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Feb 9, 2016 12:09:08 PM Michael Myers Contract Management

What is Contract Management?

Contract administration is required to negotiate, approve and manage effective contracts

What_is_Contract_Management

Automated contract management solutions use document management software to store and manage legal agreements such as contracts with customers, vendors, partners or employees. An important part of enterprise content management software is to streamline administrative tasks using business process workflow and reduce overhead by providing a single, unified view of each contract’s processes or to report on all or a segment of the type of content. It can be summarized as the process of systematically and efficiently managing contract creation, execution, collaboration, version, obligation and analysis for the purpose of maximizing financial and operational performance and minimizing risk.

In the enterprise, contract management software can be used to manage a new contract request, capture data related to the contract and document authoring, contract creation and negotiation. The software can then follow the contract as it goes through the review and approval process, providing documentation for digital signatures and execution of the contract. This provides better visibility into the status of every contract, including post-execution tracking, alerts, reminders, notifications and obligation management.

Compliance is a key part of contract management automation in providing contract owners with alert notifications for critical dates related to a contract, such as the contract renewal date or the contract’s end of life (EOL) date. Imagine relying on the system to help users know when they need to execute tasks rather than missing due dates and activities.

More advanced systems integrate with Microsoft Office, including email. Saving them to a repository should be as simple as selecting the documents and emails associated with the contract and auto-filing database.

Every aspect of the contract management lifecycle can and should be managed electronically regardless of physical or electronic content. Saving time, resources as well as reducing risk and ensuring compliance throughout the lifecycle are a few of the key benefits.

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