What is contract management software?

Understanding contracts

juro-contract-automation-png Contracts are reasonably elementary. Two or more parties get together to assign some rights and obligations. They agree, and then they have to abide by that agreement. If something goes incorrectly belated on, everyone can look back at the condense to find out what they promised. But while in some respects contracts have n’t changed besides much, the volume and processes involved in managing contracts at scaling businesses has changed significantly. A business like Deliveroo might manage thousands of contracts a calendar month. Taking contracts into an automated, digital work is transformative when it comes to efficiency, speed and cost – which is why sol many fast-growth businesses turn to Juro to provide all-in-one narrow automation .

Why is contract management important?

ill managed contract processes can result in exposure to dangerous legal risk : 80 % of B2B gross is governed by contracts. similarly, huge amounts of time is wasted due to ineffective manual condense – the IACCM found that 92 % of meter on contracts goes on action. Poor abridge management causes friction between teams, and a lack of speed can harm a company ’ south ability to close deals. Poor management of the lifecycle can result in key dates being missed, which can lead to expensive reclamation costs. A key aim of abridge management is to establish a system of criminal record to mitigate this risk.

What is the contract management process?

The distinctive work flow for contract management is create – collaborate – negotiate – sign – track – renew. This is how each stage of the lifecycle works, comparing the manual process to an automatize summons using Juro ‘s contract management software .

1. Create

Contracts have to start somewhere. Nowadays that ‘s most frequently a template. here ‘s how it ‘s done .

Manual contract creation process:
  • Write the contract from scratch in Microsoft Word; or more likely …
  • Find an old Word or PDF version of the contract you’re trying to create, copy/paste the text, and change key details to reflect the parties, dates, addresses, pricing and so on for the new contract.
  • This process has a severe risk of errors due to mistakes being made during copy/paste, or key details not being updated. It’s also slow and painful.
Contract creation in Juro:
  • Use a custom-built, browser-native editor to create a contract template. Do this for each contract you want to automate.
  • Users answer a natural language Q&A to generate a contract from this template self-serve, with key fields populated by the Q&A answers as smart fields containing metadata.
  • This process reduces the risk of errors as new contracts are always generated from the latest set of terms that the legal team controls. It also takes just a few seconds.

It ‘s important to note that contracts do n’t have to be created natively within your compress management software. For example, in Juro you can drag and drop existing PDFs into the chopine, and sign and manage them as you would a natively created text file .juro-nda-non-disclosure-agreement-UI The Juro editor is custom-made to create beautiful contracts that support ample media. Click above to try it .

2. Collaborate

Contracts are key business documents with lots of stakeholders, so they are frequently subjugate to internal collaboration, frequently between teams. For model, a technology supplier agreement could touch IT, legal, procurement and conformity. And those teams and individuals might be in different offices, or unlike countries, making it unmanageable to get them all in the same room. here ‘s how it ‘s done :

Manual contract collaboration:
  • Mark up changes to the document in tracked changes in Word.
  • Email the document to your colleague to review / accept / reject changes and save a new version.
  • Repeat ad nauseum, hoping that you keep track of the latest version, until the contract is approved.
Contract collaboration in Juro:
  • Colleagues can collaborate on the document in-browser in real time, using mentions to tag other users.
  • Once the draft is ready, use an automated approval workflow to send it to designated approvers.
  • Use the timeline in Juro to scroll back through time to see previous versions of the document with one clickπŸ‘‡

juro-timeline-panel-png change of location back through your compress ‘s history with one chatter. Click above to try it .

3. Negotiate

The first draft of a condense is rarely where it ends up – contentious terms like purchase price, or the wording of an exclusivity or non-disclosure agreement, are likely to be modified many times before everyone agrees. here ‘s how it ‘s done :

Manual contract negotiation:
  • Counterparties run redlines by adding tracked changes in Word, then email the latest version back to the other side.
  • These changes are accepted, rejected, or subject to new suggestions, saved into a new version, and sent back via email.
  • This is repeated until either both parties agree or version control breaks down and the process restarts.
Contract negotiation in Juro:
  • Negotiate contracts in-browser, making comments and suggestions in the sidebar or by editing contract text.
  • The other side is notified via email, or in Slack if you set up the Slack integration, and can accept or reject changes in-browser too.
  • Crucially, the audit trail of negotiation data is preserved – teams can learn from negotiation patterns, and action their learnings.

