The process of managing contracts is the set of strategies, tactics and philosophies used by businesses to streamline their contracting processes. From ensuring that contractual obligations are fulfilled and reporting to analyzing contract data There’s a lot of work that goes into managing contracts, especially after they’ve been drafted and executed.

The process of managing contracts can be broken into the following phases:

1. Contract Drafting

Whether you’re drafting the Non-Disclosure Agreement, Master Service Agreement or Statement of Work, contracts are essential for conducting business and establishing safeguards for relationships. The contracting process is often time-consuming and exhausting which can result in delays and obstacles. Modern technology has made it easier. Digital collaboration, automated reviews and monitored changes have cut down on contract writing cycles by a significant amount. In addition the use of software for managing contracts like JAGGAER Contracts can reduce mistakes made by hand through auto-generation.

2. Contract Negotiation

The next step in the process of contract management is to negotiate terms and conditions. This can be a complex cross-departmental task that often includes several versions of the contract. The goal is to arrive at an agreement that is mutually acceptable and satisfies both parties and aligns with the law and commercial guidelines. Contract management software can help speed up the negotiation and writing process by providing templates, clauses, and other approved texts. It can also automate and streamline the process of reviewing and approving by facilitating collaboration via digital technology and allowing teams to submit reviews from anywhere anytime. It is also easy to use eSignatures in CPQ to speed up the execution process. It has been proven to cut down on the time it takes to complete contracts up to 80percent.

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