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 easy-to-maintain 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.
Does your CLM give a one-view insight in the contract risks? Weagree’s contract management software (CLM) leverages AI in many user-friendly ways – which enables transformative-level management of contracts and easy CLM metadata validation:
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.
Weagree’s contract management software (CLM) is the user-friendly enterprise-grade contract lifecycle management system of the third generation:
– 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!
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.
– easy AI-supported contract registration on extensive sets of CLM metadata
Weagree’s CLM can be powered by your own AI model (e.g. OpenAI) and retrieves all metadata on which you want to manage the contract type at hand. Thanks to AI, CLM-registering a contract is easily extended to large sets of CLM metadata.
Why? Because Weagree CLM shows in an ‘underwaterscreen’ the underlying contractual clause, enabling users with a super-easy validation for all extracted AI-data. No need to flip through pages to check if data were correctly found. Weagree highlights the clause (and assigns your risk rating) fully automatically. Watch it yourself:
– 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.
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.
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:
– 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:
And if you integrate Weagree with SharePoint (or another DMS), all your legal entity management-related files will be stored together: in a SharePoint folder designated for the related legal entity with such subfolders as you designate for each type of documents, resolutions, filings, certificates and files… so, ordered the way you want to structure your legal entity files.
– 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.
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:
