We have discussed the first four stages of contract lifecycle management: contract request, contract authoring, contract approval, and contract execution. Today we will cover the fifth stage of contract lifecycle management: contract storage.
Stage #5: The Contract Storage Stage
After a contract is signed and executed, it is then stored within a contract repository. Here at Dock, we utilize a SharePoint-based centralized contract repository that keeps all of your contract secured within a cloud. This allows contract managers to access the document for review at any time.
Various metadata and related documents are saved in the repository so they can be referred to as needed. With the help of a centralized contract repository provided by your contract management solution, users can easily conduct filtered, customized searches to located documents and specific clauses instantly. With indexed searching functionalities, users can easily sort through numerous documents and find exactly what they need, when they need it most.
Your Dock Contract Management System allows you to search through your contract repository’s files with filters pertaining to contract type, party, department, and more. By having an accessible and efficient repository on hand, you can support the storage, monitoring, and tracking of all of your organization’s documents.
A cloud-based repository provides an additional layer of security that manual, paper-based contract storage methods lack. Managing documents and contracts is simple with Dock, as we offer a user-friendly and intelligent platform equipped with premiere storage, contract generation, workflow automation, reporting, and collaboration capabilities.
What are the features of a centralized contract repository?
- Levels-based security with configurable permissions-based access controls, ensuring only authorized users can access, retrieve, review, create, and edit your organization’s contracts and related documents
- Encryption and storage of your contracts and documents
- Version control visibility, giving select users the ability to track the status, location, and revisions of documents, in addition to a full audit trail of document iterations
- Filtered, customized searches allowing users to locate contracts and clauses according to full text searches or metadata
- Automated alerts and notifications, keeping all employees up to speed on upcoming due dates, milestones, and compliance policies
- Workflow automation for enhanced contract lifecycle management
An Overview of Contract Storage
Different Methods of Contract Storage
3 Keys to Improved Security of Contract Storage
Utilize Robust Search Features in Your Contract Repository
Centralized Counter Party Collaboration
Written by Lindsey Paulk
Lindsey Paulk is a Content Writer in Jacksonville, Florida that specializes in digitally communicating all-things contract management.