Contract creation management plays a vital role in the contract lifecycle, where contract contributors band together to form a cohesive contract. However - inefficient contract creation management can stem from unorganized contract templates, obsolete contract language, and subcontracts divorced from original contract versions. Read on to discover how leading contract management software can help streamline contract creation management in three steps.
Contract Creation Management
Contract creation management involves the preparation of a contract within the pre-award phase of the contract lifecycle where a contract's language is merged from prior contracts, new language is added, and the contract is negotiated – before final approvals and signatures. Optimized contract creation management usually involves leading contract lifecycle management software with robust artificial intelligence and highly-configurable workflows.
Step #1 - Merge Contract Language From a Secure Contract Repository
Manual contract creation can increase errors when static contracts become obsolete and contract authors remain unaware of the most up-to-date templates and versions. Clauses, contract language, and templates that are not current or standardized can increase the risk of contract managers inadvertently creating non-compliant contracts.
Fortunately, an automated contract creation system can centralize and automate the creation of contracts, documents, and agreements. You can leverage compliant contracts from a centralized contract repository and seamlessly merge them with your organization's approved data fields and clauses. A leading CLM tool allows for merging various contract versions and templates from an organization's pre-approved clause library.
A highly secure contract creation management tool – hosted by a leading CLM software provider that is SOC 1, SOC 2, and HITRUST compliant – can store FAR, GSA, DFAR, and almost infinite other contract templates. Moreover, with the help of CLIN (contract line item number) management and flow-down subcontract management, you can track contract numbers and ancillary flow-down subcontracts.
Step #2 - Leverage Artificial Intelligence With Machine Learning
Remaining current with the latest contract language can prove challenging - especially as laws and regulations change. You can encounter setbacks when manually sourcing the latest contract language, particularly in clauses. Thankfully, robust contract intelligence can empower you by supporting automated contract creation and revision. Integrated contract AI with machine learning can be configured to recognize particular language - including clauses and phrases - and offer insightful language recommendations. Such recommendations can arise from a configured language library.
Moreover, contract artificial intelligence can help extract metadata that can be leveraged to support legal routing, contract abstraction, auto-amendment recommendations, approvals, and more. Imported CLM software data can feed machine learning the necessary data to agilely evolve with changing environmental variables and algorithms. While artificial intelligence does not replace the counsel of a licensed legal resource, AI can reduce some of the tedium and offer intelligent possibilities from which you can choose. Rather than waste time unnecessarily, contract AI with machine learning can help streamline your contract creation management process with robust insight and unparalleled confidence.
Step #3 - Track Contract Versions With Rules-Based Workflows
Disparate contract versions and communications can create a web of confusion, especially when collaborating with multiple stakeholders in creating a new contract. Fortunately, those involved in the contract creation process can remain abreast of its evolution with version tracking tools. Leading contract creation management software tools can help you better control contract versions by configuring user permissions, approval routing workflows, and audit trails.
Rather than waste time gathering approvals manually and worrying about stakeholders modifying language outside their permissions, you can configure a centralized system with user permissions and workflows - including from a CLM software mobile app - to streamline the contract creation and negotiation process. For instance - by assigning clause ownership to a stakeholder, they can receive email alerts of said clause's modifications - decreasing interruptions and bottlenecks in other stakeholders' contract creation tasks. Additionally - with the help of web-enabled connectors such as MS Office 365 and Google Workspace, you can work flexibly between your centralized contract creation management tool and external editing platforms for optimized contract redlining and counterparty collaboration.
After a contract's initial creation and final negotiation, you can seamlessly gather eApprovals and eSignatures from stakeholders via configured automated workflows - propelling a contract's lifecycle journey into the post-award stages of contract management.
Contract Creation Management With CobbleStone Contract Insight®
Discover how you can enhance your contract creation management with robust contract lifecycle management software tools. CobbleStone Contract Insight CLM software can make contract creation management as easy as 1,2,3! Don't waste any more time with inefficient and ineffective contract creation management. Book your free demo to see optimized contract creation management in action!
CobbleStone's trusted, award-winning, fully integrated contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone has been a leader in CLM software for over twenty years and is trusted by thousands of contract managers. CobbleStone's user-friendly, robust, and scalable solution seamlessly connects with external applications, including MS Word and MS Outlook, for unified and seamless contract management. It's no wonder why Forrester names CobbleStone a Leader in CLM software!
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorney for legal advice regarding any particular legal matter.