eContracts for Office 365

Automating Contract Management with SharePoint

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for Enterprise Legal Teams
eContracts for Office 365 is an enterprise ready Contract Lifecycle Management product and end-to end automation software built for Microsoft Azure and Office 365 (Microsoft SharePoint Online). While optimizing productivity for contract management and legal teams through familiar interfaces like Outlook, SharePoint and Word, eContracts caters to the comprehensive enterprise needs of contract repository and database, collaboration, negotiation, alerts, reviews, approvals, and signatures, along with financial tracking, contract administration, contract performance management and governance.
Most organizations have hundreds or thousands of agreements with vendors, customers, partners, distributors and suppliers, mostly in the form of signed documents stored in network drives, document libraries or filing cabinets. The lack of a formal process and tools to manage these critical agreements leads to issues such as delays in sales, missed renewal opportunities, late payments and penalties and regulatory compliance issues. eContracts not only addresses all these issues but also provides a seamless and user-friendly automation.
BENEFIT HIGHLIGHTS
Better contract visibility across contracts and counterparties

Better contract visibility across contracts and counterparties

Scrolling through emails, documents and file systems for contract terms is more cumbersome than searching for a needle in a haystack.

eContracts provides contract visibility by bringing together all aspects of a contractual relationship such as legal terms, financial and business obligations, potential risks- all in a single contract workspace view. For compliance reasons, complete audit trail is retained for critical activities such as negotiation history, ownership and users, document copies and sharing, related parent agreements and audit trail of events including renewals, correspondence, amendments approvals and signature.

Contract repository views, advanced search features, alerts and reporting provides a comprehensive view of organization contracts.

Improve business & legal collaboration

Improve business & legal collaboration

Contracts are seldom a legal only affair. These agreements of terms and conditions are often between business or project teams of two or more companies, for aspects such as intellectual property sharing, purchase or distribution of goods or services or research collaboration with business objectives and obligations. Therefore it’s successful contract execution is the shared responsibility of legal and business teams.

eContracts is built in such a way that overall contract management and ownership can be extended beyond legal and contract management teams to business teams. Simple easy to use configurable forms and workflow automation allows for self-service creation of contracts with only customized terms and clause language routed for legal review and negotiation. Responsibilities and obligations of active contracts can be easily shared between contract administration (renewals, amendments) and business teams (payments, delivery of goods).

Eliminate unintentional renewals and expirations

Eliminate unintentional renewals and expirations

While some contracts require a formal renewal process, ‘evergreen’ contracts are automatically activated. Organizations could potentially face heavy penalties and consequences when renewals of revenue contracts (such as with customers and distributors) are missed or delayed and spend contracts (with suppliers and vendors) get renewed unintentionally. These situations can destabilize an organization’s financial projections, and create havoc in relationships with your counterparties.

eContracts contract renewal features along with calendaring, and multi-stage reminders keeps all stakeholders informed about upcoming renewals and expirations. Inbuilt- processes are available for common timeline terms such as evergreen, fixed term and annual renewal contracts. Workflows allow business users to provide feedback on contract performance and renewal decisions.

Streamline productivity - Efficient cycle times

Streamline productivity - Efficient cycle times

In some cases, contracts are routine, authored from standard templates and carry low risk; others may require long cycles of drafting, annotations, blacklining, negotiations and formal sign-offs from department managers, special committees and executives – taking months before the final execution. While the complexity of these contracts are contextual, paralegals and administrators should have insights into which contracts should be dispensed with quickly and the kind of issues and teams or individuals that take the most time.

Cycle-time metrics are core to eContracts pipeline feature. Contract turnaround time and user activity reports help in planning and estimation, identify process bottlenecks, opportunities for standardization and improve productivity across the board. Bottomline, you get to close faster!

Improve regulatory and process compliance

Improve regulatory and process compliance

Contract processes automation cannot be successful without taking into account the needs of adhering to constantly changing regulatory mandates, information disclosure requirements, industry best practices and corporate policy. Highly regulated segments such as life sciences and financial services organizations, government contractors, hospitals and universities are constantly looking for ingenious ways to avoid non-compliance fines and settlements with contracts.

eContracts governance and regulatory features help organizations in establishing procedures and controls for vendor evaluation, contract documentation and authorization, audit tracking, terms and clause language usage, renewals and amendments, access to confidential information such as financials and executive views, regulatory obligations – all while being agile and efficient.

Better delegation of responsibilities

Better delegation of responsibilities

One of the most neglected areas in contract management is the identification and expectations of contract owners, contributors and consumers. Contracts have multiple viewpoints and should it be owned by legal, business owners, subject matter experts, or sponsors? Adding to the dilemma is the fact that most critical contracts have a long life, in some cases running up to 20 years or more – during which most teams and individuals get replaced.

In reality, identification of the roles and responsibility in itself is a huge leap towards contracts process maturity. With eContracts, administrators can disentangle complex contracts into logical information fragments suitable and appropriate for legal attorneys, project owners, finance analysts, business owners and users. For example, action items related to contract renewal can be assigned to a sales manager, while revenue obligation reminders are sent to the company’s finance analyst.

Efficient identification and mitigation of contract risks

Efficient identification and mitigation of contract risks

Contract risk management along with formulation of appropriate risk mitigation mechanisms is the major focus of an in-house legal team. Repositories and process automation can fix operational risk issues such as misplaced certificates and unapproved spend. On the other hand, risks inherent to the contractual relationship are addressed with representations, warranties, and risk allocation language such as hold harmless, limitation of liability and waivers in the signed document. Potential commercial losses from claims and incidents are often covered with insurance.

Contracts once signed cannot be stashed away till a risk event occurs. Organizations have to be constantly aware of expiring insurance certificates, evaluate risk in the context of changes to leadership, internal policies, regulatory mandates, mergers and acquisitions of signing entities etc.

KEY PRODUCT FEATURES
CENTRALIZED REPOSITORY

CENTRALIZED REPOSITORY

Store your contract records in a centralized, comprehensive repository. These records are indexed, retrieved and can be organized by department, contract type, legal entity or by any other user defined taxonomy.
ADVANCED CONTRACT SEARCH

ADVANCED CONTRACT SEARCH

Utilize an intelligent keyword, metadata and full-text search. Search through contracts and documents with phrases or using specific clause, vendor names, document content.
RENEWALS AND CLOSE OUT

RENEWALS AND CLOSE OUT

Automate contract renewals and extensions events with comprehensive workflows, approvals, alerts and checklists. Manage close-outs and cancellations process for fixed term and cancelled contracts.
MILESTONES & REMINDERS

MILESTONES & REMINDERS

For contracts, milestones are not just due dates but are metrics that track performance. Milestone related features include status tracking, reminder scheduling, user assignment, recurrences (subscriptions), reporting and integration with user calendar.
USER DASHBOARD AND ROLES

USER DASHBOARD AND ROLES

Get a personalized overview of upcoming priority milestones, pending tasks, critical alerts and quick links to common actions (forms, reports or favorite contracts) based on their preferences and role.
CONTRACT DOCUMENT AUTOMATION

CONTRACT DOCUMENT AUTOMATION

Utilize Intelligent forms to ask contract type specific questions and user entered information along with pre-approved templates to generate standard contracts such as non-disclosure agreement within seconds.
COLLABORATIVE CONTRACT REVIEW

COLLABORATIVE CONTRACT REVIEW

Integrate with SharePoint (Word) Online and easy to use features for annotation, versioning, redlining allows to easily collect and consolidate feedback from legal, finance, executives, and external parties all from a web browser.
INTERNAL SIGN-OFF & FINALIZATION

INTERNAL SIGN-OFF & FINALIZATION

Route contract agreements for approvals to designated individuals or teams for sign-offs in a serial or parallel fashion. These review, approval and signoff processes can be adhoc or conditionally routed based on parameters such as but not limited to expected spend or contracting entity type.
ELECTRONIC SIGNATURES INTEGRATIONS

ELECTRONIC SIGNATURES INTEGRATIONS

Enable execution of finalized contract documents to be signed from anywhere on any device. eContracts integrates with industry standard electronic signature tools like DocuSign, AdobeSign & Right Signature.
CONTRACT RELATIONSHIPS

CONTRACT RELATIONSHIPS

Manage contract associations such as Master Services Agreements – Work Orders, General Contractor – Subcontractor Agreements, SOW, NDAs, Prime-Subcontractor Agreements by providing cross contract visibility and flow through of critical terms between related contract records.
SUPPORT FOR THIRD PARTY CONTRACTS

SUPPORT FOR THIRD PARTY CONTRACTS

Capture and tag non-standard clauses, terms and metadata from external party originated contract documents as part of contract intake process. eContracts highly flexible data model lets users track information beyond the ones defined for standard contracts.
CONTRACT REQUEST MANAGEMENT

CONTRACT REQUEST MANAGEMENT

Streamline business user support and interaction with contract management teams with Request module. They are enabled with collaboration workspace, task assignment, workflows and document management capabilities. Convert approved new contracts requests into fully featured contract record.
CONTRACT CYCLE TIME & USER PRODUCTIVITY METRICS

CYCLE TIME & USER PRODUCTIVITY METRICS

Measure cycle time expended during different stages of the contract such as duration for executive approval, vendor negotiations, legal drafting or business user request approvals. These metrics outline common trends in the contract process and enable better planning and opportunities for standards and policies.
ADHOC REPORTS AND CONTRACT PERFORMANCE

ADHOC REPORTS AND CONTRACT PERFORMANCE

Provide reports and metrics at different level of details on various contract aspects including lifecycle, team productivity, contract performance, user activity, milestones, and administration. Custom, adhoc reports can be created by users by bringing together user defined data, filters and views.