Contract Management Software

Best Contract Management Software include:

PandaDoc and Coupa.

Contract Management Software TrustMap

TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 10 or more ratings to appear on this TrustMap.

Contract Management Software Overview

What is Contract Management Software?

Contract management refers to the automation of processes surrounding creating new contracts, storing and tracking existing documents, managing contract terms, and overseeing contract renewal or termination.


One key function that contract management software provides is housing all a firm’s contracts in a digital repository. This means that businesses and legal entities no longer need to keep track of paper contracts stored in file cabinets. Although, some contract management systems support paper contracts by allowing users to print physical contracts and/or scan in signed contracts.


Basic contract management tools focus on creating contracts from templates and/or storing signed contracts. More complex contract lifecycle management (CLM) software is designed to help organizations automate every stage of the contract process. This includes all contract management stages from the approval workflow to checking contracts against compliance regulations and monitoring important contract milestones.


Contract Management Software Features

Most comprehensive contract management or CLM software will include the following capabilities:

Contract Authoring Features
  • Contract Creation: This includes a document generator and tools for creating new contracts.

  • Contract templates: Allows users to set up templates or templatize old contracts in order to make new contract creation easier and more consistent.

  • Clause library/saved fields: Users can save certain fields of a contract for re-use; these may be stored in a template or a clause library.

  • Integration to CPQ: Integrates to CPQ software so that calculated quotes/configuration details can feed into contracts. This is an important element of automation in the contract authoring process.

  • PDF generator: Users can generate PDFs of contract documents.

  • Contract attachments: Users can attach other documents, like invoices, images, meeting minutes, memos, etc, to contracts.

  • Guided logic: Automated questions (based on company policies and the circumstances of the deal) help with the contract authoring process. This is an example of partial automation.

Contract Collaboration and Review Features

  • Contract sharing: Users can easily and securely share contracts with internal users and external users. Contracts are accessible.

  • Contract editing: Contracts can go through multiple drafts and revisions. The software supports multiple versions and version comparison.

  • Contract merge: Multiple versions of a contract can be merged.

  • Contract collaboration: Internal and external users can collaborate on contracts without changing the text of the contract; this may be done through comments, questions, and/or message board conversations.

  • MS Word plug-in: Users can make changes to contract language using Microsoft Word.

  • Approval process: Approval workflows can be configured to streamline and automate the approval process.

  • Parallel approvals: Users can set up complex workflows to handle parallel approvals.

  • Interdepartmental workflows: Users can set up interdepartmental workflows so that contracts can flow between teams in a logical and organized manner.

  • File importing: Documents and other file formats can be imported into the system.

  • Contract review: Either a rules-based or AI engine will analyze the contract text and report key terms, important clauses, obligations, etc.

  • Text analysis: Using natural language processing (NLP) and machine learning (ML) technology, contracts and contract portfolios can be analyzed to identify risk areas, non-standard clauses, changes in negotiation terms, etc.

Contract Monitoring Features

  • Contract database: Contracts are stored and organized in a central repository.

  • Legacy contracts: The system has a record of legacy contracts that were created prior to implementation.

  • VORs: Allows users to send/receive variation order requests.

  • Contract search: Users can easily look up contracts within the database

  • Reminders & alerts: Users can schedule reminders and/or trigger alerts according to contract milestones.

  • Dashboards: Dashboards provide an overview of contract activities.

  • Custom contract reports: Users can create custom reports about the status of contracts, contract timelines, efficiency, and revenue tied to contracts.

  • Tracking contract status: Users can track the status of a contract as it moves through the approval process and beyond.

  • Salesforce integration: Integrations to Salesforce so that contracts are tied to contact’s CRM records.

  • Compliance check: Users can define and enforce complex business rules related to compliance regulations; helps automate or partially automate contract compliance check.

What is Contract Lifecycle Management (CLM)?

Contract Lifecycle Management (CLM) is the practice of organizing, managing, monitoring, analyzing, and automating contractual processes within an enterprise.


CLM holds that contracts should be accessible, digestible, and top of mind for executives. This allows the business or legal firm to better enforce contractual obligations and events, collect all due revenue, follow through on commitments, and close pending deals. This is in contrast to a signed-and-done, file-away approach to managing contracts—which can result in legal oversights and penalties or lost revenue.


