10 Essential Features of the Best Contract Management Software

Businesses get into contracts of different magnitudes and conditions, and keeping track of their obligations is a complex and tedious endeavor. Contracts contain complex provisions, contract terms, and responsibilities that are difficult to follow methodically when they significantly increase in volume.

Contract software is the answer that a manager needs to the problems of contractual processes. Automation improves productivity, reduces contractual costs, improves compliance, and manages organizational risk. Businesses that still depend on brick-and-mortar contract management systems have a functional process. Still, they do not enjoy the benefits of security, timely alerts, storage, and collaboration that software offers.

Organizations that incorporate a central repository on contractsafe.com have access to tools that help automate contracts and their terms with minimum hassle. Losing shared drives, arrangements, and folders will no longer be an issue for a business that embraces the vast advantages of automation.

There is a plethora of features that will help you navigate and analyze documents for a better relationship with contractual terms.

A Central Repository of Contracts

Unlike multiple storage mediums, a central repository provides a single storehouse of data that makes it easier to access data by all parties. Different storage points make it difficult to access documents, and third-party information in multiple sources might cause duplication and mixing of contracts.


Electronic Signing of Contracts

Contract signing is a necessary process that needs to be seamless and efficient. The traditional methods that require a document to be delivered by hand slow the execution of a contract. Contract software provides features that allow executives to affix signatures on documents in real-time and avoid delays.

The e-signature function allows stakeholders to approve a document and offers advantages of security, audit capabilities, and verification. Electronic signing provides a faster way of prioritizing tasks.

Quick Alerts for Deadlines

Failure to meet legal deadlines can be catastrophic to a business’s financial stability. Contract software ensures that you are aware of upcoming renegotiations, key provisions, and pending obligations. Automation highlights upcoming changes and amendments, compliance alerts, and reminders on any timelines for obligations. An excellent contract tool assists with keeping track of rights and conditions to manage compliance and organizational risk.

Metadata Facilities

A sound contract system should be able to sync third-party information with the repository requirements of a company. Businesses receive data from third parties, and the ability to fact-check the contract’s compliance can be a frustrating endeavor. Contract Discovery tools allow the software to find consistencies or lack thereof, matching their standards to the third-party agreement.


Libraries and Templates

Businesses need to use standard language across contracts. Contract software provides a clause library that helps contract authors mesh their contractual agreements with a language familiar to their line of business.

Authors can integrate these clauses into MS Office. AI incorporates clauses and metadata into documents, which parties can access at the press of a button. Clause libraries and automated templates ensure that companies remain consistent in their language of operation.

Performance Reviews and Metadata Reports

Businesses seek to save time wasted on processes and improve the efficiency of work. Contract managers are responsible for assessing the performance of contracts to highlight any bottleneck issues within the contracts lifecycle.

The users need to gain insight into how obligations, renewals, or terminations are met on time and report any inconsistencies. 

New Contract Creation or Amendments

Creating a contract from start to finish takes months. Automation ensures managers incorporate standard clause libraries and contract types into the system for smooth execution. Upload a document into the system, and AI will match it with the templates.  Amendment wizard provides easy absorption of contractual obligations without having to spend time drafting new contracts.




Advanced Search

Teams spend weeks sifting through a sea of documents to searching for various items like names, location, dates, key terms, amount of money, or business division. Traditional methods are marred with inconsistencies because documents do not have a single source of information. Advanced search functionality in contract software makes it easy to locate critical information from a central repository. 


Contract managers suffer the pain of creating new contracts whenever the need arises, which can be tedious and time-consuming. With automation, managers can now merge policies and guidelines with a feature that standardizes the contractual process. AI has metadata rules that define contracts according to established standards, streamlining governance and enforcing customization.

Ability to Manage Workflow and Approvals

Organizations need to have a flawless system to avoid redundancy in the approval process. Stakeholders send contracts for approval via email, prone to lose, destruction, version, and transparency issues. Automation provides a seamless process that streamlines audits, support, and workflow routines.

Contract management requires incorporating a system that pays attention to the series of processes that mitigate contract risk, increase performance, and improve relationships with stakeholders. Organizations that use AI have a higher chance of controlling and enhancing contracts, reducing risk, workload, and time manually streamlining a contract lifecycle.

Leave a Comment