Contract management is the process that outlines methods, strategies, and concepts that businesses employ 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, particularly after they’ve been drafted and executed.
The process of managing contracts can be broken down into phases:
1. Contract Drafting
Whether you’re drafting or drafting a Non-Disclosure Agreement, Master Service Agreement or Statement of Work, contracts are crucial to running a business and establishing guardrails for relationships. However, the process of contracting is time-consuming and laborious that can cause delays and obstacles. Modern technology has made it much easier. Digital collaboration, automated reviews and tracked changes have reduced contract drafting cycles significantly. Additionally, specialized contract management software like JAGGAER Contracts can aid in reducing manual errors by generating auto-generated.
2. Contract Negotiation
Negotiating terms and conditions is the next step in contract management. This can be a complicated cross-departmental task that often involves several versions of the contract. The goal is to create an agreement that is mutually agreeable and meets the needs of both parties and is in line with commercial and legal policy. Contract management software can help speed up the negotiation and the drafting process by providing templates, clauses, and other pre-approved texts. It can also automate and simplify the process of reviewing and approving 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 expedite the executing process, which has been shown to cut contract turnaround times by as much as 80 percent.
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