What is Contract Management?
Every business today deals with at least one contract. These can
include anything from a simple written message with a signature,
to complex contracts with numerous sections, clauses and
sub-clauses. Whatever the case may be, contracts are the
livelihood of a business as they influence cash flow and specify agreements, terms of payment and more.
Keeping track of one contract may be easy, but imagine dealing with dozens, hundreds and even thousands of contracts. According to the Institute for Supply Management (ISM), a typical Fortune 1000 company has between 20,000 – 40,000 active contracts. Each one with different renewal or expiry dates, contact names and more – keeping track of contract details can become an arduous task. The act of simply finding a contract when needed may prove to be a frustrating and time-consuming undertaking.
This is where a Contract Lifecycle Management (CLM) solution like UpsideLive comes into the picture. In short, CLM solutions encompass everything from the bidding/procurement process, to the management of the resulting contracts. UpsideLive’s Contract management solution also facilitates the negotiation process between internal and external parties allowing them to collaborate until the contract is just right. Creating contracts from scratch or copying an existing one into the system is a breeze when using one of the standardized templates. Alerts and approvals ensure that key dates are remembered and that the proper checks
are in place before contracts are released.
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