There are many waysto store contracts in a business environment. Some of them include manual approaches, others include creating folders in computers and this approach is highly error prone and in worst case it poses the risk of not renewing the contracts on time resulting in loss of revenue and litigations.
CMx, also known as Contract Management Experience is a simplesoftware product that offers secured Contract Management Software that can be deployed online or OnPremise. It offers reliable and secure contract administration & automation software solution as well as high compliance Online Contract Repository for legal, procurement, finance and sales departments of enterprises. Customers have the ability to choose whether they want to deploy the solution online or on-premise.
What is Contract Management System?
Contract Management orContract Life Cycle Management (CLM)refers to the process of effectively managing the relationship between entities by properly managing contracts with or without software and thus resulting in reducing, eliminating or mitigating financial, legal and procurement risks.
Core Components of Contract Management System
Contract Lifecycle Management has 9 phases:
Stage 1: Contract Request
The life cycle of contract management starts with the process of contract requesting in which one party initiates or startswith the request of the contracting process and afterward use this information for authoring or drafting the contract document.
Stage 2: Contract Authoring & Contract Negotiation
In the stage of contract authoring or drafting, an agreement document or contract is created using the software which includes all the terms, conditions, and clauses. Basically, in this stage, the contract approvers and signing parties are determined who will work with the project and their particular details are noted down in the contract document.
Stage 3: Legal Review
The documents or agreements which are created in the previous process are now submitted to internal or external approvers and once the document is approved for further processing, the contractual document moves to the next step of the Contract Life Cycle Management.
Stage 4: Execution
The contract document is now sent to respective parties who are involved in the process for signature using manual process or online technology.
Stage 5: Repository Storage
There is an easy to retrieve agreement database in which the signed contract document is stored. The documents and contractual Metadata are safely indexed and are saved for further reference.
Stage 6: Records Management
In enables complete control of all the critical business documents through backup and reliable storage of records. This stage also provides enforcement policies to provide confidence that your records are secure.
Stage 7: Easy Search & Retrieval
It applies filters, enables quick research and retrieves relevant documents from the contract system.
Stage 8: Audit & Reporting
It ensures that the users can quickly retrieve data and produce in-depth reports.
Stage 9: Contract Renewal
When the contract end date is reached, this stage renews the contract to avoid any financial risk for the parties involved in this process.
Management software for agencies
Document management systems are a basic tool in the development of the agency management project, the vast majority of the information they manage is based on documents.
How to Choose a Contract Management Solution (CLM)?
Contract lifecycle management (CLM) software plays a vital role in an organization's productivity. Efficient contract management can improve profitability by generating the equivalent of 9% of annual turnover, according to a recent study by the International Association for Contract & Commercial Management (IACCM), an independent international association for commercial and contractual management.
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