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How to Manage Your Contract Pipeline with Remote Access

Making the shift to remote contract management is a big step for your business. It’s one that many businesses have had to make quickly in the light of the COVID-19 pandemic. Properly managing your contract pipeline is critical to keeping your business flowing smoothly during this period. You want to make sure your contracts move smoothly down the contract pipeline with remote access features. A smarter contract management system can help, often without the in-person touches that usually help your business manage those tasks. To manage your contract pipeline with remote access, try some of these important steps. 

1. Make sure all employees have the right access.

When you're in the office, things are simpler. An employee who doesn't have access to the right contract documentation can simply walk down the hallway and find someone who does. Unfortunately, when your employees are working remotely, they might not have access to others who can get them into those documents. As you prepare your contract pipeline for remote access, make sure your employees have the right access. Make sure logins are current, that all employees know their passwords, and that they can access contract data remotely. This is also a great time to remove old logins for employees who have left the company.

2. Create contract processes that include automated checks and reminders.

When working remotely, it's important to include automated reminders for your employees. This can help ensure that they take care of all of their obligations with regards to your contracts in a timely, effective manner. Your employees are out of their familiar element. They’re away from the office and struggling to adapt to new and changing circumstances. Make sure your contract management software offers the reminders they need: Reminders That Action Needs to Be Taken on a Contract Has a contract been allowed to sit too long in a particular queue or at a particular stage of the approval process? Make sure you issue a reminder that will let your employees know that action needs to be taken.  Contract Scoring  Automatic contract scoring can help you identify any potential challenges with a contract before it moves further through the approval process. Remote work can mean longer approval times and fewer connections between members of your team. This can make it easier for potential errors to fall through the cracks. With automated contract scoring, on the other hand, you'll be able to more easily identify any potential challenges with the contract before they become more serious.  Renewal Reminders  Do you have contracts coming up for renewal during this period of remote work? Make sure employees get reminders well ahead of time so that they can begin negotiations. This can ensure they will have time to take into account current events and how they may impact future contracts with a given partner. 

3. Automatically move your contracts on to the next phase in the contract cycle.

Once a specific stage of the contract process has been completed, it needs to move on. Set up your contract management system to automatically send the contract on to the next stage in the process. You may, for example, need to move it straight from the sales team to approval. Alternatively, a smart system can move it through the stages of approval. Make sure it automatically moves to the next person who needs to see it. Then your team can accomplish their tasks remotely and easily. 

4. Make sure you have a remote signature option in place. 

Connect your contract management software with a remote signature platform. This will allow both your team and your contractual partners to sign your contracts without having to be in the same place. These e-signatures are just as binding as physical signatures on a document. But they don't require team members to leave the safety of their homes or expose themselves to potential infections. A contract pipeline with remote access to e-signature options will also ensure that the signed version of the contract is stored online, where your team can easily access it.

5. Institute virtual contract compliance monitoring.

Contract compliance — both with external regulations and with the terms of the contract — is incredibly important to your business. You want your contractual partners to know that you will continue to meet your obligations even during a difficult period. Make sure you have virtual contract monitoring in place that will allow you to keep up with how well your employees are complying with the terms of the contract. You should also monitor whether vendors are keeping up with the terms of your current contracts and whether you need to make changes to any of your contracts based on the current situation.  Shifting to a contract pipeline with remote access features can offer unique challenges. With these strategies, however, you can move your contract smoothly down the pipeline and ensure that your business has everything it needs to continue to thrive and meet its obligations during this time. See how ContraxAware can help by scheduling a 1:1 demo. Read the full article

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How to Revise Your Contract Approval Processes for Business During COVID-19

As the COVID-19 crisis continues, many businesses are making critical changes to their operations. These allow them to continue to provide services to their customers and keep their employees working throughout social distancing measures. Your business may need to take a hard look at many aspects of how you manage your employees and your clients. This includes how you manage your contracts throughout the crisis and creating virtual office processes. One important element that you may need to change? Your contract approval processes. 

The Importance of Streamlining Your Contract Approval Processes

Now, more than ever, you need your contact approval processes to move as smoothly as possible. You do not want contracts to get "stuck" while you wait for a specific individual to approve them. Also, you don’t want important clients, vendors, or subcontractors to fall through the cracks while your business makes that critical transition to remote work. Consider these important reasons to streamline your contract approval process: 1. Your clients need fast answers and reassurance.  Many of your clients, during this time, need a fast answer to any questions they have — including questions about the contracts they have pending with your business. You may need to make fast alterations to your contracts to ensure that they meet new industry mandates or requirements, including allowing your customers and vendors alike to maintain social distancing guidelines.  2. Remote-working employees can cause your contract approval processes to take longer.  Remote employees may not all be at their desks as a contract moves to the next stage in the approval process. Many employees are working from home with kids, spouses, pets, and other challenges that prevent them from accomplishing their business days according to their usual responsibilities. As a result, a complex contract approval process may take even longer to execute than normal.  3. Your employees need streamlined processes now as never before.  Because many of your employees are juggling other responsibilities, including caring for children or elderly loved ones, alongside their usual job responsibilities, they need a streamlined contract approval process that will prevent unnecessary work added to their days. 

Revising Your Contract Approval Processes

To revise your contract approval process, consider these important elements.  1. Eliminate unnecessary steps in your contract approval processes.  As your business makes the shift to remote work, take a look at your contract approval process. Eliminate any unnecessary steps or stages. While you still want to include each team that needs to approve a contract before it's signed, you may find that you need fewer steps in your contract process than you originally thought.  2. Automate the process in your enterprise contract management system.  Use your contract management software to clearly lay out each step of the contract approval process. Have the system automatically take the contract through each stage of the approval process as the one before it is completed. This can make it easier for remote employees to know what to do next, especially with complex contracts or those that are different from the normal way you do business.  3. Set your system to send out reminders.  Many employees are juggling other responsibilities alongside their usual work tasks. So they may need reminders to take care of common tasks. This includes taking care of contract approvals. Set your contract management system to send out a reminder if a contract has waited too long for approval. Also, set closer reminders for contracts that have tight deadlines or that need to move to the next phase of the approval process quickly.  4. Make sure you have a cloud-based contract management system in place.  Ensure that contracts have made it through every stage of the approval process by having a completely cloud-based system. This is especially necessary if, for example, you have more than one person at a time looking at a contract. This is something that might occur more frequently while employees are working remotely. Their schedules may not look the same as they would in the office.  5. Use contract management software that allows for collaboration.  Your legal contract management system should allow for collaboration between multiple individuals and departments as your contract moves through the approval process. You need to be able to easily see the latest version of each contract, as well as its history. Also, you need to be able to work on it at the same time, even from remote locations. You may choose to revisit contract terms during a meeting, for example. Alternatively, you may need to collaborate to determine what supplies you need from a specific vendor during this time. Make sure your contract management system allows for collaboration as well as individual approvals. As your business deals with the COVID-19 crisis, don't let your contracts fall through the cracks! Instead, take the steps necessary to revise your contract approval process. You'll be able to keep your business running more smoothly. Also, you can make sure that contracts still get approved on time, which can provide immense peace of mind for your customers. See how a 7-day free trial with ContraxAware can help you revamp your process.  Read the full article

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How to Set Up Automatic Contract Reminders for Managers

When your team is working remotely, your managers may face more challenges than usual monitoring contract statuses. By setting up automatic contract reminders for managers, however, you can provide your team with complete insight. This is an essential element of your WFH plan for approving and managing contracts. Let them see your contract statuses and keep them informed about the steps that need to be taken next. Follow these steps to get started:

1. Involve managers early in the process.

Often, managers need early insights into the contract management cycle. Your normal process might not bring your contract managers in until further down the cycle. However, this method may cause difficulty for your management team, especially when they're working remotely and not in the office communicating with one another. Your contract management system doesn't just have to provide automatic contract reminders for managers when it's time for them to take action on a contract. You may also want to institute notifications that a new contract has been created and allow contract managers to look over the terms of the contract. 

2. Work with the management team to see when they are most likely to step in. 

Take a look at the places where your management team usually needs to look over contracts. Many of those steps may not normally take place within your contract management system. In fact, your managers may typically simply step into an office or work directly with a team to clear up questions. When you make the transition to remote work, however, your management team may need those vital reminders and notifications to recognize that they're needed. Set up your contract management system so that it automatically provides those triggers and notifications. Set up the same automatic contract reminders for managers in other teams and key personnel in other departments, too.

3. Provide a notification and trigger the correct action each time the contract moves to a new stage.

Your contract managers may normally simply assume that contracts are moving smoothly through their normal stages. But when you make the transition to remote work, your contract management system may need to take care of many of those important reminders. This might include:  Triggering contract scoring automatically.  Contract scoring can help you get a better idea of where your contracts have the potential to pose a danger to your business. Automatic contract scoring will ensure that you do not miss potential risks along the way. Send a notification of those scores to managers so they can make recommendations as needed.  Letting managers know when contracts are approved.  An automatic notification as contracts move through the approval stage can allow the management team to get started on other projects. Automatic contract reminders for managers can also trigger the managerial workflow to take care of other tasks needed to get started on the work for a specific client.  Triggering emails for clients and vendors whose contracts are nearing renewal.  You don't want to miss out on renewing a contract, especially during this difficult period. Failing to renew a contract with a vendor or subcontractor can cause your work to slow down, while failing to renew a client contract may mean that you don't have work at a necessary time. Instead, trigger emails and other reminders that will help you get started on those key contracts.  Offering managers reminders and information when the contract process stalls.  Sometimes, your contracts may sit in a specific stage of the approval process longer than anticipated. Set your contract management system to trigger reminders that will allow your management team greater insights into why the contract has stalled. Automatic contract reminders for managers can also prompt them on what they may need to do to help get things moving again.

