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The contract lifecycle is an important process for both parties to understand. It is important to be aware of the stages and their importance in order to create and manage a successful contract.
In order for a contract to be finalized, the necessary information must be gathered and the language of the agreement must be drafted. This can involve starting from square one or simply updating a template with the key details.
Contract negotiations are often the most difficult part of the contract process, as it requires extensive communication between the parties to reach a successful agreement. Without the proper tools, this step can take a long time.
Sending contracts to the right people in the right order for review and approval can be a tricky process. Without proper safeguards in place, this process can create additional hurdles and introduce risk.
Once all parties have agreed to a contract, the last step is to sign it. Wet ink signatures can take a while, yet electronic signatures are much quicker. Signers can generate a secure, verifiable signature from any device and a full, traceable record is kept.
To ensure the best recordkeeping practices and compliance, a secure, searchable, and centralized location is necessary for storing contracts. This allows authorized personnel to access the agreements remotely, thus saving time when searching for specific language.
Our CMS platform simplifies the contract process by automating numerous tasks within the steps, allowing for faster completion and reduced risk. The system also consolidates all the steps of the process in one secure location, making it easier to manage and access.
CreationWith CMS, your sales team can make new, accurate contracts from the start, all while in the system of record. Preconfigured templates are filled with legal approved language and customer data, saving your sales team time, effort and energy in manually modifying documents.
CMS streamlines the contract process by automating the flow of contracts based on certain business rules. This saves you the hassle of having to determine who is supposed to review or sign the documents. After the review period is finished, CMS can also initiate other tasks such as storing the contract or sending it to the relevant departments.
CMS eliminates the wait time for signatures, making the process faster and smoother. Digital signatures make it easy for stakeholders to agree, and automated workflows take the document through the process.
By storing contracts in a centralized, easily searchable location, legal teams can save time and effort. CMS also allows for comprehensive user permission control, preventing access to documents from unauthorized users.
Contract management system (CMS) can provide a multitude of advantages to nearly each and every sector of your company. The benefits as follows,
