Gathering required signatures for contracts can be a challenging task, especially when working with multiple signatories in various locations. Considering that signatures finalize contracts and propel their execution, this highly anticipated step can be delayed with manual wet signatures that can waste time and paper-based resources - including postage and office supplies. Moreover, specific signatures can require notarization, which can further delay the signing process. Read on to learn how contract management software can make online contract signing quick and easy.
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!
Manual contract management processes involving disorganized spreadsheets, sporadic emails, internal billing systems, emailed reminders, and wet signatures may suffice for organizations with low contract volume and contract complexity. Unfortunately, when organizations manage thousands of different contracts of ranging contract types, challenges can arise due to a time-consuming, error-prone, and inefficient manual contract renewal process. Moreover, such an outdated contract renewal strategy can increase risk and decrease opportunity realization. It’s time to take control of contract renewals. Read on to learn how to leverage contract renewal process best practices for increased ROI, decreased risk, increased revenue, and better opportunity oversight 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.