4. Offer reminders about each next step in the process.

man working from home to catch deadline of his new project Your management team may know each step in the contract process, from completing those initial templates to ultimately renewing your contracts. Other members of the team, however, may not have the same insights into those processes. Set up your contract management system to offer vital reminders, both to the management team and to the other team members working with those contracts. Consider: When do employees need to loop in a manager?How should employees handle questions about contract negotiations, phrasing, or terms?What is the next step in the contract process? Does it needs to move to a new stage of the approval process, or do you need to do a compliance check on a contract? Who needs to be notified? Including these reminders in the system doesn’t just ensure that your management team has a solid idea of what's going on with each contract. It also provides your employees with the insights they need to accomplish their daily work tasks remotely. Automatic contract reminders for managers streamline those processes and help salespeople connect with your customers, vendors, and subcontractors. 

5. Offer reminders to your management team about contract terms, industry requirements, and compliance needs.

The best managers have a solid understanding of how your business operates. They may also, however, rely on your other employees to provide them with vital insights and knowledge concerning specific processes or requirements. Make sure that your contract management software includes reminders about those vital facts when needed.  Making the transition to remote work may mean rethinking some of the processes you use on a regular basis. By setting your contract management software up correctly, however, you can provide your entire team with the information they need and allow your managers to follow each contract through the process. Sign up for a one-on-one demo to see how you can customize your company’s workflows. Read the full article

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How to Make Sure Your Employees Can Access Contracts at Home

With many businesses making an abrupt shift to remote work in light of the current pandemic — or even if your business has decided to offer remote options for employees for other reasons — it has become increasingly important for employees to be able to access contract records from anywhere they are. Employees who cannot access contracts cannot complete many of their daily work responsibilities, including negotiating and approving contracts. So you want to be sure they have the tools they need to be successful, including systems so they can access contracts at home.

1. Make sure all your contracts are stored in one place.

Finding a contract that could be in any of several repositories is frustrating enough when you're in the office and can easily ask others around you where that information is stored. Finding that information remotely, on the other hand, can prove much more challenging. As you make the transition to remote work, make sure all your contracts are stored in one place. You should also check your naming system to ensure that employees can easily locate the contracts they need within those systems. Ideally, your naming system should be intuitive and easy to understand. 

2. Use cloud storage that employees can access contracts at home.

With a cloud-based contract management system, you don't have to worry about the servers at the office going down when no one is in the office. Instead, employees can easily access contracts from anywhere, whether they're at home, in the office, or on the road. Cloud storage also provides an additional layer of security that can help protect your vital records, including your documents and internal systems, when employees access contracts from home. 

3. Check your security and your permissions so employees can access contracts at home.

Many employees are shifting to remote work in a hurry. But you still need to carefully consider how your contract management solution keeps your contracts as secure as possible. As you make the transition to remote work for your business, make sure that you: Clearly assign permissions based on the files employees across the company should be able to access.  You don't want remote employees to be able to access contracts they don't have permission to access, especially when it comes to private information. At the same time, however, you may need to carefully check your permissions to make sure that each employee has the permissions needed to accomplish his job responsibilities. As access issues arise, make sure you address them at the source. Don’t rely on complex workarounds so your employees can access contracts at home. Make sure you have strong security in place.  You can't control the security of the networks and devices employees are using to access work accounts when they work remotely. You can, however, control the security on your end. This is the ideal time to update your security. Ensure that you don't have any holes that could allow access to your confidential documents.

4. Make sure you can easily identify the latest version of the contract.

Since employees aren't gathering together in person, it may be more difficult to pass on information about your business. For example, say you've recently modified a contract while working with coworkers in the office. Then, you might mention that it's been updated in your next meeting. You might even share it with other team members in passing. While working remotely, on the other hand, it can prove more difficult to keep up with that information.  Use a numbering or naming system that clearly designates the latest version of a contract. Alternatively, utilize a contract management system that allows you to easily track the latest versions of each document. That way, you'll know that everyone is on the same page and accessing the same version of the document. 

5. Don't forget about signatures. 

In addition to accessing your contracts remotely, you may want to continue many of your usual business operations. This includes approving and signing new contracts. You may need to renew vendor contracts, sign new contracts with subcontractors, or bring in new customers for your business. In order to keep your business running smoothly, make sure you have an e-signature option. This will allow you to finalize those contracts, even when the people signing those contracts can't meet in person. You may also want to make sure that your contract management software is compatible with the programs your vendors and customers use. This can increase their confidence in your business during an uncertain time.  Making the transition to remote work may involve multiple steps for your business. Keeping your contracts organized and easily accessible, however, is an important part of that process. By ensuring that you have the right security, permissions, and version control, you can keep your users functioning smoothly. A cloud-based contract management software can make it easier for your team to keep functioning smoothly from wherever they are and access contracts at home. Try a seven-day trial to see how it fits into your new WFH routine.  Read the full article

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How to Handle Interrupted Contract Obligations and Negotiations Due to COVID-19

COVID-19 has caused incredible disruption and interrupted contract obligations across multiple industries. Businesses have been forced to close their doors. Many cannot operate using their usual processes. Others may struggle to keep up with their obligations to clients and vendors alike. While shifting to a paperless contract approval system will help, you may find yourself without access to subcontractors that you usually deal with or struggling to keep up with your contractual obligations. How can you handle those processes due to COVID-19?

Step One: Check the Terms on All Your Contracts

Many of your contracts may also have terms in place that govern operations in the event of a crisis beyond your control. This includes an "act of God" clause that will provide you with a blueprint, however vague, for how to handle many of the situations that may arise during this crisis. Some of your contracts, for example, may have terms that will allow you to change service delivery dates or what you're offering to your customers. Others may have specific terms that state how and when you must repay clients whose jobs you cannot complete in the midst of a crisis. Familiarize yourself with those terms so that you can deliver on customers' expectations. 

Step Two: Contact Representatives as Soon as Possible

If you have contracts or contract negotiations that are or will be disrupted by COVID-19, get in touch with those representatives as soon as possible. Most companies are experiencing some type of impact from COVID-19 at this time. They may be willing to renegotiate contractual terms or deadlines based on those changes. Discuss: Contractual Deadlines Are you going to have trouble meeting deadlines described in the contract due to decreased workers or changed policies in your warehouse or others? The sooner you get in touch with a representative from your contractual partner, the sooner you can make necessary changes to your contracts — and the better both of you can prepare. Inability to Deliver In some cases, you may not be able to deliver on your original contractual obligations. Venues, for example, might not be able to reopen due to COVID-19 social distancing guidelines. Other companies might have a limited capacity to deliver specific services due to fewer available employees. If you know you will not be able to deliver on your interrupted contract obligations, contact the relevant parties as soon as possible. Changed Needs You need to contact your clients as you manage potential changes to your contracts. At the same time, you need to connect with your vendors and subcontractors to reflect your changing needs. Your company may, for example, need a lower volume of production from some of your vendors. Alternatively, you may need to cancel specific orders as you see what managing COVID-19 will look like for your business. Contact your vendors as soon as possible to revisit those terms so that you can decrease any penalties associated with those needs.  Changed Processes  Your business may have made many changes to help protect your employees and your customers alike. Your contractual partners need to know about those changed processes and guidelines. You need to accomplish a couple of different things in this conversation with the representative. First, you need to describe the steps your company is taking. Your clients, for example, may need to know that your employees are working remotely, or what steps you're taking to keep your facilities as clean as possible. They may also need to know how any terms will differ from what's described on your contract, especially with regard to personal contact between you and your clients.  Once you discuss terms with those representatives, make necessary changes to those contracts. Then sign them electronically to indicate that they have been approved by both parties. Whether you need to interrupt services temporarily or make plans for after the crisis is over, you want a blueprint in place. This will allow your business to keep operating effectively.

Step Three: Make Negotiations Virtual for Interrupted Contract Obligations

Your business may have had many of your contract negotiations interrupted as you made the shift to remote work. Both you and your clients — and your vendors and subcontractors — may have been forced to stop work abruptly. Alternatively, you may have to transition to a remote environment. You also may have canceled meetings without rescheduling them, especially in the immediate aftermath of social distancing requirements in your state.  As things start to settle back to normal, however, you should continue with interrupted contract negotiations as soon as possible. Reschedule meetings, moving them to a virtual environment instead of meeting in person. You should: Set up your contract management software. You can ensure that your contracts can move through the approval process virtually, rather than needing any steps completed in person.Ensure that you have an electronic signature option available. Electronic signatures are just as valid as physical signatures. So you can go ahead and get those contracts signed and keep moving forward with your business.Revisit contract templates and compliance needs to ensure that you are both meeting the latest recommendations. Also, be prepared for future repercussions of the pandemic and how they could impact your business. Issue reminders about any contract negotiations or interrupted contract obligations that you need to revisit.  The COVID-19 crisis may have temporarily interrupted contract obligations and negotiations. But it won't bring business crawling to a halt for many industries. By following these steps, you can effectively handle those interruptions and prepare your business for success. See how our software can help by scheduling a 1:1 demo. Read the full article

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Prepare an Action Plan for Handling Your Current Vendor Contracts During COVID-19 When the Office Is Empty

Your office is empty due to the current COVID-19 pandemic. You may have no idea when your workers will return to the office. In some cases, what your business will look like when they return may be completely different. At the same time, you may have a substantial number of vendors with whom you already have contracts, waiting to deliver their products and services to your business. As you’re creating your paperless contract approval system and COVID-19 action plan, make time to consider your vendors. Do you have an action plan in place to handle them?

