Contracts are essential to protecting the interests of your business. But drafting and countersigning them can feel like a marathon at times. If your company offers a service to others, your human resource department might spend a lot of time managing the contract lifecycle. Some of these tasks include:
- ● Personal information gathering (names, contact details, etc.)
- ● Specifying the T&Cs of the contract.
- ● Creating the first draft of the contract.
- ● Reviewing back and forth until all parties reach a mutual agreement.
- ● Collecting signatures and approvals from different departments (sales, procurement, legal, etc.)
- ● Mailing the finally approved version to clients.
- ● Send reminders.
- ● Manage completed contracts.
All these tasks are time-consuming, but thankfully, with the right contract management software (CMS), you can easily automate your contract workflow and give your team their productive work hours back!
Here is a list of some best contract management software ideal for your business. All software offers different price breakdowns. So, you can take stock of your team's pain points and pick a tier that works for you.
1. Contractbook
If you're looking for affordable yet robust contract management software, look no further than Contractbook! We're confident their feature-rich, user-friendly CMS will cover all your business needs, regardless of size and sector.
Contractbook's no-code, drag-and-drop Automation Builder allows you to automate much of the manual work associated with contracts while ensuring that all your documents and tools share the same data. As a result, the tasks are performed, and data is transferred from one application to another seamlessly, with minimal input from you.
Contractbook boasts a lot of other features to help manage contracts efficiently. Here are some of them:
- ● Rich contract generator with editable fields to quickly update previous agreements.
- ● Template library to generate new contracts automatically.
- ● Digital signatures with multiple signing methods to ensure the contracts get signed faster.
- ● Document repository to store all your contracts and essential documents in one place.
- ● Document approval history to ensure transparency and compliance.
- ● Reminder alerts for contractual obligations, contract end dates, and renewals.
- ● High-end encryption features for granular data access.
Simply put, with Contractbook, you don't have to worry about client deception or data breaches.
2. PandaDoc
PandaDoc is another low-cost, all-inclusive solution if you need something to manage the whole contract lifecycle without breaking the bank. Among other things, the PandaDoc subscription comes with the following:
- ● Unlimited file uploads.
- ● Unlimited user permissions.
- ● 450+ premade contract templates.
Moreover, when paired with a CRM integration, PandaDoc allows you to access relevant client information and seamlessly incorporate it into pre-approved, error-free contract language.
3. DocuSign
Perhaps a client, business associate, or supplier sent you a document that required your digital signature, and you used DocuSign to approve or complete the transaction. Little did you know that beyond the convenience of electronic signing, DocuSign's Developer Center has all the resources you need for end-to-end contract lifecycle management.
For instance, with DocuSign, you can:
- ● Add a company logo and color scheme to all contract-related email communication.
- ● Verify a signer's identity through various means.
- ● Centrally manage user rights and roles for all accounts.
- ● Obtain approval with a single click for simple contracts.
- ● Take advantage of 400+ cloud-based integrations, including Salesforce, Microsoft, Apple, and Google.
4. Concord
Concord allows you unlimited e-signatures, document uploads, and contract templates. Additionally, it features fundamental automation tools like reminders of upcoming deadlines and the ability to share several documents at a time. Because Concord was designed to be very similar to standard word processors, generating contracts from pre-existing templates is also relatively easy. Much like Google Docs, Concord allows multiple users to edit a document simultaneously.
Despite its radically simple design, Concord has the latest set of bells and whistles to support you throughout the contract management lifecycle. These include: private notes, revision history, clause library, CRM integrations, bespoke branding, and redlining, to name a few.
In addition, Concord provides a few features unlike any other contract management software, such as conditional approvals. It allows designated personnel (and only that individual) to review each contract before approval.
5. Juro
We're rounding out our list with a tool you'll surely be familiar with. Electronic signatures, legally binding contracts, signature reminders, and file backup and storage are all possible with even the most basic contract management software. But Juro takes things up a notch by creating a framework that generates standard contracts at scale seamlessly and quickly. Juro allows the creation of watertight contracts in bulk from a premade template in just a few clicks. Their sophisticated text editor makes it easy to include visual aids like tables, charts, and graphics for more transparent, less ambiguous contracts.
Final Thoughts
A contract's lifecycle involves much more than obtaining a signed agreement. After all, contracts must also be negotiated, revised, approved, signed, complied with, and renewed.
When you use good contract management software to streamline and automate your contract workflows, you inevitably free up time to put towards providing actual value to clients. Ensure the content management system (CMS) supports your requirements of the contract lifecycle before purchasing.
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