Since using human resources for constant contract vigilance is resource-intensive, and humans are more prone to error, CLM is accomplished using contract management software.


While simple contract software may only allow users to author contracts via templates, or store contracts in a database, systems designed for CLM/enterprise contract management have more complex features related to the following:

  • Workflows

  • Automation

  • Collaboration & editing

  • Scheduling & reminders

  • Payment processing

  • Compliance

  • Project change management (such as VORs).

  • Contract analysis and optimization


Rather than just a contract database or contract authoring tool, CLM software functions as a digital contract manager of sorts.

Contract Analysis and CLM

Contract analysis is an essential and growing part of CLM, especially for law firms, legal services organizations, and finance teams. This activity is part of the overall contract lifecycle management process, meaning the contract analysis software category is closely related to the contract management software category.


Many contract lifecycle management software providers have started integrating artificial intelligence into their CLM solution to automate this process. Using natural language processing (NLP) and machine learning (ML) technology, AI-based contract analysis engines can help organizations find hidden risks or opportunities within legal documents.This can help legal firms and corporations identify contract terms, specific clauses, and metadata across a portfolio of contracts. Contract analysis is especially important within the legal profession and for financial or procurement activities within corporations.


Larger contract management platforms usually include a set of contract analysis capabilities. However, there are also individual products that specialize in the contract analysis part of CLM. Examples of these point solutions include:

Both types of software are included in this category so that firms looking for either type of technology can find them here.

Contract Management Software Comparison

Before investing in either a new CLM solution or contract analysis tool, consider these three key factors:


  1. Does your business need a comprehensive CLM solution, or are you looking for a dedicated contract analysis solution? Contract lifecycle management software is ideal for corporations or legal firms looking for a platform that can help them automate the entire process of contract creation, review, management, analysis, and renewal or termination. On the other hand, contract analysis software focuses on extracting important information from contract text. This surfaces insights about key terms, clauses, risk exposure, etc that might otherwise remain hidden.

  2. If your business operates in the supply chain management and procurement space, does your procurement software have built-in contract management capabilities? Many source-to-pay or source-to-contract procurement solutions include some level of contract management. However, if you’re looking for a platform with advanced contract management capabilities, including AI-based contract analysis, you may want to consider investing in a CLM platform.

  3. One last thing to consider is which type of deployment will fit your firm’s needs best. Will you need an on-premise solution for managing and monitoring contracts or a cloud-based platform that can be accessed via the internet? Some vendors may only offer one type of deployment, so make sure to check with the vendor if they provide the deployment option you’ll need.

Pricing Information

A wide range of products are available in the contract management market, from very basic to sophisticated enterprise systems. Some simple contract management tools are free and certain CLM vendors offer a free version of their product. Examples of free contract management software include:

Other enterprise-level systems offering contract lifecycle management capabilities can cost more than $8,000 per user per year. Factors that help determine the cost of a CLM solution are the number of contracts that need to be managed, amount of storage space needed, and level of features required. Most vendors do not disclose pricing on their website but will provide a quote upon request.