Step One: Determine What You Need from Your Vendor Contracts During COVID-19

You may have vastly different needs from your vendors as your business navigates the current public health crisis. Also, your needs may change again once the economy starts to reopen and your business starts to resume normal services. Sit down (virtually!) with your team and discuss your continuing needs. Consider: What are your actual vendor needs now, in the current situation?  You may have some increased needs due to changing circumstances. For example, if you use an outsourced IT provider, you may need to increase your current services due to increased remote workers, who may need more assistance navigating the technologies they use each day. You may also note an increased need for cybersecurity, or you may find that you need to improve your contract management solutions to make those contracts more easily accessible for your remote workers.  Other needs may have decreased. You might not, for example, need your cleaning team to come in as often when there is no one actually in the office. You might also need fewer products or services, depending on what your customers' needs look like during this time.  What will your vendor needs look like as the situation resolves?  Don't just consider your immediate, short-term needs! You should also consider what you will need as you return to the normal flow of work. Many businesses anticipate a significant uptick in business as things start to reopen, especially those in the entertainment industry. If you have supplies delivered regularly, you may want to go ahead and accept those regular deliveries to help you plan ahead for after the crisis resolves.  Work with teams across your business to allow you to assess your needs both during and after the crisis fully. You may be able to shift some of your services to allow you to fully utilize your existing vendor contracts during COVID-19 with few alterations. However, you may need to increase some services for the duration of the crisis. Also, you want to be sure that you have an adequate assessment of what your business really needs. 

Step Two: Contact Your Vendors About Your Vendor Contracts During COVID-19

Once you have a solid understanding of what your business needs to weather the crisis, get in touch with your vendors. You know what you need, but that does not necessarily mean that you know what your vendors are offering. Ask: How Your Vendors Are Handling COVID-19 Your vendors may have to shut down completely, or they may have changed offerings due to the impact of coronavirus on their business. They might have the capacity to deliver the higher level of service you need due to remote work, or they might not be able to deliver the items you need.  What Changes Your Vendors Are Making to Their Routines Not only do you want to know how your vendors are handling COVID-19 — including whether they're staying open or have also made the shift to remote work — you may also need to know what changes they're making to their routines to accommodate the pandemic and keep both their employees and their customers, in many cases including your end users, as safe as possible. Consider: How delivery options may have changed.What precautions the vendor is taking regarding in-person services.How the vendor is keeping their facility clean and as germ-free as possible.What the vendor will do if someone working in the facility shows signs of illness or becomes infected.  Create an agreement with your vendor based on the current circumstances. Take a look at your current contracts and alter them as needed. In some cases, you and the vendor may be able to reach a mutually beneficial arrangement. For example, if your vendor has ceased production on an item you do not currently need as a response to the crisis, you may simply extend the terms of your contract or set yourself up for a later delivery. If your vendor is not able to offer services during the pandemic, you may need to suspend your services. In some cases, you may need to choose another provider to help you continue to do business. Make sure you sign changes to those contracts and make them part of your contract repository.  Managing your vendor contracts during COVID-19 and when the office is empty can pose a unique challenge. Many people were completely unprepared for the potential ramifications of a situation like the coronavirus pandemic, leaving them struggling to catch up with the flow of business as they make the shift to remote work or deal with limitations associated with those circumstances. By preparing an action plan to deal with your vendor contracts, however, you can help ensure that your business has what it needs, both now and when the crisis comes to an end. Try ContraxAware today to keep track of your vendor contracts and any changing terms.  Read the full article

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How to Transfer to a Completely Paperless Contract Approval System for Remote Workers

A completely paperless contract approval system offers incredible advantages for your business. It's even more advantageous in the middle of a situation like the COVID-19 pandemic. Many businesses must make a fast transition to remote work so they can provide a high quality of service to their customers. By transferring to a paperless contract approval system for remote workers, you: Make it easier for your employees to access vital information.  Remote employees don't have the luxury of walking down the hall to go through a paper file. Instead, they need to be able to access that information from home. They also need to be able to move quickly, without waiting for paper documentation, to make it easier for them to complete vital work tasks.  Streamline contract approval processes.  Using paper contract approvals for remote workers can substantially slow down your contract approval process. This will make it harder for you to get the documents your customers, vendors, and subcontractors need in their hands. You might have to physically mail papers back and forth or deal with the need to print and scan documents. With a paperless system, on the other hand, each member of the team can instantly access needed information.  Prevent potential roadblocks due to shelter-in-place orders.  Shelter-in-place orders mean that you can't sit down with a client, vendor, or subcontractor to get your documents signed. You can, however, send those documents via the internet. You can move them through your contract approval process without ever having to come into contact with other people.  Enable easier collaboration between remote workers.  Dealing with paper contracts can make it difficult for remote workers to collaborate with one another on contracts, terms, and implementation. You may not be sure that everyone is dealing with the same document. You might have to scramble to make sure everyone has a copy of the relevant documentation. With remote, paperless contract approval and management, on the other hand, all your employees can easily access the documents they need.  Many businesses already have a solid contract management system in place. But it’s one that, at best, requires a few adjustments to make it possible for them to make the shift to remote, paperless contract management. Others, however, may find themselves starting from scratch as they make the shift to remote work for their employees. Follow these steps to make the transition to a paperless contract approval system for your business and your remote workers. 

1. Use a cloud storage solution for your contracts and related documents.

Cloud storage offers several clear advantages for a remote team. If you've been using a physical storage system or storing your contracts on a local network, it can pose many challenges when most of the team shifts to a remote environment. Using cloud-based contract management software, on the other hand, will: Allow all employees to easily access all the information they need to accomplish their business tasks.  Sales teams need to be able to access sales templates and other information about those contracts. Implementation teams also need ready access to information about deliverables and contact information. Despite roadblocks like shelter-in-place orders, your employees need to be able to access that information on the go.  Maintain awareness of the current version of each contract.  Thanks to cloud storage, you can keep up with all versions of each contract within your contract management system. This includes making it easy for all employees to access the current version of those documents quickly.  Allow multiple employees to work on the same document without the need to save multiple copies.  Cloud contract management solutions substantially improve collaboration in a remote environment. 

2. Create clear policies governing remote access for your paperless contract approval system.

You may need to create new policies to govern remote access to your contracts and other related documents — including how contracts will move through the approval process during this time. Remote contract approval processes may look very different from the physical approvals your employees handled in the past, as may your process for creating new contracts or implementing current ones. Your policies should include: Who can access specific contracts or specific processes.  Your sales team, for example, might need to access new sales templates to allow them to create those new contracts effectively. But your legal team may not need to create contract templates directly. In the rush to go remote, you may not properly assign permissions within your contract management software. As soon as possible, go back and check those permissions to ensure that team members do not have access to secure information they shouldn't be able to see.  How you'll handle electronic signatures.  Electronic signatures carry just as much weight as physical signatures, but you still need to manage and control those documents. What does your e-signature policy currently look like? Does it need to change as you make the shift to remote work, especially in response to an emergency situation?  What processes you'll put in place to allow management to monitor contract approval.  You may need to put more effort into monitoring contract approval processes and ensuring that your contracts are approved in a timely manner. Throughout a crisis that mandates a shift to remote work, you want your contractual partners to know that your business is still operating as efficiently as possible. That includes ensuring that you do not fall behind on contract approvals. Clearly set forth policies governing how you will handle monitoring those contracts to ensure that you don't miss anything important along the way. 

3. Set up reminders and workflows in your paperless contract approval system.

As your company makes the shift to remote work, you also need to make the reminders and workflows your business uses every day virtually. You may already have clear workflows as your contracts move through their pipeline, but you might not have taken the time to clearly set out those workflows in a way that your employees can view at need. As you make the shift to remote work, make sure you put those reminders and workflows into the system. You might, for example, want to automatically move your contracts on to the next phase of the approval process. Alternatively, you might want to set up reminders that let employees know if a contract has spent too much time sitting in their queue. You may also want to consider: Contract Templates Contract templates can provide your sales team with more autonomy and enable them to create contracts that are more likely to be approved as they make their way through the paperless contract approval system. Your contract templates should set out standard terms and the potential terms your business might be willing to accept, including ranges for things like cost. Your contract management system can also put checks and balances in place that will prevent a contract from being created or approved that is outside the acceptable range for your business. Do you already have contract templates in your system? Are you making the shift to remote work in response to a disaster like the COVID-19 pandemic? If so, then you may want to revisit your contract templates to make sure they reflect the current needs of your business and your customers. You may, for example, want to include clauses that will designate how you'll handle potential future social distancing measures. Alternatively, you might want to change your payment terms in light of the current crisis.  Contract Scoring  Now, more than ever, you do not want to expose your business to unnecessary risk. You may want to implement a contract scoring system that identifies any potential dangers or risks to your business related to your business. Contract scoring can identify potential compliance risks. It can also identify excessively large orders or contracts that could damage your business if you cannot meet the terms. Check your contract scoring in the light of your shift to remote work. Then determine whether you need to make any changes to that system moving forward.  Contract Renewals Your existing customers, vendors, and subcontractors are every bit as important as the new ones. In many cases, they’re even more important. You don't want to let those contracts slip through the cracks, even if your work may have slowed down or your priorities may have shifted during this time. Make sure your workflows include early reminders about contract renewals to give you plenty of time to take care of those tasks. You may also want to consider what new information needs to be included in future renewals. 

