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 dataroom 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.
(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 change of control aspects.
Third-generation CLM allow more flexibilities. (Third-generation CLMs have been developed, roughly, after 2015, and are for example also better geared towards AI.)
Projects entail numerous deadlines, and those deadlines may even depend on each other. Over time, deadlines and their interdependency might change. Administering and managing all deadlines and keeping all stakeholders informed, is challenging.
If a deadline is missed, it means that extra monitoring and coordination becomes necessary to prevent a delay. While project management tooling enables the management of deadlines, their reflection in a contract amendment is typically not achieved automatically. But if any uncertainties arise, stakeholders turn to the contractual documentation for the truth.
Weagree’s 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.
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:
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!
(One-click to find your contracts or to oversee forthcoming business)
Heads of legal departments and CEOs must keep track of contracts in place and whether necessary action is required. But none of them will wade through an ever growing list of contracts, or perform manual searches. In these positions, and as inhouse legal counsel, you should immediately be able to get a good overview of all relevant contracts.
If there is one place where the busyness of the next months can be foreseen, it is in a CLM.
(Prevent revenue leakage)
Not managing contractual rights or obligations (or not even maintaining a CLM at all) invariably implies missing options. Poor contract management is time-consuming, cost-increasing, and risky – a cyclist’s chasse patate (a goose chase)!
Weagree’s state-of-the-art contract management software (CLM) reminds you of all deadlines, milestones and expiry dates. Prevent unintended contract extension and provides full and quick insight in your organisation’s obligations.
Weagree has optimised contract lifecycle management by creating a one-click overview of pending obligations and upcoming deadlines.
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:
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.
Large numbers of contracts must be managed and this may involve reviewing tens, hundreds, or even thousands of them for specific terms. This means a lot of exhausting, inefficient work for those water carriers in your team, plowing through each document, page by page for hours and hours on end. Automated AI contract review would abolish this 1990s type of labour. Because there is no automation involved of inadequate for the purpose, this Sisyphean task may occur every now and then, but it might also be periodically required.
AI based technology searches instantly for relevant words and phrases, which it then tags with appropriate labels. The technique behind that is to automatically convert uploaded documents to searchable text. That is very valuable but not anything brand new. Some see AI as a holy grail, We see it as very useful technology; not new, but about 15 years old.
For Weagree, introducing Automated AI contract review was a natural, easy step to take. AI is becoming a sort of our team mate; we have been through a lot with each other and we will ride up together every time when new techniques come available for our customers.
The Weagree Wizard is perfectly fit for AI. The AI contract review technology is mature and has been developed for almost 15 years now.
Where creating a contract is an essential first step in business operations, at the contract creation stage, much key information comes in. You can reuse that and it saves much time. The time saved is also the most boring work.
Missing a deadline is easily prevented by:
An end-to-end contract lifecycle management solution such as the Weagree Wizard facilitates all this. Contract data are not easily lost. Access to all data, including legal entity management, intuitive.
(corporate housekeeping and orgcharts)
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:
Legal entity management gives immediate access to all documentation in relation to each group company, neatly organised: