Contracts are legally binding - and thus need to be executed properly. Organizations should equip themselves 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 these requests are fulfilled - with the possibility of contract renewal. Let's further explore the eight stages of the contract lifecycle below and how contract management software can help streamline your contracting processes.
As a legal operations professional, you hold a tremendous responsibility within your organization – especially in managing internal and external stakeholder processes. Relying on manual contract management processes such as spreadsheets, emails, and shared drives can create inefficient contract management processes that can decrease revenue, waste time, and increase risk. Read on to learn how legal operations software and contract management software can empower your day-to-day legal operations.
It remains true that general counsel and paralegals continue to encounter growing contract complexity and volume. An ineffectual legal contract management process makes obstacles for legal departments tough to overcome. Here’s how to leverage seven legal contract management software tools for a streamlined legal contract lifecycle, reduced risk, and minimal contract lifecycle bottlenecks and delays.
Awarding a contract is a complex, multi-faceted process. There is room for error and missed opportunities without the right strategy. This blog will delve into the five critical stages in awarding a contract and how to seamlessly navigate these stages with leading contract management software tools.