What is a contract management system? - All you need to know

Contract Management System – An Ultimate Guide

Contracts are not difficult to understand: they consist of two or more parties agreeing on common terms to do certain things that are legally binding.

Contracts have been in existence for decades and have always been an essential underpinning to operating a business efficiently. 

However, in today’s time, businesses are working around the clock striving to evolve with fast-paced disruption and accelerate digital transformation to get ahead of the competition. Using old and manual contract management methods will no longer suffice for today’s business needs.

Why? Because:

Business success depends on its stakeholders: employees, partners, customers, etc. Contracts bind them together to function in tandem as per the contract terms. It plays a prime role in generating revenue, strengthening business relationships, and, most importantly, ensuring business continuity.

With so much at stake, a small error in the management of contracts can significantly impact businesses on a larger scale. After all, every avalanche begins with a snowflake. ❄️

More volume of contracts = Complicated contract management 📄

Don’t fret! A superhero is born to protect businesses from the downfall of poor contract processes and bless businesses with a spiral of productivity and growth.

Improve your company’s CLM processes and sign off contracts faster.
Try Revv – The best contract management software

Ladies and gentlemen! Presenting contract management software (a.k.a contract lifecycle management (CLM) software).

If you are looking for specific information, you can click on the links below and jump to the section of your choice to read further.

In this blog:
How do contract management systems work?
Why do you need contract management software?
Who needs a contract management solution?
What are the top contract management solutions?
1. Revv – the best contract management software
2. Agiloft
3. Concord
4. PandaDoc
5. ContractWorks
6. Outlaw
7. Nintex
8. Conga
Key takeaways
Frequently asked questions

How do contract management systems work?

Contract management software, also known as CLM software, redefines business relationships. It combines the strengths of digital technology and machine learning to effectively manage the entire lifecycle of contracts end-to-end. 

It helps legal and business teams to act fast, intervene timely, and make the right decisions.

It streamlines the contract management process, makes it error-free, increases compliance, mitigates risks, and liberates legal and business teams from administrative tasks. 

Improve your company’s CLM processes and sign off contracts faster.
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Contract management systems also provide flexibility to expand features and integrate third-party tools like CRM, ERP, accounting software, etc., to accommodate the needs of business functions – for which it scores the brownie points.

It also tracks and measures the contract KPIs and delivers the efficacy of contract management. It helps the contract managers to monitor the progress and accomplish objectives against contracts. 

Overall, it acts as a guardian angel for businesses and is embraced by organizations with open arms.

Do you know?
The global contract lifecycle management software market is anticipated to grow at a CAGR of around 10.2% during the forecast period 2020 to 2027 and to reach around US$ 3.0 Bn by 2027. (Source)

Now, let us take a deep dive and understand the stages of an entire contract lifecycle.

Stages of a contract lifecycle management

1. Contract request

This stage sets the wheels in motion. A contract request is fed into the system where both parties (the seller and the buyer) clearly express their expectations. 

This is the foundation of contract creation. Make sure there is no gap and all the crucial information-pinning down the partner’s requirements, establishing goals, understanding the terms, and identifying key documents and supporting information-is known.

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2. Authoring

Once the tone has been set in the previous stage, it is now time for contract creation. At this stage, the contractual terms and clauses are written for new contracts or edited for routine contracts. 

This is also the stage where you create templates and a clause library. This enables business teams to quickly find a perfect fit from the contract templates based on the contract type.

3. Negotiation

Here the parties negotiate the terms laid out in the authoring stage and redline the document. This stage brings clarity where both parties come to a common understanding and set the right expectations.

Quick Bite
Redlines are adopted from proofreading hard-copy documents and marking the changes with red pencils. The same concept is used by contract management software to highlight the changes that can be viewed by both parties.

Contract management software also facilitates versioning or version control. It automatically creates a new version of a document whenever there are edits. This helps the team track down the latest document and work on it.

4. Contract approvals

Once the contract is revised based on the new agreements and negotiated terms, it is sent for internal or external approvals.

5. Contract execution

The deal gets sealed in this step, and the contract comes into effect after both parties sign it. 

6. Contract storage

Businesses also need to store contracts somewhere and maintain a contract repository for easy search, tracking, and retrieval.

A smart contract management software provides e-filing cabinets to store and organize contracts. It indexes the documents with the respective metadata for document retrieval.

