From contract creation to renewal, CMS provides a holistic view of your contract lifecycle. Automated notifications keep you informed about upcoming renewals, missing signatures, and more. With full audit and history reports, you will always know exactly where your contracts stand and how they are performing.
Both start-ups and established businesses require contracts for business transactions. A contract is basically a legal agreement between two or more parties which details what must be done, by whom, and when. The contract helps both parties know what they should expect from each other.
It's important to keep track of your contracts, because they serve as proof of your agreement with the other party, and your commitment to fulfilling your obligations. Contract management software helps businesses with this process by tracking all their contracts in one convenient digital location.
When you have dozens or even hundreds of different contracts in place at any given time, it can be difficult to keep track of them all. The software helps you keep track of the contracts that you have entered into with your clients, suppliers and vendors. It allows you to create a database that contains all of the information related to each contract, including: 1. Details about the contract (e.g., date signed, expiration date) 2. A copy of every document related to the agreement (e.g., purchase orders or invoices) 3. Any notes that you want to make regarding changes or updates
Contract management software helps you optimize the contract tracking process. There are many benefits from using the software, such as:
- You can easily keep track of all the contracts you currently have. This helps prevent you from missing deadlines and losing money on missed opportunities.
- It allows you to quickly find information about existing contracts, such as dates and deadlines for payment or completion of work.
- You can easily send updates to your team members, including information about existing contracts, changes in contractual procedures, notices of changes in contract pricing or delivery schedule, etc.