service (SaaS), the advantages of CLM systems are increasingly available even to smaller companies and law departments. 

An integrated system that applies business rules to manage contracts of the enterprise on a worldwide basis, from request through negotiation to filing in a central repository, and that allows people and systems within the organization to access, analyze, and act on contract-related information to improve efficiency, consistency, reporting, and control.

Contract Lifecycle Management system Advantages

  1. Make contracting process efficient and improve contract cycle time
  2. Eliminate overhead associated with contracts
  3. Streamline consistency of contracts and contract processes across the organization
  4. Risk Mitigation and better control of risk and revenue recognition issues
  5. Improve enterprise-wide visibility of contracts and related information – team members have access to the information they need
  6. Eliminate redundant entry of information
  7. Increased Vendor and Supplier Compliance
  8. Increased Legal Compliance by using common contract drafting tool and consistent terms and conditions.
  9. Increased Spend Optimization.
  10. Most importantly , life of contract managements , procurement managers , legal professional becomes easy since all are collaborating using the same Contract management tool throughout the organization.