What is Contract Management Software?
Contract Management Software streamlines business processes to provide an accessible view of all legal agreements within a company.This includes:
- all contracts
- all versions of contracts
- verification of those who have entered into a contract
Contract management goes beyond simply organizing. This software acts as a platform for contract generation, collaboration, redlining, esignatures, and recordkeeping. Business owners can truly benefit from the use of organizational software, especially legal software as better visibility into the status of a specific contract increases tracking and compliance.
A further advantage of using Contract Management Software is the automation involved in contract amendments and renewal. After implementing this software, all versions are recorded and reported to contract signers via email. The same goes for renewal circumstances.
Once a contract is approaching date for renewal, notifications are sent to signers in which both contracting parties can renew an identical contract, or collaborate in-line to revise their current agreement.