Contract review is one of the most critical stages in the life of a contract. Unfortunately, many organizations are using obsolete contract management methods. Manual and entirely paper-based contract review methods can lead to missed key dates and deadlines, missed opportunities, costly and damaging contract language oversights, and other harmful consequences and contract lifecycle bottlenecks for your organization. Luckily, this blog post will examine the contract review process – as well as how one can improve contract review with AI-based contract management software.
2021 has arrived, and with it comes new innovations to your contract management software processes. Keeping this in mind, we have outlined six critical contract management tools that your organization should equip itself with to stay ahead of future-minded contract management best practices in 2021 and beyond.
In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses. To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!
Contracts are legally binding - and thus need to be executed properly. As such, organizations should be equipped with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed. The “lifecycle” is an archetype used to compartmentalize and understand a contract’s complex evolution. The lifecycle begins with contract requests and concludes when said requests are fulfilled - with the possibility of contract renewal. Learn about the eight stages of the contract lifecycle below.