Contract Management Products

(1-25 of 59) Sorted by Most Reviews

PandaDoc
101 ratings
54 reviews
Top Rated
PandaDoc headquartered in San Francisco offers their eponymous electronic signature platform for sales teams, containing sales proposal automation and CPQ (configure, price, quote) features, and integration with CRMs.
ConnectWise Sell (formerly Quosal)
78 ratings
46 reviews
Top Rated
ConnectWise Sell (formerly Quosal) is the quote and proposal solution of the ConnectWise Suite. With ConnectWise Sell, users can create professional technology quotes and proposals that include rich product information, cover letters, and statements of work in minutes and automatically update their…
Apttus Configure Price Quote
44 ratings
31 reviews
Apttus is a Configure, Price, Quote platform built natively on the Force.com platform.
Coupa
39 ratings
19 reviews
Top Rated
Coupa Unified Spend Suite is a solution for procurement, invoicing, expenses, sourcing, inventory, contract lifecycle management, budgets, analytics, etc.
Kira Systems
25 ratings
19 reviews
Kira is software that excels at searching and analyzing contract text. Kira offers pre-built, machine learning models covering due diligence, general commercial, corporate organization, real estate and compliance. Using Kira Quick Study, anyone can train additional models that can accurately identif…
SAP Ariba Contract Management
72 ratings
10 reviews
SAP Ariba Contract Management is software that helps legal, finance, procurement, and sales operations professionals tasked with driving contract management to manage all types of agreements, including procurement, sales, and internal contracts. The vendor says that with SAP Ariba Contract Managemen…
Basware Purchase to Pay
6 ratings
6 reviews
Finnish company Basware offers Purchase to Pay (P2P), their flagship e-procurement application which also features accounts payable (AP) Automation, Contract Lifecycle Management, travel and expense management, and supporting analytics.
DocuSign CLM, formerly SpringCM
5 ratings
4 reviews
DocuSign CLM, formerly SpringCM, is a cloud-based platform that can be used to manage documents, contracts and related collateral. The solution includes workflows that can be tailored to an organization's business processes. It is also designed to accelerate team collaboration. SpringCM was acquir…
Concord
4 ratings
3 reviews
Concord is a contract lifecycle management platform built for the entire organization. Radically simple in design, the vendor promises that Concord's end-to-end solution makes it easier to create, collaborate, negotiate, e-sign, and manage agreements all on one ecosystem. Designed to meet the string…
Oracle E-Business Suite Procurement Contracts
112 ratings
3 reviews
Oracle Procurement Contracts is an enterprise application that creates and enforces better purchasing contracts. It is a key component of Oracle Advanced Procurement, the integrated suite designed to cut all supply management costs. For more information visit https://www.oracle.com/applications/ebusiness/products/procurement-contracts
ContractZen
3 ratings
2 reviews
Ready-to-use cloud service with contract and meeting management, eSignatures and data rooms (VDR)ContractZen is a digital hub for corporate governance. Replacing the time-consuming and expensive implementation projects and consulting, ContractZen is a cloud service for organizations of all sizes to …
FileHold Document Management software
3 ratings
2 reviews
FileHold is a document management software. It is feature rich, enterprise-grade and affordable. The standard offering includes versioning, file search, tagging, and tracking. A fully documented web services API is included at no charge. With the API, users can search the FileHold repository from a…
Agiloft Contract Lifecycle Management
4 ratings
2 reviews
Agiloft’s Contract Lifecycle Management solution is contract management software for managing the complete contract lifecycle, streamlining the approval process, and integrating contract information into all relevant business processes.
ContractRoom
1 ratings
1 reviews
ContractRoom is a negotiation process and contract management platform. According to the vendor, it removes the endless back-and-forth and annoying redlines - instead providing perfect drafts, frictionless negotiation and super simple compliance. ContractRoom also leverages all the past data from bu…
Icertis
2 ratings
1 reviews
Built for global enterprises, Icertis is a leader in contract lifecycle management, according to Forrester & Gartner. The vendor says their solution is counted on by large enterprises across industries, with more than 750,000 users, managing 2+ million contracts in 90 countries and 40 languages.…
Conga Contracts (formerly Novatus)
2 ratings
1 reviews
Conga Contracts (formerly Novatus) is a contract management software solution built around features such as contract creation, automated notifications, and approval and workflows.
Symfact
Symfact is a contract management software solution. It can be customized for a robust list of verticals: finance / administration, operations / IT, legal / risk compliance, sales / marketing, board, and procurement.
CallidusCloud CLM
CallidusCloud CLM is a cloud-based contract lifecycle management solution. Since it is not a CRM native application, approved users can upload and set up contract templates without having to wait on a CRM administrator or the IT department. The vendor’s value proposition says that by combining data…
CLM Matrix
CLM Matrix is contract lifecycle management software built on the Microsoft Office platform. It allows users to standardize, streamline and automate contract lifecycle management processes within Microsoft SharePoint.
Contract Logix
Contract Logix is a SaaS-deployed contract management software solution.
Smart Contract Management by FPX
FPX offers Smart Contract Management for automating contracts.
Determine Enterprise (formerly Selectica) Contract Lifecycle Management
Determine (formerly Selectica) offers Enterprise CLM, a contract lifecycle management application meant to provide cost analytics, control and compliance over supplier contracts and procurement.
Contract Assistant
Contract Assistant is a contract management software solution offered by Blueridge Software.
openSourceCM
openSourceCM is a contract management software product, with features designed specifically for industries with complex use cases. Many industries require management and oversight of large projects or deals involving many parties and contracts, with complex legal and financial requirements, such as …