Introduction
Are you familiar with all the capabilities provided by modern contract review software? In this blog, we answer all your lingering questions and more so that you are equipped with all the info you need to successfully adopt a contract review solution!
Content-
Now without further ado, let’s dive into all-things contract review software.
The Pain Points of Manual Contract Review
Contract review is one of the most important phases of the contract lifecycle. The standardization, security, and efficiency provided by contract review software helps companies to complete reviews faster with less potential for human errors, risks, and avoidable bottlenecks that are typically brought on by manual contract review methods. In traditional contract review, companies approach the review phase with systems that are effectively outdated, risk-prone, costly, and time-consuming. A tech-supported contract review method will increase the standardization of your reviews while cutting turnaround times.
Lawyers and a dedicated legal team play a key role in contract review. During the contract review procedure, lawyers and legal professionals notate which parts of the agreement need to be adjusted and addressed for additional review and discussion. In relation to modern contract lifecycle management, the party reviewing the agreement may choose to notate the length of the contract term, specific deliverables, obligations, and provisions, or jot down important clauses and terms. Following the starting review, the file is sent to upper-level personnel for additional review to “fill in the gaps” that might have been missed in the initial review. And while multiple reviews by multiple people can mitigate against things slipping through the cracks, it’s still very possible for key provisions, clauses, terms, and more to be missed.
What Contract Review Software Has to Offer
Contract reviews software supports businesses in completing their contract reviews with increased security, standardization, accuracy, and risk-prevention. This supports increased organization and better contract outcomes.
Because contract review is a routine process in the contract lifecycle, it’s clear that your teams spend a significant time reading through contracts with a fine-toothed comb, searching for similar risky terms and clauses, as well as inaccuracies and discrepancies over and over. Without the support of a contract review solution, you only increase the likelihood of an error-prone, risk-inducing, expensive, and time-consumptive contract review phase. Also, you won’t extract the most value from this phase and will likely lose out on getting better deals and contract results.
With a contract review system, you can search for exact contract details efficiently to pull contract data, providing increased accessibility to contract information across all departments within your organization. Contract management software with contract review capabilities enable users with visibility into contract expiration dates, renewal provisions, indemnification rules, and other key contract information. An automated contract review solution offers ease of access to contract data, where you can pull data and build accurate contracts within seconds. As a result, you develop faster, more accurate contract authoring procedures that serve to streamline your later reviews.
The Modern Business Advantage of Contract Review Software
With contract review software, gain some pretty remarkable competitive advantages. From time-efficiency and cost reductions to risk prevention and improved outcomes in negotiations, contract review software is something that shouldn’t be overlooked!
The cost savings offered by contract review software are the result of time saved. Rather than waste time during the traditional, manual contract review, you can leverage an automated solution that standardizes your contract reviews. It’s common place to think that manual contract reviews are the cheaper route – however, this manual approach is more expensive and time-consuming over the long term. No need to waste time on manual reviews when you could use your team’s time more strategically on contract management initiatives that could use their expertise more.
Risk mitigation is a massive benefit provided by contract review software thanks to the standardization and security that these solutions provide. A manual contract review increases the potential for human error and missed risks. And while technology certainly isn’t foolproof, it’s less risky than its manual counterpart. Automation also assists in risk management and mitigation during contract review. By eliminating the majority of errors and discrepancies flagged during contract review, you steeply decrease the potential for invalid agreements that could cost your organization thousands of dollars. Contract review software allows you to gain confidence in the contracts you execute, where maintaining control over your organization’s contracts becomes more and more possible. Increased access to contract metadata in detailed, proactive contract dashboards and the ability to generate custom contract progress and performance reports allows contract managers to increase organizational awareness of all contract activities. No need to let obligations, key dates, and milestones slip through the cracks ever again thanks to contract review software! Get the extra later of contract accountability, transparency, and visibility that every company desires, that way everyone stays in the know of approaching time-sensitive contract responsibilities and due dates.
Take Contract Review a Step Further with Dock
The support of Dock’s Contract Review System gives users confidence in best-in-class contract software features, making it easy to request new contracts with the option to included added obligations to each agreement. In this manner you can effortlessly assign, review, and monitor contract obligation requirements for any contract at hand and review ongoing progress and performance in current time. A contract obligations monitoring tool is essential for today’s modern businesses and organizations. It’s also remarkably easy to assign specific contracts and associated obligations to specific individuals in your organization with our solution. In addition, users can design automated contract workflows to standardize exact sequences for your agreements to follow. You’ll also be able to generate custom contract reports according to specific contract data points and metrics that you can easily share with your team and upper-level management – all allowing for more efficient and productive communication, contract reviews, and contract tracking.
