Most companies have numerous tools and departments that handle various objectives of an organization, looking after various roles and responsibilities. But unfortunately, a minimum amount of effort is exerted once the contract is signed.
The lack of dedication and importance placed on contract maintenance and being updated can jeopardize the business relationship and lead to legal trouble.
Hence, by keeping up-to-date with the contract, you can avoid legal trouble, hampering business relationships, meet the terms, and avoid any kind of penalty.
Click here to read What is Contract Management Software? – A Detailed Insight.
It is essential for all organizations to keep track of their contracts; keep reading to find out why.
What Is the Process of Creating a Contract?
- Contract revenue sees an increase.
- Reduced usage of resources and spending.
- Minimal legal costs are incurred by abiding by the terms of the contract properly.
- Adherence to the state’s laws, policies, and regulations.
By managing the contracts after they are signed, you can also avoid missing deadlines, stand by the promises, save the contract from expiring, and avoid damaging the business relationship.
While this is all true and correct, who is the right person to maintain the contracts, or which department is responsible for managing the contracts.
Who is in Charge of Post Signature Contract Management?
If you’re wondering who’s been handling the contracts and whose responsibility it was to handle them, it was entirely a collaborative effort between all departments that came together and managed contracts, up until today, when the workload has grown to the point where many organizations are rethinking their options.
The other best way this could be tackled is by allowing each individual department to handle their own contracts. This way, every department can ensure they are meeting the deadlines, the goals of the contract as described and promised in the contract, the obligations, and more without deterring.
This can be further simplified by using contract management software that makes this entire process much easier than it ever could be.
Click here to read Key Performance Indicators for Contract Management
What is contract management software and how does it help?
A contract management software is a collection of features integrated into a single software program.The contract management software helps you create contracts, collaborate in real-time and help with the creation process of the contract (even if you are based remotely), send it for review internally, send the draft copy to your business partner directly, e-sign it, and more.
The contract management software is a one-stop solution for every business’s contract needs.
By using contract management software for your business, you can have a total view of all contracts and track precisely what is active, what has expired, and what is pending for renewal.
By marking the contracts that you want to renew, the software notifies you when the expiration date is approaching. That helps you decide if you want to renew the contract and keep the business ongoing, or if you are looking at other opportunities.
The software can be accessed by multiple employees within the organization as long as the administrator has given them access. This can help every department handle their own contract. Also, if you are an administrator or an employee who has the access, you can access the documents remotely and help ensure the creation process of the contract doesn’t stall by collaborating with the team in real-time.
The software uses banking level security to keep every document secured, and you can even protect every document to the paragraph level.
If you are wondering if accessing the documents remotely is safe, The software uses banking-level security that eliminates any possibility of unauthorized access. The software enables transparency by keeping track of which employee logged into which document at what time and also tracking the changes that were made to the document.
Click here to read What is Document and Contract Redlining?
Contract management software and contract lifecycle management tools help meet the contractual requirements efficiently.
Contract lifecycle management tools help in streamlining the process of creating and managing contracts. Businesses of all scales can leverage the solution to accelerate their contract-related processes. DocuCollab is one of the top contract management software for industries of all types, with an array of features and benefits.Click here to learn more.