The contract management process is the set of strategies, techniques boardroomate.net and concepts that are employed by companies to streamline their contracting processes. Contract management is a broad area to do with ensuring contract obligations are fulfilled and reporting to analyze contract information.
The contract management process can be broken into the following stages:
1. Contract Drafting
If you’re writing or drafting a Non-Disclosure Agreement, Master Service Agreement or Statement of Work, contracts are crucial to running a business and creating safeguards for relationships. The process of contracting is usually time-consuming and tedious which can lead to delays and obstacles. Modern technology has made it simpler. Digital collaboration, automated reviews, and monitored changes have cut down on contract drafting cycles significantly. JAGGAER contracts, a specific contract management program, is able to reduce mistakes through auto-generation.
2. Contract Negotiation
Negotiating terms and conditions is the next step in managing contracts. It can be a complex task that crosses departments and could comprise multiple versions of contracts. The aim is to come up with the best solution that is acceptable to both parties, and also aligns with commercial and legal guidelines. Contract management software can help speed up the negotiation and draft process by providing templates including clauses, clauses, and approved text. It can also streamline the process of reviewing and approving by facilitating digital collaboration and allowing teams to submit their reviews anytime and from anywhere. It’s also simple to utilize electronic signatures in CPQ to speed up the execution process that has been proven to reduce turnaround times for contracts by as much as 80 percent.