It also comes with Optical Character Recognition (OCR) capabilities to convert PDFs and images into rich text documents.

Do you know?
94% of people say that human error impacts the contract process to some degree – adding risk, rework, delays, and costs. (Source)

7. Compliance

Compliance implies that the parties comply with all the terms explained in the contract, along with the rules and guidelines set externally by the government, industry associations, and other ruling bodies.

8. Audit and reporting

A contract management system provides an audit trail and records all contract-related information – who accessed the records and when, who made the changes, etc. This information helps to identify the bottlenecks and compliance issues and take action if a contract is litigated. 

Most importantly, it always keeps businesses audit-ready.

Quick Bite
An audit trail is a log of all the changes in chronological order that have been made to a database or file.

9. Review and amendments

In this stage, reports are reviewed to check on a contract’s progress and identify if it demands amendments. It helps to proactively work on the changes and make informed decisions well before the contract renewal date.

10. Contract renewals

This is the last stage of the contract lifecycle that decides the fate of the contract – whether to terminate it, renew it, or create a new contract. A contract management software solution notifies the users well in advance through automated alerts of deadlines and renewal dates. 

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Why do you need contract management software?

Contracts have always been an innate part of organizations. 

But, with increasing business complexities, demanding customers, and businesses’ being neck-deep busy accomplishing goals, old ways of managing contracts manually become a major bottleneck to an organization’s success.

The below points make a strong case why businesses should ditch manual contract management and go for a contract management software solution.

Complete control and visibility

Manual ways are often unorganized where the files or multiple copies/versions of files are randomly stored in physical cabinets or on personal drives of contract managers. This clutter of files becomes unmanageable to track and becomes worse if the contract manager exits the organization, leaving the team in chaos.

A contract management platform provides a centralized contract repository that enables teams to:

  • Access up-to-date contract templates, clauses, and contract data
  • Work on the latest copy of contract through version control feature
  • Searching for relevant information in a fraction of seconds

Cost savings

Incomplete visibility of contracts can result in unintended contract terminations and renewals. 

A contract management platform streamlines business processes and empowers organizations to create, amend, or renew contracts within the timelines and make informed decisions.

Do you know?
Eliminating inaccuracy and non-compliance can mean 33-41% of cost savings. (Source)

Audit ready – always

Audit trails take away the painful and strenuous task of manually investigating and finding the loopholes, and streamline the audit process. With audit log functionality, the entire contract history can be accessed in a few clicks. It brings efficiency and accuracy throughout the business.

Risk mitigation

A contract management software leaves no room for ambiguity. It equips businesses to run a contract management process smoothly. It brings uniformity and enables them at each stage through analytics, artificial intelligence (AI), templates, notifications, etc. This significantly reduces the risk factors and prevents businesses from landing in trouble.

Compliance

With multiple teams working in silos, it becomes almost impossible to bring everything together to common standards. Organizations often overlook this part and do it offhand.

Do you know?
Non-compliance costs 2.71 times more than the cost of meeting compliance requirements. (Source)

A contract management solution increases compliance management by standardizing processes and methods and aids in immediately pinning down any kind of transgression.

Approval workflow automation

Contract reviews and approvals are crucial steps in contract management. But, manually tracing an approval workflow is challenging and not scalable, especially when an organization deals with a copious volume of contracts. 

No clear visibility in the approval process can lead to delays and eventually losing out on a golden opportunity.

A contract management software offers customizable contract workflow automation to speed up the entire business process. It also gives clarity in the approval process—who has reviewed it, where it is stuck, and by whom—and helps to take relevant measures.

Electronic signatures

Waiting for the parties to be physically present and wasting time on wet signatures is a practice of the past. The manual signing of documents provides no security or safety since paper documents can be easily accessed and forged. Costs associated with paper-based processes also add to the woes. 

Many contract management systems offer an in-built electronic signature feature to overcome the above problems. Some even provide flexibility to integrate third-party e-signature software.

Improve your company’s CLM processes and sign off contracts faster.
Try Revv – The best contract management software

Contract collaboration

Contract management solutions facilitate internal teams and external parties to collaborate in real-time from anywhere. It saves them from the back-and-forth of never-ending and confusing email threads.

Who needs a contract management solution?

The features and user-friendly functionality of contract management software make it a perfect partner for most business function teams in an organization.

