Why manage contracts in a contract library?
Contract management is a crucial step in the life of a business, big or small. Contracts are legal documents that define the obligations and responsibilities of each party involved in a business transaction. As such, they can be complex and difficult to manage, especially when you have multiple ongoing contracts with different suppliers, customers, or partners. Inefficient contract management can lead to financial losses, legal risks, project delays, and poor communication with stakeholders. That is why it is essential to put in place a strategy of Contract management effective through a contract library.
A single secure repository for all contracts
In many cases, signed contracts are scanned and stored in a shared directory in PDF format, and an Excel file, updated with difficulty, in order to ensure the follow-up of the dematerialized contract. This exercise quickly reaches its limits as soon as the number of contracts becomes important and the sharing of information is essential. Legal documents are not reserved exclusively for the legal department.
A contract library quickly becomes essential to give access to information and to give autonomy to each employee whose function requires access to certain contracts.
Thus, each contract and regardless of its nature (supplier, customer, partner, etc.) is centralized in a single repository, which makes it easier to find it. In fact, each contract is recorded using meta-data in order to characterize the contract as: name of the supplier, type of contract, expiry, amendments,...
Easier access to information on all contracts
A contract library therefore does not only store the digitized contract but a set of information that will facilitate it.
the search based on various criteria. With the help of filters it will be very easy to list the contracts of a supplier, or contracts in this category (maintenance contract, telephony, leases,...), contracts that expire in 3 months,...
Accessing a contract and learning about certain clauses is an operation that becomes simple and fast for anyone authorized to access the library. This type of solution is generally available in SAAS mode.
Reduce contract monitoring costs and save time
Follow and manage contracts from an Excel table is a time-consuming and risky activity as soon as the number of contracts is large. It is becoming very difficult to keep track of deadlines, contractual commitments and therefore the entire management of the contract life cycle.
A contract library provides automations that facilitate the daily management of contracts.
> You are alerted as soon as a contract expires
> You are alerted to the contractual commitments that you have entered into the contract
> You can generate a cancellation letter by direct mail using a sample letter
> Due dates, birthdays,..., are automatically calculated
A large number of automations make it possible to simplify the management of different types of contracts. The centralization of contracts within a single, secure but shared contract library facilitates the administrative management of the various contracts, both for the negotiation, renewal or termination or archiving phases.
A contract library is a business software to meet the requirements of your business, to ensure the integrity of your contracts and therefore the life of your contracts.
Why digitize a contract library?
Dematerialization of contracts
Digitizing the contract management process using a contract library is one of the keys to allowing you to reduce
operational risks, to give autonomy to the teams in charge of managing contracts, to manage your contracts.
A contract library is a secure space for registering contracts but also a space that makes it easy to manage the entire life cycle of a contract thanks to functionalities to help create contracts, validate contracts (workflow), electronic signature, electronic signature, automatic reminders on deadlines, and monitor contractual commitments.
From a single interface, it becomes very easy to find a contract, a clause, using a search engine or a classification by filter in relation to your profession.
A contract library provides you with the following functions:
- Registration of contracts and management of amendments
- Automatic pre-entry of contractual information from metadata
- Multicriteria information search
- Search filter
- Access rights to contracts
- Monitoring the execution of the contractual process
- Relances
- Management and reporting
