The contract management process is the set of strategies, techniques and philosophies used by businesses to improve their contracting procedures. From ensuring that contractual obligations are fulfilled and reporting on contract data, there’s a lot that goes into managing contracts, especially once they’ve been drawn up and signed.
The process of managing contracts can be broken into the following phases:
1. Contract Drafting
Contracts are essential to the running of business and the establishment of boundaries in relationships. The process of contracting can be long and tiring which can lead to roadblocks and delays. Modern technology has made it more efficient. Digital collaboration, automated reviews, and modified contracts have reduced drafting cycles significantly. JAGGAER contracts, a specific 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 is a difficult task, which is cross-departmental and could comprise multiple versions of contracts. The aim is to find an option that is acceptable to both parties, and also aligns with the commercial and legal policies. Contract management software can help speed up the contract drafting and negotiation process by offering users approved templates as well as clauses and other pre-approved language. It also facilitates the process of reviewing and approving by facilitating digital collaborative and allowing teams submit their reviews at any time and from any location. It is also easy to use eSignatures within CPQ to speed up the execution process. This has been shown to cut down on turnaround times for contracts by up to 88%.
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