4. Search out potential bottlenecks ahead of time.

Bottlenecks can slow down your contract approvals and implementations. The shift to remote work can create new bottlenecks in a system that previously flowed smoothly. Alternatively, it can emphasize bottlenecks in your existing system as it slows things down even further. Consider any potential issues that could slow down contract approval. Also, work out any issues that might prevent you from approving your contracts effectively.  Bottlenecks might include: Overworked employees with too much on their plate.  Some employees may struggle to keep up with their work when they're in the office. Making the move to remote work can present even more challenges — especially during situations like the current shelter-in-place order, which could mean that employees are working from home with spouses and children. Identify employees with too much on their plate and look for ways to alleviate those burdens to help get your contracts approved faster. Employees who do not understand how to use the paperless contract approval system.  As you make the shift to remote work, it's critical that all of your employees know how to use your contract management system effectively. Provide training as you move into a period of remote work. Also, check in with employees throughout that period to ensure that they know how to use your new paperless contract approval system effectively.  Reminders not getting sent at the right times.  Without reminders, employees may not even realize that they have a contract awaiting their approval. Make sure your contract management system includes the reminders your employees need to keep those contracts top of mind. With this preventative step, they won't slow down the contract approval process. 

5. Check the search and storage features in your paperless contract approval system.

Make remote work as easy on your employees as possible. They need to be able to search for information within your contract database easily. Your employees need to be able to easily access the information they need about your contracts. This is vital whether they're searching for a particular standard term or seeking more information about a specific client. A better system can help you: Institute a clear naming system.  Employees should find it easy to locate a specific contract within your database. A good, standardized nomenclature system will help. Make sure all your contracts are housed in a centralized repository.  If you have multiple businesses under the same parent company or your business has recently acquired a new company, you may need to take the time to centralize your contract management solutions. Migrating to a single contract repository will make it easier for your employees to locate those vital contracts. Check your search feature.  Make sure the search feature works efficiently. Conduct a few searches and making sure that it pulls up the right documents. If you notice problems with your search feature, contact your contract management software provider.  Making the shift to remote work can pose challenges, especially when it comes to instituting a paperless contract management system. With these strategies, however, you can ensure that your employees and your customers can continue doing business. This can help you continue operations during a crisis. It may also make it easier for you to manage remote employees. If you need a more robust paperless contract approval system and contract management software to make the switch, try ContraxAware free for seven days. Read the full article

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4 Tasks Remote Contract Teams Should Immediately Tackle During COVID-19

In the midst of COVID-19 shelter-in-place orders, many businesses are turning to remote work — or having employees work from home — to help them remain operational throughout the current crisis. In order to keep your team functioning effectively, there are several steps your remote contract team needs to take to make working from home easier and more effective. Make sure you have these tasks at the top of your to-do list as you manage the shift to remote operations, and keep your team sheltering in place. 

1. Make sure back-up signatories are in place in your DocuSign accounts. 

Authorized signatories throughout your company can handle signing important documents, whether that means signing a new contract, moving it through the approval process, or handling vital purchases for your business. DocuSign can store and control the individuals who have the ability to issue those signatures. Not only do you need to make sure that DocuSign has all that important information in place, but you may also want to assign back-up signatories who can handle those responsibilities if the primary individuals responsible for handling those tasks are unavailable. 

2. Keep your remote contract team members informed.

Consider all the data your team members need to know in order to keep your business running smoothly. Remote work is a new challenge for many individuals. During the current crisis, many team members aren't just working remotely. They're also juggling the responsibility of having kids, elderly loved ones, and spouses at home. Your team members need to know what is expected of them during this crisis, including: Expected turnaround times through the crisisDetails about who to contact with key questionsContact information for your HR department and other vital departments within the companyHow your company is altering expectations in the face of COVID-19 You should not only send out immediate emails to the different internal teams within the company. Also maintain communication and remind team members of those expectations throughout the duration of their remote work period.

3. Create a living standard response playbook for likely contract-related emails over the next month. 

Your remote contract team has a solid idea of what emails to expect with regard to your contracts. Not only will you receive the same communications you ordinarily receive over the course of the month, but you may also receive an increase in emails concerning how your business is handling the current crisis. You may want to institute automatic responses to some queries or provide information to all your clients at once.  But you also want your remote contract team to know how to respond to customer concerns, especially in the light of COVID-19 shutdowns and changes to your business. Create a living standard playbook that will help your employees respond to any contract-related queries according to your company's usual practices. A living document can keep employees up-to-date about changes, new information, and the answers they need.

4. Check permissions and make sure employees can access the materials they need.

Check your contract management software and make sure employees have the right permissions to access vital documents. With employees working remotely, it can take much longer to change permissions. They may need to connect with other remote employees or wait for changes to move through the system. Try to anticipate those needs and arrange for the right employee permissions before the challenge arrives. This will keep your employees on track and working as smoothly as possible.  Your business operations may have changed dramatically in the light of COVID-19. Many businesses are struggling to make the changes needed to make it possible for their teams to work remotely. By taking on these tasks, however, you can better prepare your business. You can also provide your employees with the tools they need to reassure customers throughout the crisis. Talk to us today for a free trial of contract management software that can help you streamline your business online. Read the full article

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How to Standardize HR Department Processes with the Right Human Resources Contract Management Process Software

Every day, your HR department works with a wide range of services, providers, and employees to meet your company’s needs. Your HR team needs to have the right processes in place to help ensure that every interaction meets the company's guidelines. But it’s just as important that your team’s resources are built based on those standards. Standardizing the terms for vendor contracts makes it easier to use recruiting services and provide benefits. It also ensures every employee is given access to the same benefits and has the same obligations. With the right human resources contract management software, you can make standardization easier. 

Standardize the Vendor Contracts Your Company’s HR Services

Your HR department deals with your 401(k) plan providers, hiring services used by your company, background check services, and more. The department may need to both negotiate and enforce those contracts, especially with regards to insurance or 401(k) plan providers. With the right contract management software, your team can standardize those contracts easily. You can:  Create contract templates.  You may not always have full control over what your vendors are willing to offer, but you can start the negotiation in the right place. Create vendor contract templates that either act as a starting place for conversations with the vendor or set the expectations for your team. These templates may include the standard services your business needs. They can also establish a price range that you're willing to pay for those services. These templates won’t just standardize your connections across those platforms. They can also make it easier for you to move those contracts through your approval process.  Set the terms your business is willing to accept.  Smart contract management software can do more than create a standard template that includes the services you need. The right software can also set specific limitations for the contract terms that you're willing to accept. For example, you might be willing to pay a fee up to a certain amount for the services you need from a vendor. Alternatively, you might need your contracts to include a specific clause in order to receive contract approval. By hardlining those requirements into the process, you reduce the risk of human error or bad contracts.  Streamline collaboration and approval.  Sometimes, vendor contracts need to be approved by multiple parties before you can move forward with a purchase decision. Whether you're utilizing a new subcontractor or connecting with a new company for your background checks, make a process that fits your company’s needs. For routine processes, create a streamlined check system. For specialized or expensive requests, you can also create a more robust approval process that’s automatically triggered by unusual cues. Effective contract management software can help teams and departments across your company collaborate to standardize those terms. Your contract management software can also help ensure that all relevant departments approve a contract before you sign it. This will make it easier for you to ensure that your contracts meet the terms needed by all departments, not just some of them.  

Manage Contractor and Subcontractor Documents with Human Resources Contract Management Software

