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Automate Your Contract Signing Process With Esignatures | Drysign By Exela
Contract management is a process of creating contracts with third parties or partners to complete tasks within a stipulated time. Contract managers undertake it as a part of their responsibility for managing various projects under their supervision. They are responsible for creating proposals, agreements, and other documents. Effective management of contracts improves business relationships and increases revenue. In addition, contracts play a crucial role in maximizing performance and minimizing potential risks.
Traditionally, contract management is conducted manually using paper, email, and unorganized computer files. However, there could be a more effective way to manage agreements. Organizations that rely on manual management should invest in an automation platform to improve their contract lifecycle management (CLM) process.
Contract management software reduces the average time to get a contract approved by 82%. – Aberdeen and Forrester
Electronic signatures can be a valuable addition for contract managers looking to simplify contract management. It can be used for critical steps during contract management ...
... for crucial stakeholders to review documents and provide their approval. In addition, with the digitization of workflows becoming a priority in companies, contract managers can eliminate manual tasks and use eSignature solutions to minimize risks and save time and money.
Also Read: How eSignatures Enable Remote Work to be a Success
The Contract Management Process
Contract managers must follow due process to ensure contracts are appropriately reviewed and nothing important is missed. Here are the steps of each stage.
Creation – The contract is created, reviewed, and managed by the contract manager by identifying the correct documents to support the contract’s purpose.
Collaboration – The contract needs to be reviewed by all stakeholders after the first draft. Any changes to the document should be noted and shared in real-time to reduce discrepancies. All parties must review the contract and meet at a middle ground to ensure projects can take off seamlessly.
Signing – All contract stakeholders can sign the contract after doing their due diligence. Contract managers can use digital signature solutions such as DrySign to gain swift approvals and eliminate bottlenecks. E-signatures can help stakeholders shorten the signature process TAT from 5-6 business days to mere minutes.
Tracking – Contracts must be tracked closely to ensure all stakeholders adhere to contract terms and conditions. Contract revisions are expected, with provisions to be available for their amendments. The right software helps track any document changes and accelerates negotiations.
Renewal – Successful execution of contracts can lead to their renewal by all parties. Manual contracts can culminate in missed opportunities and lost revenue. Automating the contract management process can bode well for all parties involved.
Up to 40% of a contract’s value can be lost without close contract governance – KPMG
Contract Management Practices
Centralized Document Storage and Sharing – It is advisable to keep all contracts in a central location to be found easily by all stakeholders. This can include supporting documents such as plans, final evaluation logs, and minutes of meetings. A transparent trail can help protect the privacy of sensitive documents and help in case of any disputes.
Track Obligations – Contract managers should be on top of their obligations or risk their contracts becoming void. As contract volumes go up, missing contract renewal dates or deadlines can result in a breach of contract. Easy access to contracts will help managers send timely reminders to stakeholders before their due dates.
Record Approval Time – Contract managers should manage getting approvals on contracts with minimum wasted time. This culminates in attaining faster value and revenue generation for the business. Managers can quickly identify bottlenecks in the process and take action to improve the workflow.
Controlled Access – Contract managers can limit access to stakeholders to maintain the security and balance of the contract. Giving only authorized users access to documents can significantly reduce security risks and help all parties commit to their roles.
Regular Compliance Reviews – Contract managers must meet with the legal team to understand changing regulations and ensure the contract adheres to the latest laws and policies.
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