Contract management software lets you do contract negotiation in real time, on-line, with change track, rather than editing documents, print, scanning, and couriering them around town ad nauseam. Getting everyone around a postpone to thrash out an agreement – however acrimoniously – is no longer necessary .Negotiate in Juro Negotiate your contracts in-browser, staying control of redline visibility. Click above to try it .

4. Sign

Digital platforms offer engineering that can replicate the binary, permanent wave quality of a physical key signature. Some want you to paste a scan version of a written signature ; some want you to type your name ; some will let you draw it with a shiner. here ‘s how it ‘s done .

Manual contract signing:
  • Parties either physically sign the hard copy of a document with a pen; or
  • Parties use some version of electronic signature to sign a PDF, Word document or Google doc.
Contract signing in Juro:
  • Juro has native, secure, mobile-responsive eSignature, meaning parties can sign seamlessly and safely on any device, without having to pay for an eSignature solution like DocuSign separately.
  • Parties are instantly and automatically emailed a PDF version of their fully signed contract.
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The authorities have given their grace to e-signatures as legally robust in dozens of jurisdictions, including the US, the UK and the EU, Australia and Japan .

5. Track

What happens to your condense after it ‘s signed ? How do you keep track of obligations and make certain your shrink data is easy to search as and when you need to ? hera ‘s how it ‘s done .

Manual contract tracking:
  • Your contract lives in a filing cabinet on paper, and you have no reliable way to search both for and within contracts.
  • Slightly better but not much – your contracts live as Word or PDF files on a shared drive. These are built from unstructured data and are almost as difficult to search through. This pain point is why some businesses have to buy contract review software.
  • With this method, it’s pretty difficult to know how long it took to negotiate, which clauses were changed, how many people read it, and how many people use it as the basis of other contracts, the key enforcement dates and who’s seen it.
Contract tracking in Juro:
  • Your contract was created and managed as structured data, so all of this information is available
  • You can use it to make smarter decisions about which clauses to stand firm on, and which to let slide; when to renew, how much to charge, which notice period to define – all of these decisions can be improved with some data to lean on. The potential to mitigate risk is also huge.

Monitoring data in legal is in occupation with the modernization of legal departments, particularly in-house, in the field of legal operations. The most innovative organisations are building data dashboards to which they can log in each day, monitoring the performance of legal in many different areas – including sign automation. Find out more in our eBook on legal operations .juro-analytics Keep path of your contract analytics to spot bottlenecks faster. Click above to try it .

6. Renew

many contracts need to be renewed after a define period, but it can be hard to keep track of these key dates and remember to review terms, or cancel if you ‘d like to end the agreement. here ‘s how it ‘s done .

Manual contract renewal:
  • Users manually add key dates from contracts to their calendars, to set reminders for themselves when renewal or cancellation dates are looming.
  • This approach carries obvious risk, as key dates are often missed due to errors or lack of transparency.
Contract renewal in Juro:
  • Users define renewal reminders on the contract, as well as the recipients who should get them when the time comes.
  • The relevant stakeholders receive email reminders ahead of the key date, to avoid any nasty surprises.

juro-contract-renewal-reminder-pngNever miss a renewal date again. Click above to try it. This feature of speech in Juro enables users to take an holistic view of contracts, enabled by narrow data. signature does n’t represent the end of the contract serve, but preferably the beginning ; a multitude of obligations and milestones will follow for the people involved. At the end of the lifecycle, users can jump back to contract universe and begin all over again. They may besides need to feed amendments into the abridge, and again, shrink management software can help .

