6 Essential Contract Management Software Features

Source:https://www.pexels.com/photo/multiethnic-businesswomen-checking-information-in-documents-6457521/

Do you have contracts to sign? Do you want to ensure that they are properly recorded and stored for future reference? If so, it’s time to start looking into contract management software. Contract management software providers offer many different features, but there are six essential features that every business should be aware of. This blog post will cover these six essential features in detail, focusing on how each one can help your company.

1. The Contracts and Addition Feature

The ability to quickly record, store, find, and retrieve your contracts is essential. You would not want to lose track of how many times you have sent out a certain contract or when the next change becomes effective.

What if you need to prove that one party breached their contract? Without having an organized system for storing contracts, you may not prove it. That is why the ability to add and store copies of your existing contracts is an essential feature that every contract management software such as  ContractSafe UK should offer.

2. Search for Specific Documents

Another essential feature of contract management software is quickly and easily finding a certain document that you need. Perhaps your client requests additional changes, or maybe some terms need clarification? Without having an effective way of searching through all of your contracts, it could be difficult (if not impossible) to find what you’re looking for on time.

The best contract management software providers will offer features such as text-search and regular expressions so that you can search by the terms of your choosing. It is an essential feature because it can save you time, money, and frustration.

3. Storage and Access to Contract Templates

Having a library of pre-configured contracts that you can choose from is another essential feature. It allows for faster processing times, as well as more consistent terms.

If your business got standardized on certain clauses or expressions, it would go a long way towards standardizing these across all of the contracts that you send out.

4. Access to Company Forms

It is also essential for contract management software providers to store their internal forms along the same lines. If you have standardized clauses or expressions that only apply internally, they will not be included in future contracts with clients. You can simply create an “internal use only” form that you can store in the contract management software.

It is important for non-disclosure agreements (NDA), internal policies, and procedures. The feature should be available to standardize your internal documents. If it’s not, it could lead to confusion or unnecessary disagreements with clients about what you can do.

5. Custom Contract Templates Feature

Another essential feature of contract management software is the ability to quickly and easily customize a template. It will allow you to tailor your contracts to be specific to each client’s situation and unique from previous versions. While it would be impossible for every business in the world to have its contract management software, that is often a sought-after feature.

If you can create custom templates in your contract management software, it’s much easier for different people in your company to work on specific contracts without worrying about losing track of them or confusing one another. That will help standardize terms across all parties involved and keep everyone organized.

6. Custom Addition Fields

In addition, it is also essential for contract management software providers to allow you the freedom of adding your customized fields. That will help drastically improve productivity and streamline processes. You can categorize information in a way that works best for your business so that everyone has access to all relevant data whenever they need it.

It ensures that no important information is lost in the shuffle, and if you use the feature often, it could even help your business save time and money. For example, customizing contracts will be essential if you constantly work on various projects with specific clients.

Custom fields can also include extra data such as links to online documents or indicating how long it’s been since a contract was last updated. That will help you work more efficiently while also ensuring that all parties are on the same page at all times.

Source:https://www.pexels.com/photo/black-woman-working-with-documents-in-office-5668879/

Conclusion

Although contract management software can be a great tool, it is essential to remember that no piece of software will ever be perfect. As more users sign up, you will inevitably receive feedback that you can then use to improve the overall experience. Whether it’s a glitch or something you didn’t think of before launch, don’t be afraid to try out different solutions until you find the one that works for your business. Also, you should always look for providers who offer features such as customization and text search, in addition to the ones listed above. These are essential when looking into what specific provider could work best for your business needs.