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

By Anand Veerkar

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 Contract Intelligence

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Transforming contracts into structured, connected, and on-demand data is just the beginning. Discover the power of intelligent contract creation, automation, and insights to realize the full intent and maximize the value of every contract, clause, and obligation across the enterprise.

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