Regardless of economic conditions, corporations must understand their contractual obligations. All too frequently, however, original documents are spread throughout the business with no central means to request, capture and manage the negotiation of terms, create, approve, archive, track terms and obligations, or relate modifications and amendments to original instruments.
Contracts by their nature are not a good fit for a traditional matter management system, which lack the best of breed features that can be found in a separate contract management system.
Whether selecting a new system, retooling internal workflows or updating a home-grown system, GLE can help to establish an efficient process that complies with mandated internal controls. We are experienced with the full range of tasks in the complete contract lifecycle, including:
- Automating the contract request process
- The drafting process using template and clause banks
- Tracking the negotiation phase
- Version control
- Approval routing
- Tools to automate contract execution and digital signatures
- Storage of executed originals
- Obligation tracking, assignment and fulfilment
- Modification, extension or renegotiation of terms
- Audit and reporting
- Contract renewals
More information on contract management systems available can be found on our web site here.