Contract management activities such as routing and prioritizing business requests, going through vendor correspondence emails, verifying data integrity and accuracy, accommodating to changes and feedback from business and external parties, filling in cover sheets and obtaining approvals are probably where a lot of corporate attorneys spend their valuable work hours. Legal teams, in most cases, also lack the technology and tools to track or automate these mundane tasks.
eContracts is the best-in-class legal contract management software that provides an enterprise grade centralized contract repository along with a comprehensive feature set to implement best practices and automate processes for contract authoring, template based self-service drafting, business reviews and approval workflows, external party negotiation, document management and versioning, clause libraries, and signatures.
Market Guide 2017
for Enterprise Legal Teams
Contract pipeline optimization
A well-prioritized queue of upcoming contract work, not only makes overall legal support and planning easier, it communicates to business a checklist things to get done including internal work that otherwise will never be noticed.
- Validate requests for data errors and completeness
- Contract pipeline and status tracking
- Contract work breakdown and contextual assignment
- Priorities, due dates, reminders and task routing
Faster approvals and reviews
Lack clarity and scope of ownership often has in-house counsels performing the traffic cop role and assuming responsibility for negotiation and drafting through approvals, amendment, renewal and dispute resolution.
- Milestones, ownership and reminders
- Multi-staged conditional review & approval workflows
- Share documents for external party collaboration
- Document commenting and version tracking
Enabling contract self-service
Automating and enforcement of standards for a few, top routine contract types can drastically reduce ad hoc calls and emails from business for trivial contract related tasks, saving countless hours in the long run. Most business users would love to be self-sufficient when it comes to dealing with day-to-day contract search or contract creation.
- Contract types & user friendly forms with the help
- Document automation with template libraries
- Business area level rules and ownership
- Access delegation and security trimmed search
Lesser contract errors and rework
Omissions and assumptions during initial contract stages can turn into complicated rework wasting several hours or days of work. Understanding goals, stakeholders expectations, risk attributes and appetite at the earliest is integral to effective legal contract operations.
- Contract record view and summary cover-sheet
- En-user form validations and alerts
- People and history of activities
- Contract document clean-up tools
More time for actual legal work
With contract automation and all the time spent on searching for documents, schedules, notes, and far less data entry saved, lawyers can focus on non-standard contract drafting, negotiations and systematically support business from a legal risk standpoint.
- Legal author tool for word
- Terms and Clause index, tagging
- Third party contract evaluation and deviations
- Clause and terms usage search, reports
Better Business – Legal Teamwork
Contracts are cross-functional. Not understanding who should take responsibility for deal structuring, commercial negotiation, obtaining regulatory approvals and post-signature contract management cause dissonance between attorneys, contract managers and business groups.
- Obligation management
- Configurable contract roles, by contract type
- Outlook Add-ins and Correspondence Management
- Cycle time and productivity metrics