In today's world, every individual signs or gets involved in an agreement or a contract. Many won't be able to draft agreements on their own and seek a lawyer or a contract drafter or an individual who is an expert. To make work easier and efficient, people could use software which is readily available on the market, it automates and helps people to get things done in a shorter period.
Contract Lifecycle Management (CLM) Software:
Every business runs on a contract and Contract Life cycle Management software is a tool which helps an individual or a firm or a company which gets involved in Agreement or Contract to get work done easily. This Software enables to manage contracts and agreements which the organization involves digitally. Every party in the Contract goes through all stages of the contract. Many Companies and Organizations use this tool to have better compliance.
Stages of Contracts Life cycle:
Contract request
Contract generation
Collaboration and Approval
Negotiate
Execution
Obligation Management
Amendments
Renewal and Extension
The initial stage of Contract Life cycle Management (CLM) is Contract request, the department or person who has need has to make request. Later in accordance with the need, an Agreement will be generated with the required clauses. Later an Agreement will be sent for collaboration and approval within the Organization, then the document will be sent for negotiation and get it signed. The parties could also set obligations for individuals within the Organization. In case of expiry of the term of the agreement the said agreement could be renewed or extended or amended in accordance to the party's need.
Features of Zoho Contracts:
Contract Authoring and Drafting:
Contract Authoring and drafting is the initial stage of drafting a Contract. It is designed to enhance transparency, accountability, and compliance within an organization. It enables to create contract in shorter time and make sure that all parties are on the same page or understanding.
Negotiation and Approval:
Collaborate and get the Agreement reviewed by the peers and provide access to view or comment or Fill fields or edit. Zoho Contracts streamline the approval process with predefined workflows and reduces cycle time.
Compliance and Obligation:
Contract Obligation are the duties that each party is responsible for. It helps to have a check on the obligation to be done by the party. This software helps to track and manage obligations and set reminder for the same. It also ensures that it aligns with existing laws and policies and reduces contractual risk.
Reports and analytics:
Zoho Contracts acts as a centralized contract storage and enables to strengthen compliance and automate the creation, execution and management of any type of Contractual Agreement. It helps us to have a check on the status of the Agreement.
Extensions and Renewals:
CLM provides automated remainders in case of renewals and expiration of contract. It helps to have a check on the active contract's status and bridges the process of renewal and extension. The renewal as well as extensions have the same systematized approval as well as negotiation.
Cross Platform Application:
CLM integrates with writer, CRM, e - sign, e - stamps as well as with third party application. It acts as a single platform with multiple options. i.e. It removes the use of various application. It acts as a hub for various services and helps to maintain consistency.
In Today's World CLM is used in various industries, such as but not limited to: Real estate or Construction Industries; Logistics and Transportation Industries; Health Care Industries; Media and Entertainment Industries; E-commerce; Automobile Manufacturing Industries; Pharmaceutical Industries & Telecommunication Industries.
