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Contract review software has revolutionized the way that companies conduct reviews during contract lifecycle management. Traditional contract review methods relied on manual reviewing processes that are expensive, outdated, time-consuming, and that have a high potential for human error. However, a tech-enhanced approach to contract reviews standardizes the review process and reduces turnaround times.
A successful contract is the result of several stages, reviews, and completed tasks within the contract lifecycle. For example, redlining, negotiating, and editing and are key elements that play a role in the accuracy and compliance of a given contract. While redlining and negotiations may appear to be rather complex processes, you can develop strategies and utilize Contract Management Software to increase the efficiency and effectiveness of these specific stages.
Contract reviews are a critical component to the future success of any given contract. During the contract review, you ensure that you and your business align with, agree to, and understand everything in an agreement. Simply put – contract reviews are key to mitigating risks and to attaining contracts that are favorable for your business.
Tracking changes, or more commonly known as “redlining”, is a step within contract lifecycle management that refers to the editing of contract terms. Tracking changes often times requires several individuals and/or legal teams to comment on, review, and make suggestions or adjustments to the most current iteration of contract terms. The redlining step is widely accepted as the most time-consuming stage within a contract’s lifecycle, as this stage can take several months or years to complete. This is because organizations typically require the input from several departments and parties during the contract review. During the redlining step, several phases occur as the document is edited in rounds, where various parties take the document, edit it, then pass it to the other parties multiple times as the document undergoes several revisions.