Do You Need to Automate Your Contracts?

by PracticeLeague

Contracts/agreements and documents are a big part of any legal department. They define and contain the various aspects of your relationship with vendors, partners, clients, etc. allowing you to efficiently manage your business by managing these contacts.

But as the need to reduce high costs comes into place, it becomes important use certain systems that can help in safeguarding against risk and improving contractual compliance. These have actually become a must have and not adhering to them can actually create a lot of unwanted problems.

Wondering if you need a Contract Management Software? Ask yourself the following questions and if the answer to most of them is ‘yes’ then its definitely time to invest in one.

Bullet Does inputting contract data again and again lead to too many errors?
Bullet Is there a high need for creating numerous documents and agreements every month?
Bullet Does it take a lot of time, effort and money to review multiple agreements that are similar in nature?
Bullet Are you unable to keep track of where in the lifecycle your contract lies and what the next step is?
Bullet Does the legal department take a long time to create, review and complete agreements with negotiations?
Bullet Do you feel you are at risk of creating non-compliant contracts?
Bullet Are you unable to manage key obligations and get timely reminders for them?
Bullet Do you need advance notifications for contract renewals or expiration?
Bullet Do you need a central repository to store all current and past contracts with all related documents and amendments?

A Contract Management Software can encourage the whole team to adopt best practices to increase efficiency, create contracts with ease and be compliant with all key obligations. Creating, reviewing and finalizing contracts and negotiations is quicker, while creating the contracts themselves and making sure they go through the right people and channels is also possible.

PracticeLeague has a robust and comprehensive Contract Management Software that integrates not just contract automation but also a number of other useful features that create a quick and easy contract lifecycle.

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