Contract management integrations

Asking employees to adopt new software of any kind is always a challenge. To make it more probably that contract management software is actually adopted and used, ensuring that the caller gets some return key on its investment, solutions will much integrate with other common software packages or via API. This helps users build the newly means of working into their exist routines, and keeps data in synchronize. Juro offers integrations with :

  • Salesforce
  • Slack
  • Workday
  • Greenhouse
  • Google Drive
  • Gmail
  • Zapier
  • Companies House

… angstrom well as REST API / webhooks to enable users to integrate contracts directly with their own platforms. Get in touch to find out more .juro-integrations Integrate your contracts and their data with the systems your business colleagues use every sidereal day. Click above to try it .

What are the benefits of contract management software?

Companies often invest in shrink management when they reach a sufficient size, or stage of growth, that means sign volumes are growing out of restraint. Juro ‘s customers include scaling businesses of all sizes that want to stay in control of contract work – businesses like RVU, Deliveroo, Cazoo and Babylon Health. Find out more. Below are some of the key benefits of implementing contract management software .

Faster πŸƒ

‍ Spinning up a document based on a template in a few clicks is faster than writing one from incision. similarly, spinning up 5,000 documents – permit ‘s say new employment terms after an learning, or leases for flats in a new apartment engine block – is much faster if it can be done at scale, digitally, preferably than manually each time. Collaboration, negotiation and key signature can all happen faster without the manual processes that physical condense involves .

Collaborative 🀝🏿

‍ Your new employer sends you a contract. You want to accept but they have the amiss starting signal date. You have to call them ; they make the change in the Word department of commerce, export it to PDF, print it, send it in the post, and a few days belated it arrives. But they ‘ve misspelt your address. Around we go again. With contract management software, parties can make changes immediately to the live document. ‍

Shareable βœ‰οΈ

‍ once a document is ready, email a link to it to the relevant parties – whether that ‘s a colleague who needs to review, or the counterparty who needs to sign .

Searchable πŸ”Ž

‍ Storing and managing digital contracts means a level of searchability that saves huge amounts of time in comparison to manual processes. Finding concrete results digitally in milliseconds is obviously preferable to wading through filing cabinets looking for clues. This is particularly valuable when performing contract audits .

Secure πŸ”’

‍ A sensitive condense used to only be adenine batten as the filing cabinet it was locked inside. Contract management software normally uses encoding and advanced cyber security to keep any and all contracts locked safely behind multi-layer passwords. The best solutions have highly robust defences to keep data safe. ‍

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Backed up πŸ—„οΈ

‍ Physical contracts are besides vulnerable to loss or end, ascribable to unanticipated events like fire and flood, which could leave parties uncertain of their rights and obligations. Contract management software solutions store documents indefinitely, backing them up regularly, to nullify the risk of loss. ‍

Scalable 🌿

If your necessitate for 10 sales agreements a calendar month abruptly becomes a motivation for 500, the last thing you need is a bottleneck in legal. Users rely on contract management software because they can promptly increase the volume of contracts they create, without needing extra head count or budget .

Limitless πŸ”—

A party might have tens of thousands of contracts it needs to retain, a number that lone grows as time goes on. Contract management software means this memory write out is one obscure storage, not warehouse acquisition. Finding contracts is besides much easier without having to unearth a physical copy from a basement. It besides makes it easier to measure contract submission, even for boastfully volumes of contracts .

Enabling βœ…

Legal teams typically explore narrow management and automation in decree to win back time that they presently waste on low-value tasks. Once that time is won back through self-serve automation and better processes, legal teams are free to spend more time on the high-value tasks they trained for – enabling the commercial enterprise and repel growth .

Who uses contract management software?

Legal, sales, human resources, procurement and finance teams are the independent users of narrow management solutions, although each clientele will have its own particular needs .

Legal teams

Legal typically ‘own ‘ contract process at a company. In-house legal teams use compress management software to manage their templates and generate documents on a day by day basis, enabling their colleagues around the business to do the lapp .

HR teams

The human resources departments of large companies normally produce a high bulk of contracts, as they hire new employees on an ongoing basis. As non-lawyers, HR frequently trust on a contract management cock to generate lawyer-approved contracts of employment. Some solutions have integrations with the tools that HR use every day, like Greenhouse and Workday .

