Contract Management-Contract Management Simplified

Example

Automated template-based drafting for a service agreement

Scenario

A company needs to draft a service agreement for a new client. Using contract management, they select a pre-approved template, input specific details like service scope, duration, and payment terms, and generate a customized contract, ensuring consistency and compliance with corporate standards.

Example

Digital negotiation tools and approval workflows

Scenario

During contract negotiations, both parties propose changes. Contract management software tracks these revisions, enabling stakeholders to review and approve changes efficiently, often through digital platforms, thereby speeding up the negotiation process and ensuring all modifications are documented and approved.

Example

Compliance checks and milestone tracking for a construction project

Scenario

In a construction contract, performance monitoring involves tracking progress against milestones, ensuring compliance with safety standards, and managing change orders. Contract management tools help project managers monitor these aspects in real-time, identify delays or issues, and take corrective action to keep the project on track.

Example

Automated alerts for contract renewal or expiration

Scenario

As a contract approaches its end date, contract management systems can send automated alerts to relevant parties. This enables them to review the contract's performance and decide whether to renew, renegotiate, or terminate the agreement, ensuring that decisions are informed and timely.