Contract management activities such as routing and prioritizing business requests, going through vendor correspondence emails, verifying data integrity and accuracy, accommodating to changes and feedback from business and external parties, filling in cover sheets and obtaining approvals are probably where a lot of corporate attorneys spend their valuable work hours. Legal teams, in most cases, also lack the technology and tools to track or automate these mundane tasks.
eContracts is the best-in-class legal contract management software that provides an enterprise grade centralized contract repository along with a comprehensive set of features to implement best practices & streamline contract processes. The key features are as follows:
Market Guidefor Enterprise Legal Teams
A well-prioritized queue of upcoming contract work, not only makes overall legal support and planning easier, it communicates to business a checklist of things to get done including internal work that otherwise will never be noticed.
- Validate requests for data errors and completeness
- Contract pipeline and status tracking
- Contract work breakdown and contextual assignment
- Priorities, due dates, reminders and task routing
Lack of clarity and scope of ownership often has in-house counsels performing the traffic cop role and assuming responsibility for negotiation and drafting through approvals, amendment, renewal and dispute resolution.
- Milestones, ownership and reminders
- Multi-staged conditional review & approval workflows
- Share documents for external party collaboration
- Document commenting and version tracking
- eSignatures
Automating and enforcement of standards for a few, top routine contract types can drastically reduce ad hoc calls and emails from business for trivial contract related tasks, saving countless hours in the long run. Most business users would love to be self-sufficient when it comes to dealing with day-to-day contract search or contract creation.
- Contract types & user friendly forms with help tips
- Document automation with template libraries
- Business area level rules and ownership
- Access delegation and security trimmed search
Omissions and assumptions during initial contract stages can turn into complicated rework wasting several hours or days of work. Understanding goals, stakeholders expectations, risk attributes and appetite at the earliest is integral to effective legal contract operations.
- Contract record view and summary cover-sheet
- End-user form validations and alerts
- People and history of activities
- Contract document clean-up tools
Contracts are cross-functional. Not understanding who should take responsibility for deal structuring, commercial negotiation, obtaining regulatory approvals and post-signature contract management causes dissonance between attorneys, contract managers and business groups.
- Obligation management
- Configurable contract roles, by contract type
- Outlook Add-in and Correspondence Management
- Cycle time and productivity metrics
Through contract automation, with all the time saved on searching for documents, schedules, notes, and data entry, lawyers can focus on non-standard contract drafting, negotiations and systematically support business from a legal risk standpoint.
- Legal authoring tool for word
- Terms and Clause index, tagging
- Third party contract evaluation and deviations
- Clause and terms search, usage reports
