The process of managing contracts is the strategy, techniques and concepts that are used by businesses to streamline their contracting processes. From ensuring that contract obligations are being met and reporting to analyzing contract data There’s a lot of work that is involved in managing contracts, especially once they’ve been drawn up and signed.
The contract management process can be broken into the following phases:
1. Contract Drafting
Whether you’re drafting a Non-Disclosure Agreement, Master Service Agreement or Statement of Work, contracts are essential to conduct business and creating safeguards for relationships. The process of contracting can be time-consuming and exhausting, which can lead to roadblocks and delays. Thankfully, modern technology has made the process simpler. Digital collaboration, automated reviews and changed that are tracked have reduced contract timeframes for drafting significantly. JAGGAER contracts is a contract management software, can reduce errors by auto-generation.
2. Contract Negotiation
The next step in the contract management process is to negotiate terms and conditions. This can be a complex, cross-departmental endeavor and often involves several versions of the contract. The goal is to find the best solution that is acceptable to both parties, and also aligns with legal and commercial policy. Contract management software can help speed up the negotiation and writing process by providing templates, clauses, and other pre-approved texts. It can also automate and simplify the review and approval process by facilitating digital collaboration and allowing teams to submit reviews from any location anytime. It’s also easy to use electronic signatures within CPQ to speed up the executing process and has been proven to reduce the time it takes to complete contracts by as much as 80 percent.
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