A CLM platform boosts the productivity of business function teams and law firms.

Businesses need different types of contracts (unilateral and bilateral) on a daily basis for different reasons. The features and user-friendly functionality of contract management software make it a perfect partner for most business function teams in an organization.

Human Resources (HR)

A contract management solution helps HR departments streamline all their contract-related jobs:

  • Creating HR documents like employment contracts, non-disclosure agreements, etc., and obtaining electronic signatures 
  • Managing documents with third-party recruitment agencies 
  • Extending the employment agreement for contractors, etc. 
  • Timely reminders to prepare in advance 
  • Integration with Human Resource Information Systems (HRIS) to improve the efficiency of HR operations
Looking to draft, manage, track, and automate the entire contract lifecycle?
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Finance

Contract management software empowers finance teams in many ways. It helps to:

  • Keep track of contracts
  • Create triggers for approvals to ensure that all crucial documents are sent for review before signing
  • Track renewals
  • Identify cost-saving and revenue opportunities
  • Keep a tab on vendor payment

Sales

Sales teams are always on the run to bag new customers or projects. Contracts are legal documents that are integral to a sales process. It is how the sales teams clinch the deal. Any obstacle in the contract process can impede them from achieving their sales target.

Do you know?
65% of people say that their contract process has caused delays in closing deals. (Source)

A contract management software enables them to reduce the contract generation cycle, collaborate with customers in real-time to address any issues, and accelerate the legal processes of signing and closing the deals. 

The software’s integration with other CRM tools like Salesforce, HubSpot, etc., allows them to manage the entire sales process end-to-end.

Marketing

Marketing teams often work with the media, PR agencies, gift vendors, and event marketing companies. Some organizations even outsource their design work to creative agencies.

In such cases, it becomes extremely important to write down contracts with agreed terms and conditions, monitor the vendor service, and renew, revise, or terminate the contracts accordingly. The marketing team achieves all this with the right contract management platform.

Procurement

Procurement teams play a key role in supply chain management. Their prime job is onboarding suppliers, hand-picking the best goods and services, and procuring them on time. This can only happen once the vendors are selected, negotiations are completed, and the contracts are signed. 

Manual processing of contracts can result in longer lead times, which can disturb inventory management and business operations. 

Also, procurement teams deal with multiple vendors at any given time. Manually monitoring each contract, seeking approvals, and tracking the renewal dates becomes a laborious task and also leaves room for mistakes. 

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Procurement teams get highly benefited from a contract management software. It provides clear visibility over contracts and suppliers, reduces lead times, increases transparency, and boosts productivity.

Legal

Legal teams or legal departments can never escape contracts as they play an instrumental role in managing risks and ensuring conformity. From negotiations and drafting to approvals, legal teams are involved in each stage. 

Contract management software helps legal teams accelerate their contract creation process with ready-to-use contract templates and a clause library. It provides real-time insights to monitor the progress of contracts and intervene at the right time.

To sum up, contract management systems are beneficial to all businesses—small, medium, or big. It gives them speed, automation, and seamless processes—all that is a must to succeed in today’s fast-paced digital world.

Draft, manage, track, and automate the entire contract lifecycle with Revv!
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What are the top contract management solutions?

Today, many contract management vendors are also available as SaaS platforms to match the business and pricing demands of all types of organizations. 

It allows businesses to thrive on the capabilities of a contract management tool while bringing down their IT-related operational and maintenance costs.

Here’s our list of top contract management tools:

1. Revv – the best contract management software

Revv is the best contract management software and document management platform to automate the entire contract lifecycle.

About

Packed with advanced features, Revv is one of the most advanced contract and document automation systems in the market. It provides an all-in-one solution with advanced functionality and affordable price for a variety of enterprises. The user interface is appealing and intuitive, making it simple to learn and use. Revv is a contract automation platform that streamlines a contract’s lifecycle end-to-end.

Benefits of adopting Revv

1.1 Ensure convenience with customizable templates

For the smooth functioning of business, companies have to deal with different customers, vendors, and stakeholders. With each of them, they might have a different set of business dealings. And to make those operations more authentic, they may have to enter into different contractual agreements too. Creating multiple contracts from scratch is a nightmare no enterprise wants to relive. But with Revv, drafting contracts is a breeze.