Your HR department may work directly with many of the contractors and subcontractors you hire to do work for your company, whether they're working directly on projects related to your customers, helping to manage job sites, or simply providing subcontracted services that aid you in finishing your jobs and meeting your customers' expectations. You need a high degree of consistency and standardization across your contractor and subcontractor documents, both when working with the same contractors consistently across multiple projects and when working with multiple subcontractors.  Set your terms.  Consider what terms are relevant to all your contractor and subcontractor contracts. You may, for example, have a standardized confidentiality clause to help protect your end clients, or you might need to clearly designate which responsibilities rest with a subcontractor and which ones rest with your business directly. Create a list of standard terms that need to be included in all your contractor and subcontractor documents. In some cases, you may need to alter those terms for specific providers. But having them laid out clearly can make it easier to maintain your standards regardless of which subcontractor you deal with. Establish your company's price range.  If Contractor A provides premium service for $10,000 and Company B provides standard service for $8,000, which one does your company prefer to work with?  While there's no one right answer to that question that applies to every business, you should have a standardized answer that applies to your company to make it easier for you to handle client queries and deal with concerns along the way. Set a clear price range that your company is willing to pay for services. If services go outside those standards, you may want to choose a different provider for your needs. Having that price range already in place can make it easier to make those decisions for your company.  Set a process for the evaluation of your contractors and subcontractors.  When you work consistently with the same contractors and subcontractors, you may come to expect a certain specific quality of service from the ones you deal with on a regular basis. When you connect with new contractors and subcontractors, on the other hand, you may need a scale that will allow you to more easily evaluate exactly what those contractors are supposed to be accomplishing and how their standard of work holds up to your requirements.  At the end of each contract cycle, you may want to evaluate the performance of your subcontractors compared to your current standards. In some cases, you may need to alter your future contracts with those contractors. In others, you may choose a different provider for your needs. You may also want to conduct regular evaluations throughout the project, ensuring your contractors and subcontractors are delivering on your expectations.  Your contract management software can produce alerts and reminders that will let you know when important deadlines are approaching, which will allow you to make sure your contractors and subcontractors aren't falling behind in their work. Lay out your penalties.  What happens when a contractor or subcontractor fails to deliver on your company's expectations, including meeting your timeline and fulfilling the end client's expectations? While there may be times when events beyond your control or the subcontractor's slow down jobs, a subcontractor that doesn't meet their obligations can derail the progress of many jobs. Set clear penalties for contractors and subcontractors who fail to meet their obligations. Ideally, you want to standardize those across your agreements so that when those situations arise, you know exactly what your response should look like.  Keep all your contractor and subcontractor contracts in one easy-to-search location.  When you have multiple contractor and subcontractor contracts, it's easy for one or more of them to get lost in the shuffle. Paper contracts can end up shoved to the side. Virtual contracts may be forgotten as you deal with other job tasks and responsibilities. With enterprise contract management software, organization becomes easier. You can quickly search for and pull up the document you're looking for. You can also ensure that you have reminders and alerts for important dates and deadlines. This helps you ensure that your contractors and subcontractors are meeting their obligations. Even better, smart triggers and alerts will help you catch any potential problems before they impact the high quality of standards that you expect to deliver to your customers.  Your contractors and subcontractors often represent your company. You may, for example, hire them to perform actions on your job sites that your clients will attribute directly to your business. As a result, you need a high standard of performance. You also need a standardized scale that will allow you to clearly track how they are performing in their job responsibilities. Your human resources contract management software will allow you to keep all that information in one place. It can even provide you with reminders that you need to assess your contractors and subcontractors to ensure that they have met specific terms. 

Standardizing Employee NDAs with Reliable Human Resources Contract Management Systems

As many as 1/3 of employers across the United States use nondisclosure agreements to help prevent their employees from sharing information outside the business. Do you have confidential information that you need to protect within your business? A nondisclosure agreement can help protect your business and provide legal consequences if employees fail to adhere to those terms. An NDA can prevent your employees from speaking publicly about the inner workings of your business or from providing confidential information to your competitors. The HR department, however, needs to standardize those documents. Ask your team: Which employees need to sign NDAs?  Some of your employees may work directly with confidential information on a regular basis. Others may never come into contact with that information. Many businesses that use NDAs choose to have all employees sign them. Others may restrict their NDAs to specific employees within the organization. When considering who needs to sign an NDA for your business, don't forget about contractors, freelancers, and temporary employees. Many of these individuals may work with the same information your staff handles on a regular basis. When should employees sign NDAs?  Ideally, you want employees who need to sign NDAs to sign their agreement as soon as possible. You may want to make your NDA part of the hiring or onboarding process for employees at your company. Make sure your human resources contract management software sends out an alert to get that agreement signed quickly. The task should automatically originate as soon as you add a new employee to the system. This will help prevent you from allowing an employee access to confidential information without the NDA in place.  What is included in your NDA?  Over time, the NDA for your business may evolve. You may change its terms, especially if you start to deal with different types of information within your business. You may also make changes to your NDA after an information breach, especially if you discover gaps in your agreement. Your human resources contract management software can ensure that all members of the team sign the same NDA. This is a much better policy than pulling up a generic NDA every time you hire a new employee.  Also, your contract management software can send out alerts when it’s time to make changes to your NDA. Smart software can even notify you about long-term employees who need to come back in to sign the modified version. 

Handle Your Audit Processes Automatically with Smarter Human Resources Contract Management Software

An internal audit can give you a great deal of insight into your business, its culture, and your processes. At the same time, that internal audit needs standardized terms. This will allow your HR department to gain clear insights into your contract data. Your human resources contract management software can offer substantial assistance with those internal audits.  Your contract management software will automatically check data for accuracy.  Contract templates will help ensure that you do not have contracts outside the terms that your business can reasonably accept. As your contract moves through the approval process, your enterprise contract management software can monitor it. It will identify any potential problems and decrease the odds that you will produce a contract that poses a significant danger to your business.  Your human resources contract management data will keep all your documents stored in one location.  Don’t sift through a great deal of paperwork to find the answer you're looking for. Instead, your HR department can easily conduct a virtual search that will include all relevant documentation. Your human resources contract management software can take care of much of the auditing process for you.  Your human resources contract management software can handle a lot of administrative tasks. For example, it can score both your existing contracts and the contracts that your company is currently creating. These scores can give you clear insights into exactly how those contracts have the potential to impact your business. This includes how much risk they could mean for your company as a whole.  Across your company, standardization is incredibly important. Nowhere in your company is it as important as it is in the HR department. By utilizing effective contract management software, you can standardize many of the contracts and processes the HR department has to deal with on a regular basis. Also, you can keep your contracts in line with the business's expectations and ensure that your business keeps functioning smoothly. Try ContraxAware for seven days to see how it can help streamline HR contract management. Read the full article

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An Analyst's Guide to Getting to the Bottom of Duplicate Records

When you merge or migrate your contract records, you may find that you end up with duplicate records in the process. Duplicate records are better for your business than missing records. But they can cause problems for your business, especially when you're trying to generate or analyze specific data records. You may also have duplicate records due to employee error: an employee who, for example, creates a new contract or new file for a client, rather than saving data in an existing file. Fortunately, you can analyze and identify duplicate records, get to the bottom of any challenges, and ensure that you have an accurate account of your business's contracts following your data migration. 

Step One: Define Unique Records

What elements define your unique contract records? Clearly define how you identify unique records in your system. You may, for example, have a clear contract naming system that makes it easy to identify unique clients. But if you have numerous contracts with a single client, you may have several files with similar naming systems. You may also have multiple copies of each contract due to variations that the contract went through before approval. Before beginning your analysis of any duplicate data after a migration, make sure you clearly define your unique records and how you can tell the difference between unique elements and duplicates.  

Step Two: Check Your Original Data

Before you begin your contract data migration, you should do two key things. First, you should back up your data. Second, you should have a solid idea of how much contract data you're migrating. This includes how many files you should anticipate on the other end. While a close look at your original data won't help you check for duplicates in your original data, it will help identify them after the fact.  A look at your original data will also help you determine whether your duplicate record resolution needs to be manual, automated, or some combination of the two. If you have a large amount of data to deal with, for example, you may need to automate at least a portion of the process so that you can streamline it. On the other hand, you may be able to handle small duplication checks manually. 

Step Three: Examine Contract Data for Duplicates

You can use an automated system to help identify duplicates or run a manual check, depending on the size of your data. Since you have a solid idea of what constitutes a unique record and what your original data looks like, you should be able to effectively sift through that data.  You can also set up your system to create a report during your contract migration that will allow you to check for duplicates and catch them as you make the migration. This report can automatically generate information about your data migration, including which files have made the migration and which contract records are likely duplicates. By keeping up with this report during the migration, you can cleanse data as it shifts from one system to the next, making a smoother transition. 

Step Four: Consult an Expert Concerning Those Records

Take a look at your suspected duplicate records. You may need an expert to evaluate those records. Consider: Which records actually need to be consolidated? If you're using an automated system, you may need to look through those contracts yourself. It won’t be immediately clear which records need to be consolidated and which contain unique information. You can also set your system up to help consolidate duplicate records automatically. For example, the system may be able to recognize full duplicates or data that has been corrupted during the migration. Allowing it to select the right records saves you time. How will you pick the survivor contract records?  Determine which records actually need to be kept, rather than deleted. You may note that some duplicate files have errors created during the migration process, while others are clean. If you're automating the process, consider what attributes survivor records need to have in common. 

Step Five: Consolidate Your Records

You do not want to keep duplicate contract records. But you also want to make sure that you don't lose any vital contracts. Carefully consolidate your records. You can design a plan that will help put this together during your data migration. But you need to be aware of duplicates ahead of time. Map your migration in such a way that the duplicate records will map to the proper location. Then the system will automatically merge that data. If you're handling those duplicate records after the migration, you may need to consolidate some of those duplicates individually.  Duplicate records are a common challenge during data migrations, including contract migrations. By preparing for them ahead of time and analyzing their impact, you can stay on top of those duplicates. Ultimately, this will create a smoother, cleaner migration with highly accurate data. See how the tools in ContraxAware can help organize all of your contract records. Read the full article

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Why You Should Prioritize Merging Contract Records After a Merger or Acquisition

After a merger or acquisition, your team has a lot of details to focus on. It can be easy to allow merging your contract records to get lost in the shuffle. After all, both businesses likely have an effective contract management system in place that has allowed them to keep up with their contracts thus far. You can wait to merge those systems together, right? In reality, you need to put merging contract records high on your priority list.  Consider these key reasons why merging your contract records is important, and then read our guide to creating a contract migration project. Also, consider how failing to do so could create unanticipated problems for your newly-combined businesses. 

1. Merging contract records can make it easier to generate company-wide reports.

When you merge your contract records, you can quickly and effectively generate reports that cover all aspects of your company's contracts. If you keep your records in different depositories, on the other hand, you may need to generate separate reports for each company, then manually compile them. This can substantially slow down your ability to put together those vital records. 

2. If you don't merge your contract records, employees may not know which system to use.

In the early stages following a merger or acquisition, employees may automatically use the system they've always used as they create, negotiate, and manage contracts. As you restructure your business following those changes, however, you may shift certain business responsibilities to one partner company or the other. Employees may then not be sure which contract record system to use or where to store contracts. 

