Contract lifecycle management software (CLM) accelerates - Weagree

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Contract lifecycle management (CLM)

Contract lifecycle management (CLM) to keep track of your contracts is often no more than a spreadsheet. Such contract management is laborious, depends on individuals and does not send alerts. Contracts easily extend automatically. Without CLM, copies of contracts can be found everywhere (if they can be found at all). Poor control over your contracts also leads to revenue leakage: missing contractual benefits because of lack of insight or no-alerts. Weagree’s contract management software (CLM) is the user-friendly enterprise-grade contract lifecycle management system of the third generation:

The ideal world is end-to-end contracting: contract management software (CLM) integrated with contract automation, workflows, entity management and through a user-friendly API-integration with your entire IT landscape. An easy-to-implement end-to-end contracting engine that imports and exports all contract data automatically or intuitively.

No-one likes to register and maintain signed contracts or revisit signed contracts in a dusty, non-searchable archive. If your organisation has been growing rapidly, signed contracts were not typically managed effectively. After a reorganisation or merger, people who know the details of their (your) contracts may have left the company. Weagree’s CLM can be used as a data room for finance or acquisition due diligence.

Your perfect CLM must be easy to implement and maintain. Easy search-and-filter options that unchain contractual benefits. Notify you timely. Accelerate, don’t hit the brakes.

Contracts repository

– one-click access

Are you always able to find all signed contracts, and all relevant related files? As a lawyer, you want to easily access all contract-related files:

  1. The signed contract
  2. Annexes related to the contract
  3. Your compliance assessment form
  4. A supplier-signed Code of Conduct
  5. Important draft-contract versions
  6. All amendments
  7. Advanced contract data management

Do you have insight into all your organisation’s rights and obligations? In a basic CMS, you’re likely to see your deadlines in just a few clicks. Weagree’s CLM goes beyond this: you will also have immediate insight into dozens of other data.

Making a signed contract ‘manageable’ and updating it for your negotiation results takes only a few clicks. It is exceptionally user-friendly. Think of it: essentially, Weagree simply reuses the data you entered when creating the contract. Imagine: ‘uploading’ a signed contract and making it insightful and accessible takes only a few minutes!

Advanced search features

Search all your contracts and contract-related files using full text. This includes searching within scanned files, as our OCR solutions convert scanned contract pages into readable text. But not all OCR (optical character recognition) is done equally well. We have upgraded our OCR capabilities to also capture even the most complicated contract files.

In the search results, the relevant clause text will show up: you can hover the quote-icon to read the relevant clause text in a popup (as seen in the GIF below).

In the upgraded version, all your existing contract files will automatically be ‘indexed’ (both precontractual transaction-related files and post-signing CLM repositories). No implementation is needed.

Needless to say, when you add any contract file in the future, Weagree will index it automatically. All contract files will be full-text-searchable without requiring any action from the end user. This efficiency is thanks to the blazing-fast technology we employ.

You’ll recognise the annoyance: when searching on a key word, you don’t want to redo your search command for US-spelling (or the other way around, for British English spelling). Also, too often, you don’t see you made a typo. Weagree’s Search functionality automatically solves this for you. Fuzzy search ignores your typos and picks up search commands for both, US-spelling and UK-spelling fully automatically. 

As example, in the GIF below, you can see that a typo in a search for all ‘exclusivity’ clauses does not stop Weagree from delivering the extensive list of contracts (that you did not want your company to be bound to).

Tagging on contract entries, contract-related files, documents in your repository and in your entity management is useful when some contractual provisions are not found by full-text search (e.g. change-of-control clauses). The tagging feature enables end users to find a contract, a file or a document that matches tags, as seen in the GIF below.

As usual, we offer you a start. We provide a list of over a thousand tags for distinguishing all sorts of contractual concepts and clauses. These lists of tags can be fully customised to your specific needs.

To make searching even more powerful, Weagree’s search for a contract file or a contract entry is separated: if you need the relevant file, you can search. The great advantage is that also all contract attachments (schedules and annexes and other documents in a CLM repository) can be searched. And yet, your overview of results remains digestible.

Additionally, Weagree-portals that integrate with SharePoint or another DMS for the storage of files will benefit from the file indexing-and-search. Likewise, all contract files managed by Weagree but stored on SharePoint will be full-text searchable.

Needless to say, Weagree’s advanced search capability prevents that upon searching Weagree CLM, you would retrieve files that you are not entitled to find or see, or even know exist.

weagree implementation services contract lifecycle management software

Contract deadline notifications

– easy configuration, easily context-adjusted

Many contracts extend automatically when a termination deadline was missed. First and second-generation contract management tools are usually limited to ‘legal issues’: contract expiry, termination rights and other contract milestones. 

