Contract Management Software
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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.
signNow is an eSignature solution with mobile apps for iOS and Android. signNow can be integrated into popular platforms and offers SaaS, public cloud, and private cloud deployment options with the same underlying API. This enables customers to leverage the power and usability of…
airSlate is a codeless workflow building platform, focusing on document generation, contract lifecycle management with e-sign, and what the vendor describes as mobile-friendly web forms which can be integrated with systems of record (e.g. CRM, etc), using no code airSlate bots.
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Acquirell is a SaaS procurement technology suite solution tailored to SMBs. Acquirell enables businesses to save the time of their procurement teams by eliminating manual workflow and automating the procurement process. The E-Sourcing module of Acquirell enables the companies to…
Zeal offers automated contract lifecycle management, helping clients take control of critical internal processes with its AI-backed platform. Zeal’s collaborative contract management system empowers companies to automate contract functions, analyze contract data and build workflows…
A SaaS company offering cloud-based rebate management software DealTrack, which helps suppliers, distributors and wholesalers to drive mutually profitable growth, while improving cash flow and reducing risk. The vendor states that leading manufacturers and distributors in the UK…
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The Corcentric Source-to-Pay Platform, including technology from the former Determine Selectica CPQ solution acquired by Corcentric in April 2019, is designed to provide a customizable CPQ solution to cover an enterprise's need to offer many possible permutations of combinations…
Juro is a contract collaboration platform that enables businesses to self-serve, agree and manage contracts and their data in one unified workspace. Juro's no-code editor is designed to turn contracts into actionable data, giving users control and visibility at every moment, and…
SpotDraft is an end-to-end contract automation platform that helps organizations draft, review, and manage contracts, from drafting to execution and beyond. The SpotDraft engine has been built to understand the context behind every uploaded contract. When uploading legacy contracts…
Gatekeeper is a Contract & Vendor Management Solution that promises to bring visibility and transparency to your contract and vendor sets. The vendor says Gatekeeper allows you to create a single source of truth with a central data repository, develop robust, scalable processes…
Contract Insight by CobbleStone Systems is a web-based Contract Management Software. Features include enterprise contract tracking, contract drafting, eSignature, custom fields, custom report design tools, e-mail alerts, calendar reminders, task notifications, security, document…
Evisort, an AI powered contract management software from the company of the same name in San Mateo, is designed to provide visibility into any document and reduces risk by using artificial intelligence to increase the speed and accuracy of contract analysis while streamlining workflows…
Paperless is a contract management solution that helps companies transition from disconnected paper and PDF-based processes to an online solution, where they can create, electronically sign and manage intelligent documents on a single platform. Paperless helps businesses: Create,…
Product Lifecycle Management from Nemely to track any type of contract. Depending on the products sold, the user may offer repair contracts, maintenance contracts, warranty agreements, leasing contracts, etc. With the configuration capabilities of the solution, Nemely PLM users can…
Malbek is a CLM solution with an AI core that by supporting the growing contracting demands of an organization, including Legal, Sales, Finance, Procurement, and other critical business units, provides end-to-end contract management with out-of-the-box integration to business applications,…
Pramata’s platform aims to transform contract management into radical simplicity. Its method towards radical simplicity is rooted with a 3-pillar approach. Pramata gets documents systematically organized, empowers businesses with the information they need, and accelerates contracting…
SimpliContract is an enterprise-grade Contract Lifecycle Management platform that enables teams involved in the contract lifecycle to manage contracts with internal and external stakeholders. Crafted by Lawyers, Technologists, and Contract Managers, the platform helps users to accelerate…
IntelAgree is an AI-powered contract lifecycle management (CLM) platform that helps legal teams, with machine learning algorithms that can read key terms and clauses in contracts, whether it’s the user's own paper or third-party paper. IntelAgree optimizes contract processes so…
CourtiGo is a CRM emphasizing breadth of functionality and total coverage of a business's outreach needs, so that there's no need to use several tools (CRM, marketing, management, electronic signature, visio, comparator, etc.). With its emphasis on the needs of brokerages and agencies,…
fynk is used to automate the entire contract lifecycle. It allows users to create, edit, review, approve, electronically sign, analyse and manage contracts. fynk offers visibility, control and governance from a browser.
The Contract Management System by Vuram is designed for enterprises that frequently manage a large number of contracts. It is a plug-and-play solution built on Appian, a low-code platform enabling enterprises to go live in less than 2 weeks. The solution aims to streamline the contract…
Enterprise Contract Lifecycle Management Solutions from Ultria promise to centralize contract storage, track compliance across multiple dimensions, and reduce creation cycle time. Organizations must introduce a collaborative culture of contract management and bring together all…
Exela Technologies / SourceHOV headquartered in Irving offers JET contract management software.
DLL headquartered in Eindhoven offers the @OnceFinance lease application solution for supporting manufacturers with contract management and instant credit check.
Lone Wolf Transactions is a tool supporting agents needs for digital transaction management, including templates, tasks, checklists, and document storage. With the broker transaction management edition, brokerages get the tools to support simpler transactions, from the moment a listing…
With ContractVaz, users can seamlessly collaborate with your internal and external stakeholders within the contract lifecycle. Built on a no-code platform, the vendor says ContractVaz enables enterprises to configure workflows with ease to meet the business needs. One solution…
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Learn More About Contract Management Software
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:
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.
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.
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.
Other Contract Management Products
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Frequently Asked Questions
What does contract management software do?
Why is contract management software important?
What are the best contract management software products?
According to end-user reviews, the top two contract management software tools are PandaDoc and Coupa.
However, there are several other contract management solutions to consider as well, such as SAP Arbia Contract Management, Concord, and Oracle E-Business Suite Procurement Contracts. Learn more about alternative contract management tools on TrustRadius’ contract management software page.
What’s the difference between contract management and contract analysis?
Contract management is a larger grouping of capabilities including contract creation, storage, tracking, and management that contract analysis falls under. Contract analysis, on the other hand, focuses on doing in-depth text-based analysis of contract terms. Contract analysis products are language processing tools that can either be rules-based or use AI technology like natural language processing (NPL) to understand the substance of contracts.
Contract analysis tools are widely used in the legal services industry, and by some government organizations and corporations as well.
How much does contract management software cost?
The price of contract management software can vary widely based on the breadth of features included in the tool and number of users.
Some vendors offer a free version or trial period of their product like Agiloft Contract Lifecycle Management, Concord, and OneSoft Connect. Other products designed for non-enterprise use cases may charge anywhere between $10 - $200 per user per month, or charge a flat monthly fee. Enterprise-grade contract lifecycle management (CLM) solutions can cost upwards of multiple thousands of dollars per year.