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The Contract Management Process

The contract management process outlines the methods, strategies and principles that companies use to streamline their contracting processes. From ensuring that contract obligations are being met and monitoring contract data There’s a lot that is involved in managing contracts, particularly after they’ve been drafted and executed.

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

1. Contract Drafting

Whether you’re drafting an Non-Disclosure Agreement, Master Service Agreement or Statement of Work, contracts are essential for conducting business and establishing guardrails for relationships. The process of contracting is usually time-consuming and tedious which can lead to delays and obstacles. Modern technology has made it easier. Digital collaboration, automated review and tracked changes have significantly reduced the length of contract drafting. Additionally special software for managing contracts like JAGGAER Contracts can aid in reducing mistakes made by hand through auto-generation.

2. Contract Negotiation

Negotiating terms and conditions is the next step in contract management. This is a difficult, cross-departmental endeavor and often involves multiple versions of the contract. The goal is to find an acceptable solution to both parties, and also in line with commercial and legal policy. Contract management software can speed up the contract writing and negotiation process by providing users with templates that have been approved clauses, clauses, and other approved language. It can also automate and simplify the process of reviewing and approving by facilitating collaboration via digital technology and allowing teams to submit their reviews from any location anytime. It is also simple to use eSignatures in CPQ to speed up the executing process. It has been proven to cut down on the time it takes to complete contracts up to 88%.

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