Revv has over 1000+ legally vetted and ready-to-use templates including contracts, agreements, quotes, and proposals. So, how does this help?

  1. It speeds up the contract creation process 
  2. It provides a defined structure and credibility to your contracts

Contract creation is made easier for customers with Revv's free templates

1.2 Multi-functional document editor

Be it creating contracts from scratch or using Revv templates, organizations have to make their contracts in sync with their existing business documents. You can make brand-aligned contracts or custom-design them using Revv’s rich document editor. The document editor in Revv is packed with customization capabilities that capture all possible business use cases. 

Users can drag and drop text blocks, images, quote tables, page breaks, simple tables, eSign blocks, etc.

Enhance contract creation processes with Revv's feature-rich document editor

1.3 Impeccable collaboration on contracts

When it comes to business, seamless collaboration can be the difference between success and failure. Revv frees up time and resources by putting an end to painful and confusing email exchanges. It facilitates users to come together, review, make necessary edits, add comments via notes, add files using attachments, and tag other users using the @mentions feature – all within the contract.

After contract creation, customers can manage contracts, do an internal review, and request inputs from teams in the same management system

1.4 Legally admissible audit trail

Paper-based contracts can be easily tampered and could be proved fake in a court of law. But Revv platform provides 100% tamper-proof and legal contracts. For every signed contract, Revv records a detailed audit trail or Evidence Summary report.

With this feature:

  • each action made in the contract is chronologically stored in the report
  • information like the recipient’s unique ID, the contract name, the date and time it was read, created, and eSigned can be accessed
  • IP addresses used to access the contract can be tracked

The contract management system of Revv captures an extensive audit trail for customers

1.5 Streamlined and automated contract approval workflows

Business processes don’t end with the creation of contracts. It undergoes various checks and approvals before being sent for recipient signatures. Conventional methods are often time-consuming and cause unnecessary delays. But Revv allows you to move quickly through simple to complicated multi-level approval structures, with greater transparency and informed decision-making at every stage of the approval process. Set precise approval workflows and automate the entire contract lifecycle, and that’s it, you can sit back and relax!

Contracts can be sent for approval to team with workflow automation

1.6 Automate contract workflows with Revv’s Pipelines feature

Make your contract management simpler with Revv’s Pipelines feature. It can automate end-to-end contract workflows for your business.

How to operate Pipelines?

1. Irrespective of the size or type of business, enterprises have to deal with different types of contracts. It can be sales contracts, employment contracts, legal contracts, procurement and partnerships agreements, and so on. Stacking all the contracts in one place creates a great deal of confusion. You can flawlessly organize your contracts as per the type it represents with Pipelines.

In Revv, you can simply create different pipelines based on your business needs and route your contracts accordingly. For instance, you can create pipelines such as partnership agreements, sales contracts, employment contracts, and so on.

Manage all your contracts with the Pipeline feature.

2. Once pipelines are created, you can route your contracts to the set pipelines by using the Pipeline Routing feature. For example, if you want all sales-related contracts in the sales contract pipeline, you can set a routing rule to send all the contracts created from the sales contract template to the sales contracts pipeline. It is that simple!

Pipeline routing feature makes contract management much easier

3. Each pipeline consists of different lanes that represent a contract’s status. You can custom-name each lane based on your contract process. For example, the lanes can go by the names new contract, internal review, send for approval, approved, eSigned, closed, declined, etc.

Lanes support in tracking contracts. Customers can add custom lanes

4. After you define the lanes, you can configure the contract actions, called events, for each lane. An event is a condition under which a contract enters a lane. For example, when a sales contract is internally authorized, it is transferred to the Approved lane.

Manage your contracts and control documents flow with lane transitions

5. You can also add jobs to each lane that defines what must be done when a contract enters that lane. For example, you can notify your Sales Manager and Legal Head when a document reaches the Approved lane.

Documents and contracts review and sign is complete, customers can notify their legal team and other team members

6. Along with automating each stage of your contract workflows, you can also set automated reminders.

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1.7 Unlimited integrations with business systems

The secret to creating exceptional customer experiences and contract processes is when all your business systems seamlessly connect everyone in your company to everything. The contract management system in Revv offers unlimited integration possibilities with thousands of business apps like Box, Salesforce, Zoho, Google Drive, Zapier, Slack, and many more. It not only enhances your current workflows but accelerates all your processes without switching from one software to another.

