5 Key Phases in Contract Management

1. 5 Key Phases in Contract Management By DocuCollab © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

2. Contract management has begun to occupy the center stage post-pandemic because of the mass force majeure of contracts. Since the sudden onset of COVID, disaster management through contracts was identified as a necessity by industry leaders. With the assistance of contract lifecycle management software, organizations have begun to integrate their business applications and streamline their contractual affairs. There are different types of contracts and the process of managing them widely varies. Despite the process and the methods, managers usually leverage robust contract management software for salesforce. We have compiled the 5 key phases in managing contracts. ● Sorting the InBound/Outbound Contracts Before the advent of the software, managers used to draft a contract request and drop it in person at the corporate office, and follow up with the team via phone call. Later on, contracts were sent using emails. Similarly, the inbound contracts were manually sorted. With the contract management software, sorting the inbound and outbound contract requests is easier and more effective. ● Contract Drafting Once the contract request is approved, the contract team begins to draft the contract based on the nature of the business. The contract team, throughout the drafting process, needs to collaborate with other internal teams for insight. From the sales team to the legal team, the drafting process is done in unison to avoid errors. ● Review and Negotiation © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

3. Contract review and negotiation are perhaps one of the most crucial stages in contract execution. The drafted contract is shared with the involved parties for review. The negotiation of terms and conditions occurs at this stage. The software enables the users to negotiate in real-time and effect changes swiftly. ● Contract Execution Contract execution requires the approval of all the involved parties. The eSign feature is used to sign the document and make the contract legal. Once the document is signed by all the involved parties, the contract is considered to be in motion. ● Contract Lifecycle Monitoring The important aspect of creating a contract is to ensure compliance by all the involved parties. The final and the most crucial phase in the process of contract management is the monitoring of the contracts throughout their lifecycle. The contract managers ensure that all the key parameters of contracts are duly achieved and render a detailed insight to the stakeholders. Although these are the 5 key basic phases, the complexities and comprehensiveness grow as the scope of contract management increases. DocuCollab is the best contract management software with an array of features. © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com