Why Is Contract Authoring Important?
Known also as the contract writing stage, the contract authoring stage of the contract lifecycle management process is important because it involves contract parties implementing the terms of a contract into a written contract by centralizing contract clauses, contract key dates, contract documents, and other associated data.
Businesses also have to store, manage, and retrieve a lot of important contract data, which can be an operational nightmare if you're storing and searching through hard copies. Contract management software alleviates that issue by storing contracts in a digital, organized repository, allowing contract managers to search the entire repository with just a few keystrokes and clicks and even filter by name, date, party, region, deal value, and more.
Below we dive into some additional reasons why contract authoring is important.
Drive standardization across all your contracts to reduce risk. The Icertis contract management software platform has robust clause management with system-driven usage of approved language from the clause library. The library helps with managing fallbacks and dependents, requiring mandatory language for certain contracts, tracking deviations, organizing clause approval workflows, and managing different versions of contracts. The platform tracks all clause usage in contract templates and agreements to provide deeper insights.
Accelerate contract creation with contract template selection rules and the Icertis platform’s comprehensive template lifecycle management capabilities. The Icertis Word Add-in enables template authoring in Microsoft Word with the ability to pull library clauses into the contract document, enter custom text, tag metadata in the contract document, and tag other data such as exhibits and annexures. Rules ensure that any new contract templates go through an approval process before becoming available for contract creation.
Intelligent Contract Authoring
Achieve faster speed to market and significantly improve governance through intelligent contract authoring. An extensive rules engine enables the dynamic creation of contracts from templates and contract clauses. Contract content is assembled automatically using any criteria associated with the contract, such as region, products, services, or price terms. The platform’s rules-based authoring capabilities greatly improve the scalability and agility of contracting operations while also enforcing appropriate process controls.
Commercial Terms Management
Leverage the flexibility of the Icertis platform to model commercial terms, so you can better manage the increasing complexity of business contracts. A configurable data model enables the capture of products and services, price lists, prices and discounts, tiered discount terms, rebates and incentives, and other related terms. The flexible rules engine allows the user to easily assemble the most relevant commercial parameters in contract documents while also ensuring stakeholder visibility and approval policies. This helps drive compliance, streamline sales and procurement operations from a contracting standpoint and increase revenue realization on all commercial contracts.
Third-Party Paper Contracting
Reduce the risk of managing third-party paper contracts at every stage—from intake, review, and negotiations to approvals, execution, and post-execution administration. Icertis' leading contract management software platform lets you easily bring third-party paper into the system to set up contracts and identify key terms and any resulting obligations. Drive approval workflows based on any identified exceptions, and drag and drop standard language into the third-party paper from the clause library to include key missing terms.
An inefficient contract authoring process could be costing your business money, and many companies say that the contract approval process causes deals to stall. The Icertis contract management solution offers a highly customizable, feature-rich system that can be scaled to meet your company's needs.
What is Contract Authoring Software?
In the past, contract managers often used a manual process and kept all of their contract documents in physical file cabinets and maintained lists or spreadsheets of an entity's different agreements, with a few key terms and dates noted. Today contract authoring software makes the process of creating, negotiating, and managing contracts faster and easier while mitigating risk. Businesses in all industries use contract authoring software to help reduce the time it takes to prepare documents. Secure contract management software solutions give companies an audit trail for contract documents while keeping data safe in its secure cloud storage facilities.