4 Features That Make a Solid Contract Management Platform – What to Know
Contract management is as tedious as it is important. Contracts are the single most important documents that define business strategies and relationships. This is essentially why many companies spend a significant amount of time crafting contracts that serve their interests. However, what many fail to do is to be vigilant in enforcing the terms of the contract. This often results in costly litigation and heavy fines. A good contract management platform will assist your legal team by streamlining and automating where it can, leaving your lawyers with more time to look at finer details.
If you’re looking for a good contract management platform, here are four key areas that you should consider before making a decision:
Ease of Use and Room for Customization
Every organization has its unique ins and outs, and your platform should follow your company’s form and function the way you see fit. It should be flexible enough to integrate already existing systems and software seamlessly and with minimal friction. Platforms with this level of adaptability will ensure ease of use and allow even slow adopters to quickly make the transition.
Some features that you should be looking for in this regard are:
- Risk identification and management throughout the contract’s entire life cycle
- Real-time tracking of contracts as they move along the approval process
- Allow for personalized documents to be created quickly from templates, and pre-approved content
Secure Delivery and Storage
A good contract management tool will reduce delays by being able to send, sign, and store contracts needing personal handling. Your lawyers and other personnel can focus on practising the law and going through the details of your contracts instead of setting a time and place for a meeting that could be accomplished over email. This is provided that the platform is secure, and will not put the privacy of clients or the firm in jeopardy.
Excellent Collaborative Features
Automation should allow its users to accelerate the workflow from weeks to minutes for it to be worth adopting. The ability to collaborate, amend, manage, and share contracts as it moves towards the approval process without the need for stakeholders to meet and should be the main feature of any legal document management tool.
On the surface, contracts appear to be only used to enforce an agreement and ensure that all parties comply with the terms stated. However, its main purpose is to identify and mitigate any risk involved. It allows parties to have a binding and enforceable document to fall back to in case of non-compliance. Conversely, it could also lead to penalties and litigation if you end up on the other side.
A good contract management tool should have the ability to give business leaders a good overview of the risks and liabilities present in every contract. This will allow them to easily keep track of obligations, allowing more time for looking into actual business opportunities.
The right platform will empower its users to make decisions based on solid data. It will streamline the process of drafting contracts with the ability to preselect available clauses and terms. If properly configured to your organization’s needs, it will allow you to automate where it is needed, and perform specific functions without a hitch.
We specialize in helping your organization find the right legal matter management tool for your unique needs. Get in touch with us today to see how we can help!