3. Failure to merge your contracts can make it difficult to find specific contracts and information, especially as your business grows in the aftermath of the merger or acquisition. 

When you begin merging contract records, you will store it under one standardized system that makes it easy to identify key information about your contracts. You'll be able to easily track the current versions of contracts as well as keeping up with where you can find those contracts. When they're located in separate repositories, on the other hand, it can prove difficult to find a specific contract. You may need to go through more than one system in order to find the specific contract you need. This can slow down your response time when dealing with clients. 

4. You don't want combined departments to have to search in two locations for information.

Many departments throughout your newly-combined business may need to access your contracts. You may have a specific department that takes care of compliance. Salespeople need to be able to access past versions of contracts. No matter who needs to access that information, you want them to be able to search in one location for it. Not only that, but you also want to ensure that employees have the right security permissions to access the contracts.

5. Merging contract records will ensure that all alerts and reminders end up in the right place.

Along with your merger or acquisition, you may substantially restructure some of your processes and departments. That includes your contract approval processes. You may have new individuals who need to approve contracts before they can be finalized. Alternatively, you may need to add something to the existing contract approval process of one business to fit the needs of the other. If you're still using separate contract management systems, those systems may have different workflows or processes. That could create additional steps or make it difficult to keep up with your contracts. Merging your systems helps ensure that all of those reminders end up in front of the right individual or team.

6. Merging your systems helps protect your security.

You want to use a secure contract management system to help protect your clients and their data. Merging contract records can both give your customer data more security and help tighten your internal security. Start by assigning the proper permissions to employees who need to access contract information over the course of their work responsibilities. You may need to prevent employees from accessing secure materials that are outside the scope of their job responsibilities. Salespeople, for example, may need access to only the systems that they work on. But employees responsible for contract implementation may not need permissions that will allow them to make changes to those contracts. Using a single system can decrease the risk of internal security holes in your system. It will also help protect your business and your clients.  Prioritizing the merging of your contract records is essential. It will help your business keep up with its responsibilities following a merger or acquisition. Don't let it wait too late! Instead, put merging your contract records at the top of your priority list. This will keep your workflows moving smoothly following a merger or acquisition. Also, try our software for a week to see why it’s the best new home for all of your business’s contracts.  Read the full article

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How to Prepare for Contract Migration Projects

There are multiple reasons you may decide to undertake a contract migration project. You may want to use a contract management software that more effectively manages your contracts. You might have recently merged with another company, whether through direct merger or buyout. Perhaps you have legacy systems that need to have their data migrated to a new system. Whatever the case, before you migrate your contracts to a new system (and our comprehensive guide can help), you need to take several steps to prepare.

1. Take a look at the scope of your project.

Do you have a relatively small business that needs to migrate over the contracts you've collected over a few years of operation? You may be looking at a relatively minor migration project. On the other hand, if you have a big business, then you may have a much larger project on your hands. Before you begin your contract migration process, make sure you fully understand exactly what you're undertaking and how long it's likely to take. The first step to prepare for contract migration is to set realistic estimates for how long it will take to complete your contract migration project. Keep in mind that you may need to manually check a great deal of your data. While your contract reporting tools can tell you a great deal about the integrity of the data, you may need to check over those results manually to ensure that no vital data was lost during the migration. This can take time, especially when you're dealing with a large quantity of data.

2. Decide whether you want to migrate your contract data gradually over time or all at once.

Once you have a feel for the scope of your contract migration project, decide how you want to proceed. You may want to migrate your data gradually over time or move it to a new system in one fell swoop. Each method has several advantages depending on the scope of your data migration and what you need it to accomplish.  Moving your data all at once: When you move your data all at once, the data migration process takes minimal time. You won't have any ambiguity as the migration drags on. Also, you're more likely to have a clear start and end date for the migration. Unfortunately, moving your data all at once can lead to higher levels of data corruption. If something does go wrong during the data migration, you may have more problems to deal with than if you move your data steadily over time.  Moving your data slowly over time: Choosing to move your data over slowly can allow you more time to sort through the data and make sure there aren't any compatibility issues before you complete the final transition. Often, a slow trickle contract migration project will ensure more accuracy and less confusion on the other side. You'll also have more time to make sure that every member of the team has a full understanding of the new system before you implement it. This method, however, can lead to disruption in your business for a longer period of time. You will also have to carefully check your systems so you don't miss any critical data during your migration. 

3. Make a note of any events or challenges that could have impacted your contract data.

Keep in mind that anything could have a significant impact on your contract data, no matter how you prepare for contract migration. If there are specific contracts that are more likely to have errors, then you should check those contracts manually after the migration. You may also want to pay particular attention to contracts that are still in the negotiation phase or waiting for approval during the migration. It’s especially important to ensure that you have the current versions of those contracts.  

4. Back up your contract data.

Data frequently gets lost during contract migration projects. In spite of all parties' best efforts to keep that information as secure as possible, losses can happen. Fortunately, you can back your data up ahead of time. If you take this step, then you can easily access the old data. You can also ensure that it matches up with your new system. 

5. Train your employees.

If you're using a new contract management system, your employees need to know how to use it effectively. Before you begin to prepare for contract migration tasks, consider your team. You need to make sure that every employee can effectively use that new system. Designate trainers on your team to develop a greater understanding of the contract management software. Then, they can answer any questions that your team members have once you fully implement your new contract management software.

6. Make sure you have a clear plan for communication.

Contract migration can turn into a complex process. In some cases, you may experience unexpected delays or challenges in that process. You may also need to establish specific downtimes for your employees. Set a clear plan for communication so that employees will remain in the know and can adapt as needed. Knowing how to prepare for contract migration properly can make a big difference in your overall success. With these critical steps, you can ensure that your business is ready for everything that lies ahead. So try our software for seven days as you explore migration possibilities. Read the full article

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4 Dangers of Having Multiple Contract Repositories in One Company

Do you really need to keep all of your important contracts in one place? Maybe you've recently merged with or bought out another company, or your company has multiple legacy systems in place that you've never combined. So you may find yourself wondering whether it's really important to take your contracts down to a single repository. You have all of your data stored somewhere. Isn't that good enough? Unfortunately, keeping your contracts in multiple contract repositories across a single company can lead to a number of dangers. It will impact your business's overall functionality and efficiency — not to mention your ability to deliver everything your clients expect from you. Read through these dangers and then check out our complete guide to creating a contract migration project. 

Danger #1: You may lose time looking for important contracts.

When all of your contracts are stored in one place, you can find them faster. Also, organizing them in one place with an intuitive naming or numbering system means you can easily access the contract. Also, you can find the client or vendor that you're looking for at any given moment. If, on the other hand, you have contracts in multiple contract repositories, you may struggle to find the exact item you're looking for. Searching for contracts can cost you valuable time, especially when you have a client or vendor waiting on a response from your business. 

Danger #2: It's impossible to generate reports that include all of your contracts.

When all of your contracts are in one place, you can use your contract management software to generate clear reports about expenses, averages, and anticipated profits. But when those contracts are spread across multiple contract repositories, you can’t. You may have to compile multiple incompatible reports together in order to create a comprehensive one. Switching to a single contract repository across your company, on the other hand, can allow you to more easily generate those reports. Then keep up with important data across your business. 

Danger #3: Keeping contracts in multiple different places makes it easier for something to fall through the cracks. 

When all your data is collected together in one location, you'll be less likely to lose track of important data. It’s even better if you use enterprise contract management software that helps generate reminders and alerts. When your contracts are spread across numerous repositories, however, you'll find that there are all too many places where things can fall through the cracks:  You may lose track of your contracts during the approval process.  Who has a specific contract? Has it been approved? With multiple repositories to choose from, it can prove incredibly difficult to keep track of those contracts. It’s also harder to make sure they move through the approval process quickly and effectively.  You may struggle to ensure full implementation of all your contracts.  Keeping your contracts in one place means that you can more easily set up alerts and refer back to them as needed. If they're in multiple repositories, then you may find it incredibly difficult to keep up with the terms of those contracts and ensure that you meet them properly.  You may face more compliance challenges.  When you keep your contracts in one repository, you can easily go through them to ensure industry and government compliance even as changes occur in your industry. With regular changes made to compliance regulations in many different fields, you may need to refer back to your contracts on a regular basis. But if that becomes inconvenient or too time-consuming, some contracts are going to slip through the cracks.  You may struggle to keep up with contract renewals.  By transitioning to a single contract repository, you can ensure that reminders and alerts appear when contracts are nearing the time they need to be renewed. 

Danger #4: You may find it harder to keep up with current versions of contracts.

Imagine that you have been working with a client for years. Recently, you merged with another company. About that time, the client's contract came up for negotiation. Some employees are storing information related to that contract on the original company's system. But others are using the new system preferred by the company that you just merged with. Both teams think they’re doing the right thing.  Which version of the contract is the most current? Any inability to access the current version of your contracts will result in confusion. It can slow down the contract approval process. Also, it can even generate a lack of trust in your contractual partner. You seem less reliable if you struggle to keep up with changing clauses or prices in the contract. On the other hand, when you keep all of your contracts in the same place, you'll find it much easier to keep up with the latest version of your contract. Our enterprise contract management software will take care of version control for you.  If you're still using multiple contract repositories for your business, tracking all of that vital data is harder. By making the move to a single contract management system, you'll find that it's easier to keep up with all of those important details. That makes your business more efficient and helps you deliver better service to your clients. See how our contract management system works by scheduling a 1:1 demo.  Read the full article

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How to Maintain Daily Operations While in the Middle of a Migration Project

Whether you've decided to switch to a new contract management system or you're in the middle of a merger, your business still needs to maintain daily operations. You want to be sure that you're able to keep up the regular flow of business despite your data migration. No matter what changes you make internally, your clients expect the same high quality of service you've always provided. Read our contract migration project guide for help with your project from start to finish. As you start, there are several steps you can take to keep up with your normal business tasks and responsibilities.

