Best Practices

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Top 12 Contract Management Tools in 2024

Rohit Rao

21st November, 2023

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As an IT manager, navigating through various contracts, amendments, and renewals can be daunting. This is where contract management tools (CMS) come into play, streamlining processes, mitigating risks, and fostering compliance within your organization.

Contract management is the process of overseeing all aspects of a contract, from its drafting to its execution and, finally, termination by the parties involved. A contract management system ensures a proper system of record that helps mitigate operational risks.

Let's know more about contract management tools.

What is Contract Management Software?

Empowering your legal team and other experts, contract management software streamlines the entire lifecycle of business contracts. From creation and negotiation to renewal and data collection, this software serves as an invaluable asset.

It plays a pivotal role in ensuring that the objectives outlined in each contract within your organization are comprehended and fully achieved. This indispensable tool goes beyond basic administration. It acts as a catalyst for optimizing contract performance, facilitating the enforcement of commercial terms.

Doing so effectively accelerates cash flow and time-to-revenue, contributing significantly to the overall efficiency of your operations. Moreover, it serves as a safeguard, effectively mitigating non-compliance risk.

For instance, consider a scenario where a multinational corporation manages a myriad of contracts across different jurisdictions. Contract management software would centralize and standardize the entire process, ensuring uniform compliance with diverse regulatory frameworks. This reduces the potential for legal complications and enhances the overall coherence and effectiveness of the organization's contractual landscape.

Key Features of an Efficient Contract Management Tool

Below mentioned are a few key features required in an efficient contract management system.

• Centralized Repository: A contract management tool acts as a centralized repository for all your contracts. No more rifling through folders or emails—everything is organized in one secure digital space.

• Automated Workflow: Streamline your contract processes with automated workflows. From drafting and approval to execution and renewal, the software ensures that each step is systematically managed, reducing manual errors and delays.

• Version Control: A contract management tool keeps track of changes, ensuring that you are always working with the latest and approved version.

• Compliance Tracking: The software monitors key compliance milestones and alerts you to ensure your contracts align with legal and regulatory standards.

• Reporting and Analytics: Gain insights into your contract portfolio with robust reporting and analytics. Identify trends, track performance, and make informed decisions to optimize your contractual relationships.

4 Ways Contract Management Software Can Benefit Your Organization

Now, let’s discuss the various benefits of contract management tools.

1. Effortless Contract Creation: Managing contracts becomes a breeze with contract management software. Also known as contract lifecycle management, this software streamlines the process by automating it.

It comes with a library of pre-approved templates and clauses, allowing contracts to be generated automatically based on various criteria such as region, products, services, or pricing terms. Advanced features even let users build contracts based on defined rules and bulk data uploads. The result? Faster revenue generation and a significant reduction in legal operating costs.

2. Cloud-Based Review and Approval: Your team can collaborate on contract reviews from anywhere globally. The software facilitates automated workflows, ensuring contracts reach the right person. It records changes to contract terms throughout the process, creating a secure audit trail. It can also raise alarms if unauthorized clauses are introduced.

3. Seamless Integration with Systems: Top-notch contract management systems can seamlessly integrate contract data with other systems and processes after signing a contract. For instance, a supplier contract can be pushed into a spend management system to ensure all invoices align with the original terms, reducing leakage and preventing unauthorized spending.

Note: The best contract management software delivers value long after signing a contract.

4. Accessible and Actionable Data: Contract management software makes contract data easily accessible and actionable through user-friendly dashboards. The software allows users to create intuitive metrics on configured dashboards by continuously capturing and connecting contract data with day-to-day operations.

One common metric is contract risk, which the software assesses based on internal and third-party data sources. This helps users identify potential risks early on and proactively address them.

How Do You Write A Contract Format?

Create a comprehensive SaaS contract in six essential steps:

• Utilize a Contract Template: Initiate the contract creation process by leveraging a well-structured, industry-relevant contract template. This establishes a solid foundation for your SaaS agreement.

• Commence with Fundamental Information: Open the contract by providing the basic details, such as the names and addresses of the involved parties and the effective date. This sets the stage for a clear understanding of the contractual relationship.

• Define Agreed-upon Terms in Detail: Elaborate on the terms and conditions that both parties have mutually consented to. This detailed description ensures a comprehensive understanding of expectations.

• Incorporate Contract Termination Details: Include a thorough section outlining the circumstances and procedures for contract termination. Clearly define the conditions under which either party can end the agreement and specify any associated penalties or obligations upon termination.

• Specify Applicable Laws and Dispute Resolution: Explicitly state the governing laws that will apply to the contract, establishing a legal framework for the agreement. Additionally, outline the procedures for resolving disputes through arbitration, mediation, or other agreed-upon mechanisms. This enhances clarity and streamlines conflict resolution.

• Allocate Space for Signatures: Conclude the contract by providing designated spaces for authorized representatives of both parties to sign and date. This final step formalizes the agreement and signifies the commitment of all involved parties to adhere to the terms outlined in the SaaS contract.
  
  By following these six meticulous steps, you can ensure the creation of a robust SaaS contract that not only protects the interests of all parties involved but also establishes a clear framework for a successful and collaborative business relationship.
  
  Now that we know the importance of contract management tools let’s explore the 12 best contract management tools along with their key features and customer rating.

