Contract Insights

Contracts are legally binding - and thus need to be executed properly.  Legal teams should equip themselves with a thorough understanding of the contract lifecycle management process.  The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed. 

The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution.  The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal.  Let's further explore the eight stages of the contract lifecycle below and how digital contract management software can help streamline your contracting processes. 

As your business grows, so do your responsibilities - especially as they pertain to contracts.  Contract volume and contract complexity grow along with your organization.  As such, it can be easy to fall into the deleterious pitfalls of time-consuming contract mismanagement.  Your organization will inevitably reach a point at which manual contract management processes - such as those involving disparate emails, spreadsheets, shared drives, data entry prone to human error, and manual wet signatures - no longer cut it.  But change is a good thing, and you can get ahead of the damaging consequences of contract mismanagement due to a manual process.  How? It's simple: automate contracts with contract management software.  Read on to learn how to easily get started with streamlined contract management automation!

Oh no!  It happened: contract lifecycle process failure.  Something went wrong during contract lifecycle management - resulting in contract failure.  But fear not; as a contract management professional, you are a worthy investigator.  It is time to put on your detective hat, grab a notepad, and piece together the clues as to why your contract lifecycle process failed.  You can also inspect how this tragedy could have been avoided with contract management software.  Let the investigation begin!

Contract management is a multi-faceted process.  Without oversight over each stage in the life of a contract, your organization can suffer from process bottlenecks, missed contract obligations and tasks, wasted time, lawsuits, decreased revenue, and missed opportunities - to name a few.  Fortunately, you can increase your ROI by better understanding approaching contract management.  Here are the four phases of contract management and how to tackle them with contract management software.