Contract management is an important process that enables businesses to effectively manage their contracts throughout their lifecycle. This involves creating, negotiating, executing, monitoring, and analyzing contracts to ensure compliance and mitigate risks
Create a single source of truth in your enterprise by consolidating all your existing contracts into a single, enterprise-wide repository. The Icertis platform enables the setup of all contract types and any associated metadata within a single system, with easy access to a centralized repository of all contracts, contract documents, contract data, contract terms, and related business transactions.
Contract negotiation is the process through which two or more parties deliberate over the contents of a contract to reach a legally binding agreement. The goal of contract negotiation is to come to an agreement that meets the needs of both parties. In order to achieve this, both parties must be willing to compromise and be open to discussing different options. Contract negotiation can be a difficult process, but it is important for both parties to remember that the goal is to reach an agreement.
Procurement managers can now better manage the request management process, RFx formulation, event management, and supplier evaluation costs and selection, while seamlessly integrating RFx processes downstream into the contract lifecycle.
Contract compliance is the process of ensuring that a company is living up to the terms of its contract. This can include making sure that the company is delivering on its promises, meeting deadlines, and not violating any terms of the agreement. Compliance officers are responsible for ensuring that contracts are being followed and often work with legal teams to ensure any potential issues are addressed. Contract compliance can be important for businesses large and small, as violations can lead to expensive lawsuits or other penalties. By taking steps to ensure compliance, businesses can protect themselves from these risks.
What is contract risk management? Contract risk management assesses a contract's maximum value through compliance tracking by identifying, managing, and minimizing the potential risks throughout the contract lifecycle. This may include loss of opportunity, legal exposure if things go wrong, and potential business impact the contract will have on the involved parties.
Accelerate speed to market with self-service contract initiation that has templating safeguards set by legal. A seamless experience that is integrated with your existing line-of-business applications enables no-touch contracting to help with the contract management process.
Drive adoption across the enterprise with a convenient, contextual, best-in-class contract lifecycle management (CLM) experience for both users and administrators, featuring full mobility support, deep MS Office integration, and configurable personalization.
The first question every business asks when considering new technology is: What value will it deliver for our enterprise? To help businesses answer this question when considering an enterprise Contract Lifecycle Management (CLM) platform, Forrester Research has provided six major sources of value from a CLM system in its new report
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