Contract management software (CLM)
Keeping track of contracts is often no more than a spreadsheet, not ‘contract management software’. Although this might work, it is laborious, dependent on individuals, and without automated alerts. Contracts easily extend automatically. Also, no control over your contracts leads to revenue leakage: missing benefits because of poor contract insight or no-alerts. Weagree’s contract management software (CLM) is the user-friendly enterprise-oriented contract lifecycle management system of the 3rd generation.
As you can see:
The ideal world is end-to-end contracting: contract management software (CLM) integrated with contract automation, workflows, entity management and the entire IT landscape. An easy to implement end-to-end contracting engine that imports and exports all contract data automatically or intuitively.
No-one likes to register and maintain signed contracts. No-one likes to revisit signed contracts in a dusty, non-searchable archive. If your organisation has been growing rapidly, signed contracts were not typically managed effectively. After a reorganisation or merger, people who know the details of their (your) contracts may have left the company. Weagree’s CLM can be used as a data room for finance or acquisition due diligence.
Your perfect CLM must be easy to implement and maintain. Easy search-and-filter options that unchain contractual benefits. Notify you timely. Accelerate, don’t hit the brakes.
Timely expiry notifications
Many contracts extend automatically when a termination deadline is missed. First and second generation contract management tools are usually limited to ‘legal issues’: contract expiry, termination rights and change of control aspects.
Third generation CLM allow more flexibilities. (Third-generation CLMs have been developed, roughly, after 2015, and are for example also better geared towards AI.)
Projects entail numerous deadlines, and those deadlines may even depend on each other. Over time, deadlines and their interdependency might change. Administering and managing all deadlines and keeping all stakeholders informed, is challenging.
If a deadline is missed, it means that extra monitoring and coordination becomes necessary to prevent a delay. While project management tooling enables the management of deadlines, their reflection in a contract amendment is typically not achieved automatically. But if any uncertainties arise, stakeholders turn to the contractual documentation for the truth.
Weagree’s new contract lifecycle management (“CLM”) alerts responsible contract owners in time, allowing sufficient time to reconsider a contract, renegotiate its scope or pricing, and find an alternative supplier. Weagree’s contract management software reminds you if you don’t take action upon the first or second email alert. While e-mail notification timing is preconfigured by the administrator, the contract owner (or legal counsel involved) can tweak them for a specific case.
Are you always able to find all signed contracts, and all relevant files? As a lawyer, you want to easily access all contract-related files:
- The signed contract
- Annexes related to the contract
- Your compliance assessment form
- A supplier-signed Code of Conduct
- Important draft-contract versions
- All amendments
- Advanced contract data management
Do you have insight into all your organisation’s rights and obligations? In a basic CMS, you’re likely to see your deadlines in just a few clicks. Weagree’s CLM goes beyond this: you will also have immediate insight into dozens of other data.
Making a signed contract ‘manageable’ and updating it for your negotiation results takes only a few clicks. It is exceptionally user-friendly. Think of it: essentially, Weagree simply reuses the data you entered when creating the contract. Imagine: ‘uploading’ a signed contract and making it insightful and accessible takes only a few minutes.
Reporting and monitoring is easy
(One-click find your contracts)
Heads of legal departments and CEOs must keep track of contracts in place and whether necessary action is required. But none of them will wade through an ever growing list of contracts or perform manual searches. In these positions, and as inhouse legal counsel, you should immediately be able to get a good overview of all relevant contracts.
If there is one place where the busyness of the next months can be foreseen, it is in a CLM.
Convenient obligations management
(Prevent revenue leakage)
Not managing contractual rights or obligations (or not even maintaining a CLM at all) invariably implies missing options. Poor contract management is time-consuming, cost-increasing, and risky – a cyclist’s chasse patate (a goose chase)!
Weagree’s state-of-the-art contract management software (CLM) reminds you of all deadlines, milestones, and expiry dates. Prevent unintended contract extension and provides full and quick insight in your organisation’s obligations.
Weagree has optimised contract lifecycle management by creating a one-click overview of pending obligations and upcoming deadlines.
Large projects with floating deadlines, managed by contract management software (CLM)
If you’re in the world of large projects or managing numerous contract deadlines, and your contracts are large or complex, with many deadlines or deliverables. In those contracts, before, during and after the project is completed, you must overcome challenges of planning, monitoring and management.
Managing changing contract deadlines is an art, if you were to do that manually:
- Managing ever changing deadlines and keeping everyone informed about changes is challenging.
- Missing a deadline, and then all the extra monitoring and coordination is no fun.
The good news is: Weagree’s contract management software (CLM) empowers you with easy-to-configure tooling to manage contract deadline complexities. Integrated with Weagree’s contract automation, a large part of managing such deadlines is even automated.
AI - automated contract review
Large numbers of contracts must be managed and this may involve reviewing tens, hundreds, or even thousands of them for specific terms. This means a lot of exhausting, inefficient work for those water carriers in your team, plowing through each document, page by page for hours and hours on end. Automated AI contract review would abolish this 1990s type of labour. Because there is no automation involved of inadequate for the purpose, this Sisyphean task may occur every now and then, but it might also be periodically required.
AI based technology searches instantly for relevant words and phrases, which it then tags with appropriate labels. The technique behind that is to automatically convert uploaded documents to searchable text. That is very valuable but not anything brand new. Some see AI as a holy grail, we see it as very useful technology; not new, but about 15 years old.
For Weagree, introducing Automated AI contract review was a natural and easy step to take. AI is becoming a sort of our team mate; we have been through a lot with each other and we will ride up together every time when new techniques come available for our customers.
The Weagree Wizard is perfectly fit for AI. The AI contract review technology is mature and has been developed for almost 15 years now.
Keeping your CLM up-to-date is easy
Where creating a contract is an essential first step in business operations, at the contract creation stage, much key information comes in. You can reuse that and it saves much time. The time saved is also the most boring work.
Missing a deadline is easily prevented by:
- automating document creation,
- automating approval workflows,
- automated notification of deadlines, and
- one-click (controlled) access to the contracts and related documentation.
An end-to-end contract lifecycle management solution such as the Weagree Wizard facilitates all this. Contract data are not easily lost. Access to all data including legal entity management.
Legal entity management integrated
(and corporate housekeeping)
Who may sign contracts and represent any legal entity in the corporate org-chart? In which legal entities are the managing directors appointed and authorised to sign? Which powers of attorney are granted on behalf of a legal entity (to whom and with which scope of authority)? Proper legal entity management software integrated with contract management and corporate housekeeping gives one-click access to:
- Managing directors, NEDs and authorised representatives
- Shareholders and subsidiaries (shareholdings, share classes)
- Corporate details (formal addresses, tax status)
Legal entity management gives immediate access to all documentation in relation to each group company, neatly organised:
- Resolutions resolutions, board resolutions and minutes
- Powers of attorney
- All contracts by that entity
- Certifications, permits and business licences
- Constitutional documents, bylaws and shareholders agreements
- Accounting and tax documents and forms