Contract Management Software allows organizations to effectively manage the various types of contracts they engage in, including: buy side, sell side, and non monetary.
Benefits
This type of software can help an organization:
create boiler plate templates that would help in ensuring consistent contract creation that has been sanctioned by the organization's legal group,
assist in versioning documents during negotiation and award phases,
manage the tender / pre-contract phases of agreements ensuring that a buildup of corporate knowledge may be used for ongoing management of the contract,
instill contract governance rules so that each type of contract follows a pre-defined or dynamic workflow but always ensures it is within the organization's established conduct, promoting corporate consistency of process and accountability,
ensure visibility is available across all contracts to the authorized people,
notify stakeholders of impending trigger points ensuring that contract management is pro-active, not re-active,
validate payments, deliverables, commitments and compliance terms that are established in the actual contract, and
ensure compliance to negotiated terms and conditions including rates, discounts, and rebates.
Coverage
Both Gartner Group and Forrester Research cover contracts management software in their respective analyst reports.
See also
Document automation
Contract management
(source:wikipedia)
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