What is Contract Management?
Contract Management refers to the process of creating, managing, storing and executing contracts with the help of a contract management software. The advent of technology and the COVID-19 crisis has resulted in the rise of businesses opting for automated contract lifecycle management software that has simplified the process of maintaining the contracts effectively. Further, they are have been beneficial during the lockdown for companies which had their employees to work remotely from home. The contract management system software is well-equipped with features such as cloud management, team-collaboration, centralized repository and more. These features enabled and simplified remote employees to work efficiently and uphold the company’s business continuity. A contract to be successfully executed, it needs the mutual agreement of all the concerning partners. The contract is valid only when it contains the signatures of all such partners. Traditionally, the hardcopy of the software will be sent to each partner to obtain their signature. With contract management software, however, e-signatures can be procured to simplify the process. E-signature is an important feature that makes the execution of contracts viable and secure during this delicate period.