Create a Plan for Your Migration

Attempting a data migration with no plan in place to maintain daily operations could prove catastrophic for your entire business. By creating a plan ahead of time, you can more effectively migrate your data. Proactively planning also protects the normal tasks your business needs to complete each day. Make sure you have a solid understanding of: The scope of the projectHow long you expect it to takeHow you'll keep up with normal work tasks during the migration project You also want to ensure communication with your entire staff. This will ensure that everyone knows what to expect during the migration project.

Migrate Data at the Right Time

Data migration will often cause some disruptions to your normal work processes. That does not necessarily mean, however, that you have to give up your business's usual efficiency. Instead, make sure you choose the right time to migrate your data. Some businesses choose the trickle method: they migrate data gradually over time, allowing for effective testing for the quality and integrity of each data set before moving on to the next set. Other businesses may choose the "big bang" approach. This approach migrates all of your data over at the same time, in one fell swoop. This method allows a fast swap to a new system. But it may make it more difficult to properly check the integrity of your data and your contracts before beginning to utilize the new system. It can also be too interruptive if you also need to maintain your daily operations. Whichever system you use, make sure you choose the time that is as convenient as possible for most of your departments. Do not, for example, schedule a data migration in the middle of the workday during your busiest sales season. That’s when multiple members of your team may need to access the contract management system at the same time. 

Set Clear Priorities

Make sure you assign clear priorities to the data that needs to be migrated fastest and most efficiently. High-priority data might include: Currently active contractsContracts that you're currently negotiatingContracts that you may need to refer back to in the near futureLease agreements and vendor contracts Other documents, including legacy contracts, can often wait until a later stage of the migration. While this data is still important for your business, it can wait until more critical data has been migrated over. 

Clearly Designate What System to Use When

If you're combining two businesses and migrating to a single data system, both businesses may want to continue using their existing systems until the migration is complete. This will make it easier for each business to maintain daily operations keep up with its own contracts during the migration process as well as clearly designating which company is responsible for taking care of specific responsibilities.  Set a clear date for when you expect your employees to start using the new system. Before that date arrives, make sure every employee has a clear understanding of how to use that system and what will need to change about their workflows and processes to complete the migration. 

Put Training on the Schedule

To keep your workflows moving smoothly, your employees need to know how to use the new system. If the employees who have to use it every day have no idea how to use it properly, then it may disrupt daily business operations. Set aside time for training before you migrate to the new system. You may want to consider a test deployment. This will allow some members of the departments to get to know the system before completing the data migration. Proper training can help employees transition more smoothly to the new system. It also ensures that you can make the most of all of its features. You may notice some disruptions to your usual schedule due to your data migration. But that doesn’t mean that you have to sacrifice the quality your customers count on. With these strategies, you can maintain the regular flow of your business even while you're in the middle of a major migration project. Read the full article

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7 Benefits of Migrating to Cloud-Based Contract Management Software (No Matter What Size Your Business Is)

Increasing numbers of businesses and software providers are moving to cloud-based systems in an effort to improve their overall performance and capability. Your contract management software is no exception. If you decide to embark on a contract migration project (and we have a complete guide to help you get started), then storage on the cloud is one of the key advantages. There are several benefits to cloud-based contract management software, regardless of the size of your business.  What are the benefits of migrating to cloud-based contract management?

1. Using cloud-based contract management software means that you don't have to worry about physical storage at your location.

Physical servers might not take up as much space as paper files, but they need considerable space nonetheless. When you use cloud-based contract management software, on the other hand, you don't have to worry about making physical space for a server--which means your business can operate at a higher level of space efficiency. 

2. Your team can access cloud-based contract management software from anywhere.

When you store your contracts and other vital information on physical machines in your office, your employees need to be in the office to access it. Cloud-based software, on the other hand, ensures that your employees can access that vital information no matter where they are. This can provide a number of advantages to your productivity. Salespeople can access contract management software while meeting with potential clients. They can easily connect directly with your business's contract management software to access templates or answer key questions about the specifications you have for your contracts and services. They can also begin filling out those contracts on the spot while speaking with the client.  Your team can work remotely. Team members may need time to work from home or to be able to work on the go while traveling. When you use cloud-based contract management software, your team members can work from wherever their travels may take them. 

3. Cloud-based systems remain operational even in conditions that may prevent you from accessing your physical office.

Sometimes, disaster conditions can prevent you and your team members from reaching your physical office. Widespread illness, natural disasters, and other challenges can all close down your physical office, making it impossible for team members to come in and access those systems. Following a severe natural disaster, you may need time to repair your workplace. When you use cloud-based contract management software, on the other hand, your team members can work from home or remote locations when they can't access the office. 

4. Cloud-based systems provide outside backups.

Data backups are critical to maintaining the vital information you need to keep your business running smoothly. That includes backups of the contracts your business uses for daily operations. You need to know: What you need to contractually accomplish for your clients.What your vendors need to provide for you.The terms your subcontractors have committed to meeting.  If something happens that causes your internal systems to go down, including malware or viruses, a cloud-based system can provide backups that will enable you to access that vital information. 

5. Cloud-based storage systems offer plenty of room for every copy and version of your contracts.

Your contracts may go through multiple incarnations before you and your contractual partner sign the final copy. You may also create multiple contracts with the same partner over your years together. Whether it's a vendor that you use on a regular basis or a client who has been with your company for years, you need a clear historical record. When you use a cloud-based storage system, you have plenty of room for a copy of every version of your contracts. That means you can always go back and refer to previous versions if you need them for any reason. This can be a highly effective way to track contract variations over time or to learn more about the services you've offered in the past. Also, you can go back to previous versions of contracts as you're negotiating and finalizing your deals. 

6. Cloud systems provide strong security.

In today's society, cybercrime is prevalent across every industry. One in five small businesses will suffer a cyber attack each year, and the costs of those attacks can prove astronomical. You do not want to see your company's contracts compromised, especially if that means allowing an outside attacker to access private client information. With a cloud-based system, you get a strong layer of security that will help protect against cyber attacks. 

7. Your cloud-based contract management system will provide the IT support you need. 

You won't have to have an in-house team to help deal with your contract management system. Instead, you will receive support from the company that provides your system. This can help alleviate many of your IT costs. It will also allow your IT team to focus on other aspects of keeping your business running smoothly. Cloud-based contract management software offers many advantages for your business. Still not sure if you should make the switch to cloud-based contract management software? Then see for yourself how those advantages could change the way you manage your contracts today. Give it a try with our free 7-day trial. Read the full article

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Your Project Management Guide for a Complete Contract Migration to a Single Repository

Migrating all your contracts to a single repository is a critical step for your business. Whether you need to merge legacy systems together or you have recently gone through a merger or acquisition, it streamlines how you do business. Many business owners, however, worry that they will face unnecessary downtime and other problems during the migration process. With the appropriate planning, you can protect your business and migrate your contracts to a single, highly effective repository. This will help you meet your contract management goals. 

Set Up a Separate Contract Migration Project

Migrating your contracts to a single repository is its own project and should be treated as such. It can be complicated, whether you're migrating several contract repositories at the same time or you're migrating a single existing contract repository to a new system. Set up your contract migration plan as a separate project and treat it accordingly. You may need to: 1. Assess the Scope of the Contract Migration Project Just like when you take a look at a project for a client, you need to take time to assess the scope of your contract migration project. How big of a project are you looking at? How many contracts do you need to move, and how many systems are you bringing together? Take a solid look at what you expect to happen during your contract migration. This includes any potential obstacles that may occur during the contract migration process. Be honest about how long you expect the project to take and just how big a project it is to handle. With this precaution, there’s less risk that you will face unexpected challenges later. 2. Evaluate Your Team Once you have a clear view of the scope of your project, take the time to evaluate your team and their skills. Ask: Who on your team will be responsible for managing the contract migration process? What role will each team member play?Do your team members have the skills needed to help? This includes migrating those contracts, identifying and removing duplicate records, and checking data integrity.What does your team's schedule look like? Do you have time to factor in your contract migration?Do you need to bring in additional help to aid with the contract management process? You may want additional help if your team doesn't have enough time in their schedules to properly handle the project.   Also, evaluate the system you're moving to and the challenges it may present, as well as the ability of your team to meet those challenges. Determine what customer service and assistance the contract management system's internal tech team will provide during the migration process. Then, you can get a better idea of what skills your team members may really need to accomplish that migration.  3. Create a Timeline Just like when you put together a project for a client, your team needs to know how long they have to complete the contract migration. Consider: When do you need to have your contract migration completed?  You may have a very specific timeline in which to complete your migration. For example, you're using a legacy system that will no longer be supported after a certain date. Alternatively, you might be dealing with a subscription service that you don't want to renew again. You may also find yourself restricted by an upcoming busy season. That means you need to have all your contracts in the new system and everything up and running smoothly.  How much time do you have to dedicate to your contract migration project?  Your contract migration project will require employees, resources, and time. Look at how those needs fit into your schedule and what you need to do in order to effectively manage your migration and prevent it from interfering with other projects, especially those related to your clients. How long is the project likely to take?  Consider factors like both the system you're transferring data to and the system you're transferring data from, since these can put limitations on the speed of your project. Do you need to manually check for data duplication? Do you have automated processes in place that will need to run before the migration is complete? Make sure you have a solid timeline in place that will let you know how long it will probably take to migrate your contracts to the new system. 

