Contract Management Basics

From Contract Management to Contract Intelligence we'll help you get started

What is Contract Management?

Contract management is the process of organizing a body of contracts, contract terms, templates, and clauses to drive standardization and efficient retrieval. However, unsophisticated approaches to contract management software are becoming a major liability to enterprises as risk management and agility become imperative.

What is Contract Management Software?

Contract management software is designed to help lawyers and other professionals create, negotiate, renew, and collect data on existing business contracts. Contract management software is an indispensable tool for ensuring the intent of every contract in your organization is fully realized, and it can maximize a contract’s performance, ensuring the enforcement of commercial terms, accelerating cash flow and time-to-revenue, and reducing the risk of non-compliance.

What is Contract Lifecycle Management?

Contract Lifecycle Management is the management of contracts from initiation through award, compliance & renewal. CLM improves savings & efficiency.

Contract Visibility and Search

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.

What is Contract Analytics?

Contract analytics is vital to keeping your finger on any legal agreements that your company drafts and enters into. Creating contracts can be a daily task at companies, as even the most simple products and services will carry with them a fresh set of legal agreements and contracts. As such, analytics and artificial intelligence (AI) machine learning is drastically changing contract management to streamline the process and mitigate risk.

What is Contract Authoring?

Contract authoring is one of the foundational steps in the contract lifecycle management process where the agreement is created. Poor contract authoring frequently involves clauses scattered throughout many documents, subpar governance across contracts, development tracking breakdowns, lackluster line item management, and breakdowns in contract unification and subcontracting. Standardized language reduces business risk. Automation of contract management authoring with templates and clauses improves consistency and governance and enables more efficient self-service authoring.

Contract Execution And Approval

Contract execution is a critical stage of the contract negotiation process. At this point in the process, you will have decided on a final agreement. Now it is time to sign and finalize the contract, meaning you want to ensure you caught everything, that nothing is missing, and that all necessary parties have approved the agreement. Contract execution is the most important step in the contract management process.

Contract Analytics Software

Our powerful analytics surface intuitive and actionable insights that provide better visibility into performance metrics at all stages of the contract lifecycle, including negotiation, approval, performance, and expiry/renewal, allowing you to find new sources of value in your contract processes.

Contract Negotiation & Collaboration

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.

Practical Ways to Improve Your Contract Management Process

An effective contract management system requires implementing best practices at all levels of an enterprise and ensuring that the contract management process is repeatable and consistently applied.

RFx Management

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.

What is Contract Compliance?

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.

Contract Lifecycle Management Success: Nailing CLM Implementation

Contract Lifecycle Management (CLM) delivers measurable real-world benefits. Here’s how to select the best CLM solution and ensure a successful implementation.

Contract Management Solutions: How to Deliver Total Enterprise-wide Value

Transformational contract management solutions help to reduce risk, increase speed and agility, and add value around a range of different business functions.

What is a Wet Signature and Why should you Care?

What’s a wet signature & how is it different from an electronic signature or digital signature? Contract lifecycle management (CLM) plus e-signatures equal business value.

The Importance of the End User License Agreement

What is a EULA, and why is it important? What should a EULA include, and what problems might exist that parties to an end-user license agreement should be aware of?

The Top Skills that make Contract Managers Great

Contract management has strategic importance. Organizations should seek to optimize people, processes, and technology to manage legal agreements for maximum business value. Great contract managers understand the pivotal role they play, and they bring a unique mix of technical and interpersonal skills to the table.

Contract of Adhesion: Benefits and Enforceability

Contracts of adhesion, also known as boilerplate or standard form contracts, offer efficiency and protection, but they have some limitations and may not always be enforceable.

Independent Contractor Agreements: Beyond the Boilerplate

Formal agreements made with independent contractors often follow a boilerplate formula, but businesses are much better off customizing these contracts to meet their unique business requirements.