Contract management software is a program or series of related programs for storing and managing legal agreements such as contracts with vendors, leases and licensing agreements. An important purpose of contract management software is to streamline administrative tasks and reduce overhead by providing a single, unified view of each contract’s processes.
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In the enterprise, contract management software can be used to manage a new contract request, capture data related to the contract and document authoring, contract creation and negotiation. The software can then follow the contract as it goes through the review and approval process, providing documentation for digital signatures and execution of the contract, including post-execution tracking and commitments management. Such software not only provides business owners with better visibility into the status of a specific contract, it also facilitates reporting and compliance.
Most software packages will provide business owners with alert notifications for critical dates that affect a contract, such as the cut-off date for contract renewal or the contract’s end of life (EOL) date. Some low-end products simply provide templates and guidelines that allow users to create and store their own hard-copy contracts. Other, more complex software packages, provide tools for creating and managing contracts electronically and automating the digital management of a contract throughout its lifecycle.