The Contract Management Process

Contract management process describes the strategies, methods and principles that companies employ to streamline their contracting processes. From ensuring that contractual obligations are met and reporting on contract data There’s a lot of work that goes into managing contracts, especially after they’ve been created and executed.

The contract management process steps on taking the board meeting minutes could also be broken down into phases:

1. Contract Drafting

If you’re writing an Non-Disclosure Agreement, Master Service Agreement or Statement of Work, contracts are crucial to running a business and establishing safeguards for relationships. However, the process of contracting can be lengthy and time-consuming creating delays and roadblocks. Fortunately, modern technology has made the process more efficient. Digital collaboration, automated reviews, and monitored changes have cut down on contract draft times significantly. JAGGAER contracts, a specific contract management software, can reduce errors by auto-generation.

2. Contract Negotiation

The next step in the contract management process is negotiating the terms and conditions. It can be a challenging multi-departmental undertaking that usually involves multiple versions of the contract. The goal is to come up with the best solution that is acceptable for both parties and also aligns with legal and commercial policy. Contract management software can speed up the contract writing and negotiation process by providing users with templates that have been approved clauses, clauses, and other approved language. It can also automate and streamline the process of reviewing and approving by facilitating digital collaboration and permitting teams to submit their reviews from anywhere anytime. It is also easy to use eSignatures within CPQ for expediting the executing process. This has been shown to reduce contract turnaround times up to up to 80%.