Every business owner understands the importance of legal contracts, as they form the basis of all formal agreements between parties involved in a transaction or business relationship. The terms outlined in a contract dictate the rights and responsibilities of each party and help to prevent disputes from arising. However, keeping track of multiple contracts can be a daunting task, especially if there is no streamlined system to manage them. This is where legal contract management tools come into play.
Legal contract management tools are software tools designed to help businesses store, organize, and manage their contracts efficiently. These tools not only help to streamline the process of creating, reviewing, and approving contracts, but also help to ensure compliance and minimize risks associated with contractual obligations.
Here are some of the top legal contract management tools that businesses can use to manage their contracts:
1. ContractSafe
ContractSafe is a cloud-based legal contract management tool that is designed to help businesses store and manage their contracts easily. It has an intuitive interface that allows users to search and filter contracts by keywords, clauses, and terms. ContractSafe also offers automated alerts for key dates, renewals, and expirations to ensure that businesses never miss an important deadline.
2. ContractWorks
ContractWorks is another popular cloud-based legal contract management tool that offers features such as e-signatures, automated workflows, and advanced reporting. It also offers OCR (optical character recognition) technology that allows it to extract key data from contracts and store them in a searchable database.
3. ConvergePoint
ConvergePoint is a Microsoft SharePoint-based legal contract management tool that is designed to help businesses manage their contracts from a single platform. It offers features such as contract drafting, version control, and electronic signature management. ConvergePoint also provides users with customizable dashboards and reports for better visibility and insights into their contract management process.
4. Zoho Creator
Zoho Creator is a low-code platform that also offers a contract management solution. It allows users to create custom workflows and automate tedious tasks involved in contract management such as reminders, approvals, and notifications. Zoho Creator also has a mobile app that enables users to access their contracts on-the-go.
5. Docusign
Docusign is a widely used electronic signature tool that also offers contract management solutions. It provides users with a secure and compliant way of signing, sending, and managing contracts. Its advanced features such as In-person signing and bulk sending make it a preferred choice for legal contract management.
In summary, managing legal contracts can be an overwhelming task, but with the right tools in place, businesses can ensure that they are always on top of their contractual obligations. Whether it`s contract drafting, version control, or e-signatures, there is a legal contract management tool that can meet the needs of any business.