Design a Plan

Once you have evaluated the full scope of your contract migration and set it up as a project within your system, you need to design a plan that will help keep you on track throughout the migration. Ask: What is the goal of this project? Like any other project, you need to have a clearly defined goal for your contract migration. In this case, it’s to have all of your contracts contained within one contract repository so that you can easily access the information you need when you need it. Secondary goals might include: Ensuring the data is clean and undamaged.  You may need to start by creating a data backup as you prepare for your project. Then, you will have clean copies of your contract data to refer back to if something fails to migrate correctly to the new system.  Creating a clear organization system that will establish how contracts are stored.  You may need an intuitive naming system as well as a storage method that makes sense to every member of the team who must use that system. This is essential if you're migrating over data from different companies.  Maintaining security both during and after the migration.  You do not want to lose valuable data or leave it vulnerable to hackers, who may choose to use it for their own purposes.  Aligning your contract storage system with your company's other goals and plans.  Your contract repository can help streamline many of your business practices and make it easier to ensure compliance and full implementation of your contracts. It can also help your company up with billing and other critical financial matters.  Setting up workflows and reminders in the new system that will keep business flowing smoothly. Your business needs to flow as smoothly as possible during the transition and afterward. Make sure that your reminders, workflows, and alerts are set up in the new system before you finish the migration.  What risks does the contract migration present to the company as a whole? When you migrate your contracts, you may face some risks. As you design a plan to migrate over your contracts, make sure you carefully consider those risks and take steps to mitigate them as much as possible ahead of time.  Does your current contract repository pose a known security risk?  If you're using legacy systems or outdated contract software, you may find that your existing enterprise contract management system poses a substantial security risk to your business. Migrating to a new, updated system, especially one that already has vital security in place, can help mitigate that risk.  Do you have a risk of unexpected downtime during the migration?  If you plan to move all your contract data over at once, you may have a period of downtime. You can control this downtime, to some extent, by planning your migration for a time that works best for your company. You may not want to schedule a migration for the busiest part of your day or for a time when you know you can expect increased amounts of business.  What resources will you need to accomplish your contract migration? Put together a list of all the resources you will need in order to fully accomplish your contract migration. This includes the time, manpower, and the physical resources you may need to accomplish your migration. Consider: How many people you will need in order to accomplish the migration. Clearly designate which team members you will need to have and what responsibility those team members will need to complete. You may need to block out those team members' schedules during the contract migration. Alternatively, you may need to designate a chunk of time each day to work on migration-related tasks.  How long you anticipate the project taking.  You already have an estimate of your timeline for contract migration completion. Make sure to include this as part of your plan so that you can schedule the right employees at the right time.  What machines you will need to use during the migration.  You may want to designate a particular machine or machines to handle the data migration. You may not be able to use this computer for other purposes while you're handling your migration to the cloud. If you currently store your contracts on an in-house server, you may need to dedicate that server to the contract migration process. Make sure to check with your IT team to learn what load those machines can handle and how it will impact the rest of the company. What virtual space you will need to handle the migration.  Consider elements like your network security as well as upload speed. Do you want to conduct your contract migration over a separate network from your usual processes? This can help increase upload speed as well as providing you with an additional layer of security, since you can more easily monitor exactly what devices are connected to that network throughout the contract migration process.  Are there any additional resources you will need to complete your contract migration project? Consider all the details of your project and what resources you may need to finish it effectively. If you will need to work after hours or on weekends, consider what resources will need to be made available to your team in order to maximize efficiency.  Create a clear budget for your contract migration. Make sure you establish what that budget is intended for. Also, leave some room in that budget for overtime if the migration takes longer than intended.  How do you plan to set up training?

As part of your contract migration plan, you need to clearly establish how you will handle training the employees who need to know how to use those systems. Many legal contract management systems work in similar ways. But there's always a learning curve when you transition to a new system. Ensure that your employees know how to use all the features built into the system. You have several options when it comes to training. See what training your new enterprise contract management system provider offers.  The provider may work directly to train key members of your team or may have a policy that allows you to bring all your employees in for training. In others, the contract management system itself may offer clear alerts and easy-to-use help guides. Make sure you fully understand what the system offers. Train each department all at once.  Provide each department with comprehensive training concerning the resources they will use on the contract management system.  Train key members of each department, then allow them to train the rest of their departments.  If you work in a large company, then you may want to slow that training process down. This can help ensure that everyone has the chance to have their questions answered.  Make sure that you schedule training well before you migrate your contracts to the new system. Ideally, your employees should already have a solid understanding of how to use the system when you install it.  How do you plan to communicate with team members throughout the project? Communication is a vital part of any major project within your company. You may need to: Clearly establish migration dates.Let employees know how it will impact them.Notify employees about when they are expected to move over to the new system.Provide information about any challenges or problems along the way.  You don’t just need to communicate with team members who are directly involved in the migration. You may also need to communicate with employees outside your team who are impacted by the new contract management system. Establish: What system you will use for communication, whether you post information on the company intranet or send out emails or other types of communication. What information employees need to know and when you should schedule reminders.Who is responsible for sending out that information.  Contract migration can be a major project. By establishing a clear plan to manage that project ahead of time, however, you can better prepare your business for the process. Ultimately, you’ll set your migration up for success. Try ContraxAware today for a contract management system that fits all of your contracts’ needs. Read the full article

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Ultimate Contract Audit Checklist for Complete Records

Business contracts often involve much more than just one document. Creating a checklist for a contract audit is the best way to include all records associated with the contract. A contract is only as good as the terms included in the document, and your company’s contract records should capture every relevant detail. Creating the ultimate contract audit checklist before you start is the best way to streamline the audit process, and we cover the remaining steps in our guide to internal contract audit projects. Here are a few ideas for your contract audit checklist:

Gather Procurement Records

If you bid on a government contract and won the project, then gather your original bid documents. These documents can serve as a helpful reminder of your intent for bidding on the job and your plans for fulfilling the terms of the contract.  The original notice, your submission, and the notice of award all make for a great starting point for your contract audit checklist. 

Check the Accounting Information

Invoices and payments for services completed are another vital part of your checklist. Engage your accounting team and let them help you gather the right and necessary information. Don't overload the audit process with information that doesn't pertain or numbers that don't apply to the project at hand. Stay focused on the specific contract you are auditing and include only that information.  You may feel tempted too include more information than necessary, especially for government contracts. The attempt to appear helpful can backfire if you include information that clutters the process for everyone. So focus on the essential elements or create different checklists for different circumstances.

Include Subcontractor Information

If the contracted project is so large that you must use one or more subcontractors, include their records in your audit. The type of information you include under the subcontractor category on your checklist may vary, depending upon the scope of the project.  A subcontractor agreement section on your contract audit checklist can include more than one box to check. For example, it may include financial records, your own contract with the subcontractor, and additional information you may want to include in the audit. 

Generate Reports

Status reports of the project's progress are important checklist items. These reports can include a timeline of deliverables, what percentage of the project is reaching completion, and whether there is a possibility of extending or renewing the contract. 

Centralize Your Audit Information

At ContraxAware, we understand how overwhelming the contract audit process can appear. While a checklist makes it easier to get started, just the thought of gathering the information you need can create stress and frustration. That’s why our software has the features you need to make the process as simple and automated as possible. Centralizing your contract and audit information is easier with content management software. By centralizing this information, all team members can have the access they need, when they need it.  Contract management requires strong attention to detail and lots of juggling of information. One team member may not realize the importance of a document until after the audit. Whether they found a particular form in a file cabinet or under a pile of desk papers, it is often long after it was originally needed. A contract management software like ContraxAware can serve as the one-stop, collaborative tool your team requires. A contract audit is as complex as the business partner and project it represents. This is why allowing your team members to update and save important parts of the audit can result in a more successful outcome for your company. Your audit checklist document is just as important as the contract documents themselves.

Put Better Contract Management Software at the Top of Your Contract Audit Checklist

Contracts help make the business world thrive. They are legally binding documents that allow business partners to exchange services and payment in a way that benefits both. While this may sound simple, the process of developing, monitoring, and auditing these types of contracts is very important.  ContraxAware is built upon the experience of a software developer and businessman and is led by not just him but also someone with vast legal experience. This combination makes for a strong foundation for ContraxAware.  Don't just take our word for it. If you are in a business that deals with contracts of all sizes, forms, and partners, let us help. Our friendly and professional staff can provide you with a free demonstration of how ContraxAware works. In addition to our subscription plans, we offer training support. Walk-through support allows your team to use an online, step-by-step process to learn the program. Some subscriptions come with eight hours of online, one-on-one training.  Streamline your reports, accounting information, and other contract documents by reaching out to us today. From easy to use templates to a data management system, ContraxAware will change the way you do contract business. Begin your collaborative approach to contract management by calling us at [phone]. Alternatively, you can contact us online.  Once you use ContraxAware, you'll wonder how you ever lived without it. Start streamline and stop stressing over contract audits. Create a checklist and start improving your audit process by using ContraxAware for all your contract management needs. Read the full article