Revv’s integration capabilities are further powered by Zapier, Retool, and Native API solutions.

Contract management software like Revv saves businesses time and money with user-friendly integrations

1.8 Flawless capture of data from different data sources

The integration possibilities also allow you to capture data from multiple sources into the Revv documents. 

How?

With Revv’s Data Studio feature, users can map data fields precisely between any external app and Revv platform through point-and-click or drag-and-drop.

Once the mapping is done, Revv automatically fetches the fields information from your business systems (like Salesforce, Hubspot, & Spreadsheets) and copies it to the assigned field in the contract, right at that moment.

Some of the key Data Studio benefits are:

  • It reduces the data mapping task to minutes
  • It helps to create error-free contracts. The complexity or the size of the data is no longer a bottleneck
  • It’s simple, easy to implement, and cost-effective

 

Contract management software like Revv provides secure capture of data between different business platform/s
Make use of custom web forms to capture key recipient details 

When you need crucial information from the recipients along with signatures, form-based contracts come to the rescue. All you have to do is turn your contracts into a form-based template and insert fillable placeholders in your document wherever you need them.
 
Form fields can be leveraged to:

a. Navigate the challenges of manual data mapping with the help of form fields or fillable placeholders
b. Insert form fields wherever needed using the form-field feature 
c. Effectively gather data from your recipients that only they can provide

1.9 Different eSign options to sign off contracts

Revv provides bank-grade electronic signatures that are completely secure and compliant with global and local laws.

Customers can review documents and contract for free and sign off from anywhere from any device

When you send documents for eSign, the recipient instantly receives an auto-generated email notification asking them to take necessary action.

Recipients or signers can now have the flexibility to sign off documents faster with Revv’s flexible eSigning options. They can ‘Draw signatures,’ ‘scan and upload signatures,’ choose from ‘pre-formatted text styles,’ and even connect their crypto-wallet MetaMask to complete the signing process.

Recipients can sign off documents faster as Revv provides multiple eSign options to choose from

1.10 Approval and review of contracts

When your contracts need approval from management or review from other departments inside the company, this is what you can do:

  1. Choose Revv’s Check and send for internal approval feature. 
  2. Create appropriate triggers and actions and automate your document approval workflows with this option.

If contracts need to be reviewed by someone outside the company, then the user can:

  1. Choose the Send by email option provided in the Revv platform.  
  2. The sender can set recipient permissions to view or edit the document.

With Revv, customers can choose alternatives for eSignatures. Control different approval and acceptance processes

1.11 Notification and tracking of contracts in real-time

Optimizing follow-up procedures are easier with Revv when you send contracts for electronic signature or internal approval or acceptance. Revv enables instant notification of all actions to both senders as well as recipients via autogenerated emails.

Customers are notified within app to review the request to sign off

Tracking your recipients’ activities on your documents is a pivotal part of making informed decisions ain’t it? Now a sender can track any activity that has happened in the contract from the Activity tab. It records all actions associated with it, right from the creation of contracts to the completion of electronic signatures. 

This catalyzes decision-making as you can follow up with a recipient who is delaying eSign completion even after viewing the contract. Here, the sender has more control as one can analyze bottlenecks from the Activity tab and clarify recipient queries immediately.

Activity tab in Revv app enables tracking of documents and contracts
A brief explanation of Revv + Box integration
 
The efficient integration capabilities of Revv make it possible for businesses to continue their processes post eSignature of contracts. When Revv is integrated with Box, workflows can be automated for your business systems before and even after the completion of eSignatures.
 
Revv’s Pipeline feature makes it easy to automate operations between Revv and Box. Workflows of any complexity may now be created, managed, and executed with ease. Trigger new Box workflows based on your business needs using document metadata and metadata obtained from Revv’s form fields.

When it comes to deciding what data to save in Box, you have the last say. Document files, Evidence Summaries, Document Attachments, Document form fields, and quote line items are some of the data types you can send to Box.

Besides the above-mentioned features, Revv also provides 

  • Centralized contract repository
  • Clause management
  • Ease of access of contracts from anywhere, anytime, and from any device
  • Machine learning using Metalens feature to extract data and intent from business documents to scale up business processes 
  • Stripe integration within contracts to collect online payments
  • Cloud storage system

These key features and easy-to-use interface make Revv one unified workspace to manage contracts.