Contract Review Software: The Features
We highly recommend adopting a solution to your contract reviews that leverages Office 365 and Microsoft SharePoint for the most productive and secure contract reviews possible. Microsoft Office offers competitive, powerful software features that assist in effective digital communication and collaboration – both essential components to a successful contract review and expedited contract lifecycles. Contract authoring, storage, approvals, negotiations, reviews, and all other contract management activities are made effortless and risk-preventative with a centralized contract management tool that all of your authorized users can access and use. The support of a cloud-secure centralized contract repository in your SharePoint tenant makes this possible.
Request new contracts, add and assign obligations, monitor current contract progress and performance, and more in your contract review solution. Today’s contract review solutions provide workflow automation that helps users design and implement systematic sequences of actions for each contract to follow within the contract lifecycle – and this is particularly important during the contract review and approval stages of the contract lifecycle. With custom reporting capabilities, you can maximize your contract reviews over the long term with on demand data and insights that allow you to review contract data trends and pinpoint which strategies produced the best results and which could be improved.
Automatically scan through and review contracts according to your organization’s specific legal restrictions. Contract review software flags risky contract contents that pose concerns in the way of compliance and data accuracy, helping contract managers cut down on time spent during reviews and eliminating errors found in contracts. Many contract review solutions provide reporting, redlining, proofreading, and other supportive features to help during review. Another major utility of these solutions is the advanced search functionality. With advanced search, the software can pinpoint user information and gather data for custom, visual reports. If your organization seeks to scale and wishes to obtain more contract insight, contract review software makes it pain-free. The generous increase of productivity and efficiency provided by modern contract review solutions gives your internal departments all the help they need to improve such a critical stage of the contract lifecycle. You’ll find an increase in time and cost-efficiency, compliance, and quality of your negotiations. The reason why contract review software is such a stand-out is due to its remarkable ability to assist legal and procurement in completing tasks and overseeing contracts. It’s evident that contract review software cuts down on time spent during reviews while increasing accuracy, risk management, and the rate of productivity during approval, contract signing and execution, and negotiations.
Why Contract Review Software Saves Time
Contract review can take an extraordinary amount of time even for just a single agreement. If you take the average time of a contract review for a single contract and multiply that figure by your overall contract volume, you’ll get an idea of how time-consumptive this stage of the contract lifecycle is. The contract review process typically consists of similar procedures in each review, where the reviewing party has to sift through the agreement for the same problematic terms and clauses over and over. From indemnity clauses, contract term duration, requirements for insurance, etc.… it can prove to be an extensive process. Conducting modern contract reviews without the support of technology is a recipe for bottlenecks and increased risk.
Give Your Legal Department the Help They Need
Considering the contributions legal makes during several stages of the contract lifecycle, contract review is one of the most essential contract management tasks that can certainly be a source of overwhelm. Contract review software helps remove the stress from legal’s back. When your lawyers and legal professionals are tasked with constant reviews and the continuous checking and re-checking of agreements before submission, you’ll experience interruptions in your regular contract workflow, dragging out the contract review process for much longer than necessary.
However, with the assistance of contract review software, legal can gain the help they need. No need to manually edit and redline files with physical copies of contracts, and no need to waste time adding typed revisions to your digital contracts. Legal can now utilize an advanced fix for the various bottlenecks and challenges that are commonly associated with the modern contract review process.
Conclusion
Contract review software will give your legal team and everyone else involved in contract lifecycles all the help they need with an easy-to-use software tool that enables risk-preventative, accurate contract reviews. Ready to save time and money while increasing compliance and organization? Then look no further than a contract review system with Dock. Here at Dock 365, we provide all you need for a productive, results-driven contract review process.
Let Us Introduce Ourselves
Dock 365 supports business productivity and efficiency with our contract lifecycle management solution. Get robust contract results, enhance internal collaboration and communication, and achieve a productive and initiative-taking workplace environment geared towards contract success. Headquartered in Jacksonville, Florida, the Dock team is accessible and available to help you with your contract management inquiries and concerns. The Dock 365 Contract Management System is user-friendly with several Microsoft 365 tools that your team will likely be remarkably familiar with. Because our solution is built on your Microsoft Office 365 and SharePoint infrastructure, you can stretch your Microsoft investment and get increased user acceptance. The Dock 365 Contract Management System is customizable, allowing you to design the solution for your unique branding.
Manage contract lifecycles like a pro from the contract intake and request phase, all the way to contract renewals and expiration. Here at Dock, we provide all the tools and features you need for rapid contract generation. These features include the following:
- A secure contract storage system in a centralized, cloud-based digital repository
- A library full of preapproved contract templates
- A contract clause library of current, compliant clauses
- Metadata auto population capabilities
- Customizable, flexible contract workflow automation
- Rapid approval routing
- Version control
- On demand contract insights and reporting
- Sharable reports
- Vendor performance metrics and scorecards
- New AI features
- Integrations with leading electronic signature providers (DocuSign, Adobe Sign, and Sertifi)
- And much more!
