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Contract Management

​What is contract management?

Contract management is a company-wide approach to streamlining and managing all aspects of a business’s contracts. This includes establishing a uniform process for negotiating, approving, executing, organizing, and either renewing or terminating contracts.

These days, CLM can be digitized and automated. This allows legal teams to save time in their contract workflows by rapidly generating contracts and obtaining signatures in bulk, in addition to setting automatic reminders for upcoming contract renewals and renegotiations.

Starting at the drafting stage, strategic digital contract management within a CLM tool promotes the use of a universal library of templates and contract clauses, ensuring all contracts across departments have clear and consistent wording. This approach also enhances negotiations through efficient editing workflows and ensures contracts are reviewed and approved promptly.

The e-signature process becomes seamless and legally sound. Once signed, contracts are stored securely, making them easily accessible and compliant with regulations like SOC2.

And after agreements are signed, effective management of contracts includes policies for tracking deadlines, as well as performing regular audits. These practices help highlight value opportunities and cost savings, and offer insight into broader organizational performance.