Pricing

Revv offers customized pricing plans based on customer requirements. Revv experts will create the best price plans for your business based on the number of user licenses, document volume, eSignatures, and automation features. To get your custom price plans, check our page here

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2. Agiloft

Agiloft is available for both cloud service and in-house deployment

About

Agiloft is a contract and commercial lifecycle management (CCLM) software that assists organizations in optimizing value-creating activities through contracts. Agiloft is available for both cloud service and in-house deployment.

Features

It offers:

  • Contract repository
  • Template and clause libraries
  • Automated approval workflows integrated with email and text alerts
  • Electronic signatures with Adobe Sign and DocuSign integration
  • Customized reports and automated alerts
  • Integration to ERP and CRM systems
  • Custom dashboards to track KPIs

Pricing

Agiloft provides multiple pricing options – free, professional, professional extended, enterprise, enterprise extended. There is no fixed price on paid plans. Each package can be customized based on requirements and budget.

All plans are dependent on the number of users and charge $65 per user per month.

3. Concord

Concord is a contract management platform that provides solutions at a fair price

About

With an inbox-like user interface, Concord is easy to set up and work on. Its robust and simple-to-understand features make contract management a breeze.

Features

  • Template building and clause library
  • Real-time editing & redlining
  • Contract approval workflows
  • Automated versioning
  • Private/public chat & commenting
  • OCR search
  • Electronic signature
  • Full audit trail
  • Storage system
  • Automated alerts
  • Integration with other business apps

Pricing

Each package’s pricing is based on the number of users. Here are Concord’s pricing plans: 

  • Free
  • Standard: $17 per month per user
  • Pro: $49 per user per month
  • Enterprise: Get a custom quote

Concord also provides full onboarding support for all plans except the free plan. Find here details about Concord’s pricing plans.

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4. PandaDoc

Contract management tools like PandaDoc makes automation possible at every step of the contract journey

About

PandaDoc is a SaaS company that provides a cost-effective and flexible contract management solution. It is an intuitive software to exceptionally manage the entire contract lifecycle.

Features

  • An enterprise library of pre-approved templates and clauses
  • Rich editor
  • Contract authoring
  • Salesforce and other CRM integrations
  • eSignatures
  • Automated approval workflows
  • Redlining
  • Contract repository
  • Collaboration with in-line commenting and document chats
  • Document tracking
  • Payment processing
  • Alerts and notifications
  • API to integrate other applications

Pricing

PandaDoc offers both monthly and annual plans. The annual plans can lead up to a saving of 24%. Here are Pandadoc’s pricing plans based on monthly billing:

  • Free
  • Essentials: $19 per month per user
  • Business: $49 per month per user
  • Enterprise: For businesses that require more capabilities, PandaDoc offers a customized solution and package.

Pandadoc provides 24/7 email and chat support on all paid plans. Know more about PandaDoc’s pricing plans here.

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5. ContractWorks

Contract management software like ContractWorks provides free trials besides their price plans

About

Enabled with artificial intelligence, user-friendly interface, customization, and automation capabilities, ContractWorks fits well for small-to-medium and large organizations. It is easy to set up and implement.

Features

  • Document templates
  • Customizable form fields
  • Secure contract repository
  • Smart document tagging
  • OCR and advanced search capabilities
  • Audit trail
  • Electronic signature
  • Unlimited alerts and notifications
  • Customized reporting
  • Permission-based user roles
  • Salesforce integration

Pricing

ContractWorks provides three pricing plans. All plans are billed annually and offer unlimited users, but there is a cap on the number of documents for each plan.

  • Standard: $600 per month  
  • Professional: $800 per month
  • Enterprise: $1000 per month

Find here details about the pricing plans of ContractWorks.

6. Outlaw

Tools like the Outlaw platform provides price plans only on request on their website

About

Outlaw’s contract management system is an excellent ContractSafe alternative. It is a feature-rich platform powered by AI-driven analytics available in flexible and affordable subscription options. It combines contract generation, document automation, in-app collaboration & negotiations, and a smart repository into a single user experience.

Features

  • Pre-vetted dynamic templates
  • Redlining and version control
  • Built-in dynamic clause library
  • Automated workflows
  • Analysis and reporting
  • Tracking
  • API access for seamless integration 
  • Dynamic fields
  • Real-time updates and notifications
  • AI-powered OCR
  • Personalized saved searches and dynamic folders
  • eSignatures

Pricing

Outlaw offers flexible pricing options based entirely on the solutions your business requires. To know the pricing, you need to contact their team. To know more about Outlaw’s pricing plans, go here.

