The Contract Management Process

The process of managing contracts is the collection of strategies, methods and concepts that are employed by companies to streamline their contracting processes. From ensuring that contractual obligations are met and reporting to analyzing data from contracts There’s a lot that is involved in managing contracts, particularly once they’ve been drafted and executed.

The contract management process can be broken into phases:

1. Contract Drafting

Contracts are essential for the conduct of business and also the setting of boundaries in relationships. The contracting process is often lengthy and laborious and can cause roadblocks and delays. Modern technology has made it more efficient. Digital collaboration, automated reviews and monitored changes have cut down on contract timeframes for drafting significantly. JAGGAER contracts, a specialized contract management software, can reduce errors by auto-generation.

2. Contract Negotiation

Negotiating terms and conditions is the next step in the management of contracts. This can be a complicated cross-departmental job and may include multiple versions of contracts. The goal is to come up with an option that is acceptable for both parties and also complies with legal and commercial policy. Contract management software can accelerate the negotiation and draft process by providing templates as well as clauses and other pre-approved text. It can also help automate and streamline the review and approval process by facilitating digital collaboration and permitting teams to submit their reviews from any location at any time. It is also easy to utilize eSignatures in CPQ for expediting the executing process. This has been shown to reduce contract turnaround times up to 80percent.

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