Top Contract Management Tools You Need to Know About

In business, it’s always important to cover all bases when it comes to contracts, so that there aren’t any problems down the line. In the past, managing these documents took a lot of time and energy but today, thanks to technology, there are many great software programs and apps on the market which make contract management quicker and simpler. Read on for some of the top ones you should know about today, and some tips for choosing which is right for you.

ContractSafe

ContractSafe is a good choice for businesses which have to manage high volumes of contracts and keep security tight. It is an easy product to use and includes many helpful features. For example, you will be sent an alert any time an important contractual deadline approaches; you can set permissions on each contract so only certain people have access to it; and you can conduct speed searching using keywords to find the document you’re after in no time at all.

You can also customize the dashboard for each user; sort, filter and export key data and documents; assign document folders and tags; and print custom reports. ContractSafe takes security very seriously, too. The system is cloud-based and encrypted. Prices for the product start from $99. This includes unlimited users and date reminders, and 100 contracts. In addition, there are various plans above this one, plus a free trial so you can test out the software to see if it’s for you.

Agiloft Agile Contract Management Suite

Business software firm Agiloft has the Agile Contract Management Suite on offer. Their products are designed to automate the complete contract lifecycle. Use the software to streamline the approval process and eliminate bottlenecks, with automatic notifications and one-click email approvals.  Using Agiloft you can access a secure, centralized contract repository and find any clause or document in seconds with full text search capabilities of both contracts and attached files.

The software enables customers to integrate contract information into other related business processes; automatically create a thorough audit trail for each contract; access configurable budget and forecast reports that include insights about contract renewals, costs, and revenues; receive automatic renewal alerts; and utilize automatic redlining functionality that ensures additional edits don’t slip in unnoticed. Agiloft’s system is free for up to five power users and five end users. Professional packages for bigger teams and with more functionality start from $65 per month.

Exari Contracts

When it comes to contract lifecycle management, it’s hard to go past Exari Contracts. This complete contract management platform boasts easy-to-use dashboards, and is perfect for empowering everyone to generate and manage self-service contracting. This means you can say goodbye to legal bottlenecks. The software was built by lawyers plus an experienced engineering team, and covers all aspects of organization and operations.

Use Exari Contracts to store and manage your entire contract portfolio within a single, global, secure repository, and take advantage of AI-driven data capture which makes it quick and easy to import legacy and third-party agreements accurately. Generate reports (standard, custom and ad-hoc ones) to gain insights, and make use of digital signatures, milestone and completion tracking, auto extraction, contract templates, full text search, and more. Contact Exari for a demo and custom pricing.

Tips for Choosing a Contract Management Tool

This is just a small sample of the many excellent tools on the market. (You can also check out options like Shake, LegalZoom, Contractually, SignNow and Docracy). To decide on the best choice of software for your firm’s needs, follow a few simple tips.

For example, make sure the vendor is likely to be around for the long-term. Select a company that has been in the market for some time, and is trusted with dozens of excellent reviews to its name. Companies that are brand new are unproven, and may have technology that is cutting-edge, but also containing more bugs that need to be worked out.

Also make sure you compare features carefully, as not all tools will give you access to certain functionality. Be clear on what you require, both now and as your business grows, and then look for a product to match. You want something scalable that will continue to fit your needs as time goes on.

It’s important to choose a contract management company that provides good customer support, too. You never know when you might have problems with a tool, and need to be able to communicate with company reps 24/7 so that contract deadlines aren’t held up because of a tech glitch or because you can’t work out how to use a particular feature.