Sales teams

Sales hate anything that gets in the way of closing deals, so they ‘ll much use a contract management solution to generate contracts promptly, preferably than need to ask legal to create contracts for them. Sales users will typically look for solutions that integrate with the software they work in every sidereal day, like Salesforce .

Procurement teams

Any large organization likely has a dedicated team that focuses on procuring goods and services from vendors. This obviously involves processing of supplier terms, and – once documents are signed – keeping tracking of their reclamation dates. Procurement teams besides much have as a requirement of their contract management software the ability to seek approval from other stakeholders elsewhere in the clientele .

Finance teams

Finance teams typically need visibility into contracts, for versatile reasons. They need to reconcile contracts and placard, a well as generate accurate gross expectations for their commercial enterprise. Contract management software facilitates this kind of transparency .

Implementing contract management software

It ‘s a deplorable fact that a huge count of legal technology implementations fail.

When they fail, they fail for two key reasons :

  1. The buyer/decision-maker failed to secure buy-in for the project from other stakeholders in the business.
  2. The software was too difficult to use. Legal software generally is plagued by clunky user experience and poor design, so it’s really important to select a platform that’s easy to use.

While some vendors advertise ‘six-month execution ‘, as if that ‘s something to be proud of, Juro aims to get users to value within days, not months. Our median time-to-value is 21 days. Read more in the mugwump reviews below, or if you ‘d like to understand how Juro works with customers to deliver borrowing promptly, get in touch to find out more .

Do I need a contract management system?

Legal and business teams typically implement contract management software when contract volumes increase to a point where managing them in Word and shared drives is airy. If you are signing more than 10 contracts a month, you have probable felt the pain of a manual work flow and would benefit from implementing contract software. execution can besides help to scale contracts with the team you have, and avoid needing to hire a contract specialist. If you are considering making a commercial enterprise case to your stakeholders to invest in better legal processes, use this free commercial enterprise encase template to make your case .

Independent contract management software reviews

Juro is top-rated contract management software on Capterra ( ⭐⭐⭐⭐⭐ 4.8/5 ) and G2 ( ⭐⭐⭐⭐⭐ 4.7/5 ), leading the class for Ease of Setup and Quality of Support. Our users say :

“Thanks to Juro, teams within our business can send out clear, well-drafted, beautifully designed commercial agreements that can be signed quickly. Crucially, all of this can be achieved with minimal input from our legal team”

“We’ve created a workflow that is scalable, quicker, automated and allows other teams to self-serve their contracts. For a small legal team this is essential and has saved us so much time”

“Easy to learn, intuitive user interface, anyone can use it without training. The Q&A function is amazing and let me as a legal person focus on contracts which actually require my expertise in drafting and negotiating. The future is here!”

“If you’re looking for a simple to use, but powerful piece of contract management software that will have a tangible business impact, Juro is worth evaluating”

Read more about users ’ feel with Juro on G2 and Juro on Capterra .

Contract management case studies

The most common use cases for getting started with condense management and automation concern routine contracts that are n’t heavily negotiated – templates like the non-disclosure agreement, master services agreement and use offer letter. here are some example sign management case studies : 🌴 Secret Escapes : a unite workspace for contracts πŸ›‘οΈ Shieldpay : how legal empowered the commercial team to close deals faster πŸ’² Luno : simple, faster, unite – contract management that scales πŸ’‘ RVU : business-wide contract collaboration πŸ‘œ Appear here : empowering commercial teams πŸ” Wolt : how a scaleable solution took half the time and pain out of contracts 🚜 Farmdrop : how to make legal technical school work for farmers ⚑ Deliveroo : how to scale documents at lightning accelerate πŸ’³ Curve : reinventing the candidate experience If you ‘d like to find out more about how Juro ‘s all-in-one compress automation platform can work for your business, get in touch .

