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The Dock 365 Contract Management System (CMS) uses a centralized contract repository. In this repository, you can create, store, sort, and manage contracts in one location, allowing you to find contracts quickly while increasing visibility. The contract repository includes an Optical Character Recognition (OCR) capability to convert old contracts and make them searchable within the database.
The future of contract management will be significantly impacted and shifted by the introduction of contract automation. Digital workflows and AI technology that power contract automation create efficiency in your contract management process. When working with enormous amounts of metadata, by introducing digital workflows, contract automation, and artificial intelligence (AI) you can take your contract lifecycle management process to the next level.
Implementing contract management software is an effective way to increase efficiency within your legal department’s operations. According to the International Association of Contract and Commercial Management, research shows that “improving contract management can increase corporate profitability by nearly 10 percent annually” (Silverman, 2020).
“Contract management” and “contract administration” might appear to be interchangeable terms; however, each concept has distinct differences in their function, stepwise process, and role within a company. To ensure that your company is reaping maximum benefits from your contract management and contract administration strategies, understanding the similarities, differences, and the gray areas is critical.
Contract signing is one of the most important processes in contract management. Today’s electronic signature technologies revolutionized that process. Electronic signature capabilities are essential for an efficient contract management solution.
Contract management is the ability to find pertinent details of any contract in the supply chain of an operation, and then use those contract details in a meaningful way. Being aware of all the pertinent details of all contracts is imperative. Memorizing all contracts is improbable, especially when a company has hundreds of contracts. Furthermore, not every person can memorize the exact same configuration of contract content as another person. As more people are involved in the contract process, the need for efficient contract management grows.
Contracts are subjective to a specific selling party or parties and a specific buying party or parties. However, certain industries use the same format for contracts repeatedly. An example is a real estate transaction. The buyer is a unique name(s), as well as the seller. While the property address is unique from contract to contract, the terms are likely the same from one house purchase to another, or from one office lease to another. This is how the birth of contract templates occurred.
Contract management is a complex process involving many moving parts. A contract is created, then approved by the sending party, then negotiated or approved by the receiving party. Each step in the contract process, or stage, is known as a workflow stage. Workflow stages are conditions that contain tasks that must be performed for a contract to be signed by all parties. Workflow stages can be the responsibility of either the sending party or the receiving party or all parties.
A contract is only valid when all parties involved signs the agreement. Only with a valid signature does a contract have legal standing. Many contracts involve negotiations before signatures. At a time when minimizing human interaction is of great importance due to Covid, contract negotiations face-to-face amongst parties and contract signing on physical paper with ink becomes a lot harder for all parties. A solution is to digitize the contract negotiation and signing processes to completely take place on a virtual platform.