As the cloud computing becomes mainstream, cloud contracts are being introduced to ease the contract signing and execution process and below are the 20 main cloud contract management tips.
However, managing cloud contracts is not always simple and businesses can really struggle if they fail to understand how cloud contracts should be catered and how they select the right cloud contract service providers.
To save businesses from such troubles, we’ve compiled a list of 20 cloud contract management tips:
1. Be Clear
Cloud contracts are not always clear. Understand the terms of the contract properly and understand what the outcome will be before finalizing the contract.
2. Data Security
Make sure that enterprise contract management provides protection against human errors, malicious insiders or outside attacks.
3. Disaster Planning
Every cloud contract management system should have a disaster plan in case of any possible malicious attack.
Consider whether cloud contract management provides liability that can benefit you.
Only select a cloud contract service provider that can pass a regulatory audit otherwise there will be no guarantee of an effective service.
6. Data Protection Laws
The data held on the cloud contracts should comply with the data protection laws of the country.
7. Control Your Encryption
Insist the cloud contract providers for encryption keys to ensure that your data and clients are safe from risk.
Remember, everything is negotiable so always negotiate with cloud contract providers.
Consider the references of existing customers to determine how good the cloud contract service providers really are.
10. Data Recovery
Check to ensure that the option of data recovery exists considering contract management globally.
11. Don’t pay for all services up front
Only make complete payments after making sure that the cloud contract service meets your requirements.
12. Long-term Considerations
When choosing a cloud service provider, consider termination of service, stability and possibility of an acquisition.
13. Downtime Credits
In case of downtime, you should be provided with credits or some sort of reimbursement.
A contract management system should have the ability to integrate with an e-Signature software or come with e-Signature included in the system.
15. Approval Workflows
Contract management platform should have built-in approval workflows.
16. Request a Demo
Always request a demo of the contract management platform by clicking here to ensure it meets your needs.
Ensure that the cloud contract management platform has notifications enabled so that you can take appropriate action before an auto-renewal or expiration date of a contract.
18. Identify Gaps
Look for a cloud contract solution that lets you run reports on pending signatures, missing documentation and inefficiencies in the system.
19. Identify Bottlenecks
A cloud contract management solution should be capable of identifying all contracts in pending and approval while informing you how much time each part of the process will take.
20. Review Workload
Look for a cloud contract management platform that allows reassigning tasks, comes with glance dashboards and reports to see all the contracts.
If you’re searching for a top cloud contract management software for legal risk management but haven’t had any luck yet, then you’re at the right place. Contract Experience is known for its agile contract management solution that is sure to meet your needs. Click here to know exactly how we can make contract management simple for you.