Third-generation CLM allow more flexibilities. (Third-generation CLMs have been developed, roughly, after 2015, and are for example also better geared towards AI.)

Projects entail numerous deadlines, and those deadlines may even depend on each other. Over time, deadlines and their interdependency might change. Administering and managing all deadlines and keeping all stakeholders informed, is challenging.

If a deadline is missed, it means that extra monitoring and coordination becomes necessary to prevent a delay. While project management tooling enables the management of deadlines, their reflection in a contract amendment is typically not achieved automatically. But if any uncertainties arise, stakeholders turn to the contractual documentation for the truth.

Weagree’s contract lifecycle management (“CLM”) alerts the contract owner in time, allowing sufficient time to reconsider a contract, renegotiate its scope or pricing, or find an alternative supplier. Weagree’s contract management software reminds you if you don’t take action upon the first or second email alert. While e-mail notification timing is preconfigured by the administrator, the contract owner (or legal counsel involved) can tweak them for the specific case.

weagree implementation services contract lifecycle management software

Large projects deadlines, managed by contract management software (CLM)

If you’re in the world of large projects or managing numerous contract deadlines, so, if your contracts are large or complex, with many deadlines or deliverables. In those contracts, before, during and after the project is completed, you must overcome challenges of planning, monitoring and management.

Managing changing contract deadlines is an art, if you were to do that manually:

  • Managing ever changing deadlines and keeping everyone informed about changes, is challenging.
  • Missing a deadline, and then all the extra monitoring and coordination is no fun.

The good news is: Weagree’s contract management software (CLM) empowers you with easy-to-configure tooling to manage contract deadline complexities. Integrated with Weagree’s contract automation, a large part of managing such deadlines is even automated.

While project management tooling enables the management of deadlines, it does ‘not typically’ amend contracts automatically.

The negative consequences of inconsistent contracts or delays in completion are easy to imagine in relation to large construction projects. Inadequate contract management undermines a company’s reputation.

Project. Deadline. Manage. Succeed.

Managing webs of deadlines – requires contract automation integrated with contract management.

Construction projects entail webs of many deadlines, and most of those deadlines depend on each other, and the way they depend might vary. Moreover, as time progresses, deadlines might change, and their interdependency might also change.

Now then… if any uncertainties arise, people turn to the contracts for the truth.

Together with Deutsche Bahn, Weagree has expanded its CLM capabilities. Weagree’s CLM:

  • adjusts to changing both deadlines
  • and their interdependency
  • and notifies all stakeholders timely.
Icon Implementation legal tech 60 contract lifecycle management software

Legal entity management integrated

– corporate housekeeping and org-charts

Who may sign contracts and represent any legal entity in the corporate org-chart? In which legal entities are the managing directors appointed and authorised to sign? Which powers of attorney are granted on behalf of a legal entity (to whom and with which scope of authority)? Proper legal entity management software (integrated with contract management) and corporate housekeeping gives one-click access to:

  • Managing directors, NEDs and authorised representatives
  • Shareholders and subsidiaries (shareholdings, share classes)
  • Corporate details (formal addresses, tax status)

Legal entity management gives immediate access to all documentation in relation to each group company, neatly organised:

  • Resolutions resolutions, board resolutions and minutes
  • Powers of attorney
  • All contracts by that entity
  • Certifications, permits and business licences
  • Constitutional documents, bylaws and shareholders agreements
  • Accounting and tax documents and forms
Icon Legal Entity Management contract lifecycle management software

Contract reporting and analytics

– one-click to find your contracts, contract data or to oversee forthcoming business

The visualised contract data of the Weagree Widgets permit immediate insights into various dimensions of your contracting affairs. The Weagree Widgets are user-context-specific. What a widget shows, is always limited to what that end-user may see or access.

Weagree analyse or report dashboard overview

For example, Heads of legal departments and CEOs must keep track of contracts in place and whether necessary action is required. But none of them will wade through an ever-growing list of contracts, or perform manual searches. In these positions, and as in-house legal counsel, you should immediately be able to get a good overview of all relevant contracts.

If there is one place where the busyness of the next months can be foreseen, it is in a CLM.

Dashboard reporting and monitoring must be easy, one click away.
Contract reporting monitoring icon contract lifecycle management software

Walkthrough video - CLM

This video takes you step-by-step through the entire contract lifecycle management functionalities, including obligations management, contract repository, and notifications feature. Watch it yourself: 

Icon Implementation legal tech 60 contract lifecycle management software

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