How Well Does Your Current Contract Management System Handle Third-Party Contracts?

Managing the complexity of third-party contracts is an on-going challenge – especially for a global enterprise. Can your contract management system manage a third-party contract as well as the ones native to your organization? A recent study by PwC highlights the impact of not capturing the full value of third-party contracts.

“The impact of value leakage on a third-party contract can be from 5% to 15% of the contract’s value.”
Building trust and transparency: A holistic approach to third party contracts, October 2016, PwC

How well does your contract management system manage third-party contracts? The answers to these ten questions are a good place to start.

Can your current contract management system –

  1. Enable users to author a new contract on third-party paper?
  2. Allow third-party contracts to be imported into a contract repository – by a user, not just by an administrator?
  3. Support third-party paper on both Microsoft Word and Adobe PDF formats?
  4. Identify the language in third-party paper?
  5. Track redlines in third-party paper?
  6. Perform language deviation analysis for agreements created on third-party paper?
  7. Enable standard users to create third-party, paper-based agreements?
  8. Offer a web portal to facilitate collaboration with third-parties?
  9. Compare clauses in third-party contracts to the ones in your own clause library?
  10. Identify deviations in third-party agreements?

As the leading enterprise contract management platform in the cloud, Icertis has helped more than 1,000,000 users manage over $400 billion dollars of contract value. Though our customers come from different industries, many of them share similar problems relating to third-party contracts. Icertis is proud to have been part of the solution, helping them to manage third-party contracts with the easiest to use contract management platform.

Icertis is a Leader, scoring 5 out of 5 for Product Strategy in Forrester Wave report.

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