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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.
– 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.
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.
– 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:
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!
– 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.
– 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:
Legal entity management gives immediate access to all documentation in relation to each group company, neatly organised:
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.
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.
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, with the progressing of time, deadlines might change, their interdependency might 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:
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:
