BEST PRACTICES

Once you make the decision to implement a contract management solution, a series of best practices is recommended.  

Contract creation

Templates can be created across the organization to reuse as much pre-approved language as possible.

Contract negotiation

Simple for contract negotiators to mark up terms and conditions and efficiently present and review changes with the other party.

Signature process

A routing capability with the correct workflow of approvals of certain elements of an agreement before it is presented for final sign-off. 

Storing the details

Once agreed upon by both parties, the agreement will be stored in a central repository and immediately be put into effect in integrated systems.

Reporting

The solution should have built-in reporting that presents the key attributes of agreements from financial terms to renewal terms to expiration window.

Post-contract Compliance

Service level components are becoming more and more common as outsourcing continues to be a prevalent part of business; the corresponding service levels need to be easily accessed.

Notifications / Alerting

Alerting is a key capability; notify the right parties within the organization to changes to an agreement, noncompliance to a contractual process or a countdown to an expiration or renewal of an agreement.

Integration with other systems

Imagine working in an ERP or CRM system that would enable one to click and immediately view an existing contract that backs up a price point, statement of work or proposal being made. Integrations are put in place to extend the value of centralized contract management.