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Contract management terminology

Contract lifecycle : the stallion period for which a contract is relevant. For exemplar, if a subscription agreement runs for 2 years, then when this date arrives and the compress is no longer in force, it has reached the end of its lifecycle. Some sign management systems use alerts and updates to help users manage obligations and renewals. Contract management app: for the most part, abridge platforms do n’t offer mobile apps. This is chiefly because legal documents historically do n’t lend themselves good to small screens as they include lots of information. Juro focuses rather on making surely its browser-based narrow automation platform is responsive and enables collaboration on any device. Contract management workflow: this is the procedure by which a legal document moves through each stage, from creation through collaboration, negotiation, agreement and beyond, with input signal from relevant stakeholders at the right clock time. Find out more about narrow work flow. Contract reminder software: compress reminder software is another term for a contract management solution that enables occupation and legal teams to set reminders for upcoming contract deadlines, like sign renewals or specific obligations. eSignature : the ability to sign a condense digitally, on a calculator, pad or smartphone. Integration : a feature of speech of sign management software whereby other common software packages work in conjunction with the abridge chopine. For example, a Salesforce drug user can use an consolidation to create a narrow directly in Salesforce, without having to move to another system. Negotiation : the different parties to a contract making changes to the document in actual time. If shrink management software international relations and security network ’ triiodothyronine used, parties might do this orally and then make written changes to the document. Obligation management : once a sign is signed, the obligations it contains are in consequence, each with deadlines arising at any point throughout the contract ‘s lifecycle. The management of these obligations is a key job for the compress ‘s stakeholders. Redlines : proofreaders used to mark up hard-copy documents with loss pencils ; this convention made it to parole processing, where red lines typically highlight copy that ‘s been changing during the editing march. In contract management software, contract redline is the summons through which changes are made to the text file, in a means that ‘s visible to subsequent users. Template : users of contract management software often create templates for the most coarse documents on their standard terms. For model, if an administration employs all new starters on the same terms, with only changes to salary, name, starting signal date and so on, they can use a template to create the basic document very cursorily, rather than building from rub each time. Versioning : the ability to look at previous versions of a condense before it was agreed. Repository : a narrow repository or shrink database is the terminus for the post-signature repositing area that houses all contracts across the business. It should be structured and searchable .

Frequently asked questions about contract management

Is contract management part of CRM?

CRM stands for customer relationship management, and is used to describe software that enables businesses to manage the entire customer kinship process in one place. Since effective contract management is a core component of form and maintaining customer relationships, the two solutions much interact. That ’ mho why Juro can be integrated with CRM technology, like Salesforce. By integrating our sign management software with a CRM software, you can synchronize data and empower your business teams to create contracts in Salesforce with minimal stimulation from legal. The integration besides allows users to request eSignatures in Salesforce, which eliminates the want to switch between and pay for multiple different tools .

Does contract management software help with searching and reporting?

Yes. effective sign management software will normally have advanced features that enable you to search, question, audit and report your contract data. Juro ’ s contract management solution creates contracts from structured data, enabling legal teams and those they enable to view shrink data in real-time dashboards, run reports and question contract data instantaneously with advance search functionality .

Is contract management software secure?

Contract management software offers a dependable storage space for your contracts, unlike where, using the manual contract work, contracts are scattered across electronic mail, desktops and shared drives, or worse, kept in unguaranteed repositing cabinets in offices. Our shrink management software provides a secure home for your contracts, with farinaceous access controls, amalgamate text file records and extra security system options .

How is contract management software different from eSignature solutions?

Contract management software seeks to add respect and streamline the process at every phase of the sign work flow, interim eSignature solutions lone seek to add value at the point of signing.

Both contract tools offer eSignature functionality, but contract management software will deliver lots of extra features that enable legal teams to manage large volumes of contracts more efficiently .

Where can I find out more about contract management?

assorted ball-shaped bodies, publishers, vendors and consultants can help you to learn more about contract management. Explore any of the below resources for more information. If you ‘re ready to get started with compress management software, meet in the form below this explainer to get in contact. The International Association for Contract & Commercial Management ( IACCM ) | Artificial Lawyer | Corporate Legal Operations Consortium ( CLOC ) | Capterra | Radiant Law | Juro ‘s contract automation explainer page

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