Improve your company’s CLM processes and sign off contracts faster.
Try Revv – The best contract management software

7. Nintex

Nintex is a legal software for contract management and an alternative for contractsafe

About

Nintex is a process management and automation software. It is easy to use and automates business processes and workflows quickly.

Features

  • Document generation
  • Customized branding
  • Data unification
  • Workflow management
  • Permissions for sharing
  • Real-time process monitoring
  • Audit trail
  • Automated routing

Pricing

The software offers different services. You can choose a plan based on your contract management function.

  • Nintex Workflow: package starts from $910 per month
  • Nintex AssureSign: package starts from $2 per envelope

8. Conga

Software like Conga contract management can manage every stage of the contract lifecycle

About

Conga CLM empowers users at every stage of the contract lifecycle, streamlines the processes, and reduces cycle times. Conga’s merger with Apttus in 2020 has further strengthened the portfolio and brought more visibility and power to contract management.

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Features

  • Central repository
  • Contract templates
  • Clause library
  • Integration into other systems – CPQ, ERP, etc.
  • Negotiation tools
  • eSignatures
  • AI assistance
  • Dynamic add-ons to edit contracts in MS Word
  • Review and redlining
  • Collaboration
  • Analytics, reporting, and search capabilities
  • Integration with other software like Salesforce, SAR Ariba, Kira, Coupa, etc.

Pricing

Conga’s pricing details are not available on the website but can be obtained upon request. Contact them for the same.

Disclaimer:
Please note that all the information in this blog is taken from company websites, comparison websites such as GetApp, G2, Capterra, Gartner, and others. Since companies keep adding features, some of the information may be out of date. Let us know at support@revv.so if there’s any information that needs to change. We’ll verify and update as quickly as possible.

Key takeaways

Contracts are the building blocks of businesses. But poor management of contracts can leave organizations clueless and cause serious ramifications impacting business growth. 

A CLM software brings a systematic and standardized approach to managing contracts through automation, artificial intelligence, and advanced functionalities.

Don’t let unorganized contract processes slow down your business operations.

Find and implement the right contract management software based on your business needs, and,

Get, Set, Go!

Need assistance in managing and automating contracts?

Reach out to us at sales@revv.so

Frequently asked questions

What is the best contract management system?

Revv is the perfect contract management solution that optimizes each stage of the entire contract lifecycle. Its contract automation tools empower contract managers to create new contracts within minutes, enhance contract visibility, track contract changes, integrate with other applications, automate workflows, collaborate, reduce compliance risk, and far more.

It provides flexible pricing options that work well for all kinds of businesses. It is user-friendly and easy to set up. 

Revv’s sign-up is free (no credit card required).

What is a CLM platform?

A CLM or a contract lifecycle management platform streamlines and automates all the stages of a contract lifecycle –  contract request, contract authoring, negotiations, approvals, execution, storage, compliance, audit and reporting, reviews, and contract renewals.

It simplifies the workflows throughout the contract lifecycle, enhances contract performance, and increases business productivity.

Sign up for free and try it out yourself!

What do contract management systems look for?

A contract management system should look for fastening the contract creation process from beginning to end. A CMS should offer automated solutions to replace manual processes, repetitive jobs, and disconnected workflows with a streamlined contract lifecycle.

What is a contract management system?

A contract management system (CMS) is a digital system for managing contracts. A CMS is commonly used to create contracts, negotiate terms and conditions, sign them with a digital signature, and store them – usually in the cloud. It simplifies the entire contract lifecycle. A contract management system will usually give you a better perspective of your data, making it easier to estimate the worth of your contracts.

Does DocuSign have a contract management system?

Yes, DocuSign offers a contract management system. Their DocuSign CLM streamlines the agreement lifecycle from end to end, automates manual tasks, aligns complex workflows, and eliminates errors and risks.

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Seema

Seema

Seema is a Product Expert at Revv. She believes in the power of words and storytelling. She spends most of her time in creating exciting and knowledgeable content. When not working, you can often find her watching adorable pups videos, dancing for no reason, or experimenting with recipes.

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