12 Contract Management Tools

Let's discuss the contract management tools in detail.

1. Zluri

Zluri offers a robust SaaS management platform that gives you complete visibility into your organization's SaaS stack and the contracts associated with the SaaS apps. Zluri's powerful discovery engine employs five robust methods to identify every SaaS app and their contracts within your company. These methods include:

The discovery methods include SSO and ID providers, finance & expense management systems, API integrations, desktop agents (optional), and browser extensions (optional). 

Among all the above mentioned methods finance and expense management systems help you to get your contract insights. These insights include contract value, total licenses, contract payment terms, and more. This helps you to manage your contract efficiently and maximize your ROI.

Uncover Real-Time Contract Information

Zluri empowers you with immediate access to crucial details about your SaaS contracts. Learn who initiated the contracts, track active status of contracts, and understand usage patterns. This real-time data is invaluable for optimizing software spending—identifying underutilized contracts and making necessary adjustments to your licensing, resulting in significant cost savings.

Maintain Control with Contract Inventory

Zluri meticulously records your contract inventory, providing insights into costs and purchase dates. This centralized view simplifies the process of unsubscribing from unnecessary contracts and ensures timely renewals for critical ones.

Effortlessly Navigate Contract Renewals

Plan ahead and stay in control with Zluri's Renewal Calendar, offering visibility into upcoming contract renewal dates. Receive timely notifications, including alerts 30 days, 15 days, and one day before contracts expire, and 7 days and 1 day before payments are due. Set personalized alerts tailored to your business priorities.

Prioritize Smartly with Advanced Insights

Consider multiple factors, such as contract value and security risk, when prioritizing contracts. Zluri’s insights empower you to focus on contracts that matter most to your business. Proactively review and plan negotiations well in advance of renewal dates, ensuring optimal terms for your organization.

Enhanced Security Oversight

Gain a seamless view of each app's security and compliance information. Zluri's insights enable informed decisions on which contracts to renew, helping you fortify your organization against potential risks.

In summary, Zluri serves as your one-stop solution for streamlined SaaS contract management. From app discovery and contract oversight to insights into usage patterns and timely renewal tracking, the platform enhances your negotiation capabilities for better outcomes. Experience the future of contract management with Zluri.

Key Features

• Zluri integrates with 800+ different apps, making it simple to link up with your existing apps. This allows you to monitor how you're using software, their licenses and contracts, and manage renewals, helping you make smart strategic choices.

• Zluri gives you a view of your overall SaaS licenses, including licenses, subscriptions, contracts, and perpetual. It helps you to manage your SaaS licenses.

• Zluri's contract management capability records all the important contract information and files. This makes it easy for you to access the documents and review the contract for any hidden terms or details you might have missed in your SaaS agreements. This is valuable when you need to negotiate with SaaS providers.

• Zluri’s usage monitoring capability is important for your company's smooth operation. It helps you see which apps are used often and which aren't very helpful. This information will enable you to negotiate more effectively with clear explanations.

• Zluri understands the SaaS marketplace and can guide you in finding the best set of SaaS apps for your organization.

Customer Rating

• G2: 4.8/5

• Capterra: 4.9/5

2. Icertis Suite

The Icertis Contract Intelligence (ICI) platform, one of the best contract management systems, is a comprehensive cloud-based contract management system. Powered by AI, it can help with enterprise-wide contract management, helping you transform contracts into valuable corporate assets. 

The tool is simple to use, takes care of end-to-end contract lifecycle management (CLM), and can be used across departments.

Key Features

• Centralized Contract Repository: Icertis Suite provides a centralized repository, offering a bird's-eye view of all contracts. This ensures that you have quick access to critical information, facilitating efficient decision-making and compliance monitoring.

• Intelligent Contract Authoring: Icertis Suite's intelligent contract authoring feature streamlines the process, minimizing errors and ensuring compliance with organizational standards. This empowers your team to create contracts swiftly and accurately, saving valuable time and resources.

• Robust Security and Compliance: Icertis Suite prioritizes data security, employing cutting-edge encryption and access controls. You can rest easy knowing that sensitive contract information is safeguarded and compliance with industry regulations is meticulously maintained.

• Automated Workflows: Automated workflows simplify approval processes, reducing bottlenecks and accelerating contract cycles. This feature is particularly beneficial to ensure that contracts move through the approval chain seamlessly, optimizing operational efficiency.

• Real-time Analytics: Harness the power of data with Icertis Suite's real-time analytics. You can leverage insightful dashboards to comprehensively understand contract performance, risks, and opportunities. This data-driven approach facilitates informed decision-making and strategic planning.

Customer Rating

• G2: 4.3/5

• Capterra: 4.⅘

3. Contractworks

Contractworks, one of the best legal contract management tools, helps you sign, track and manage contracts. Using ContractWorks, you can keep track of all your contracts in one place and search through them whenever required. It has features like alerts and notifications for important dates and AI technology to simplify contract management.

That's not all, though; it also has custom reporting tools that can show how your contracts are doing. The built-in electronic signature feature can help you speed up the process of signing contracts. ContractWorks also lets you set different levels of access permissions based on role types.

Contractworks is suitable for various industries and businesses of all sizes. Whether you want to use it across the whole company or just in a single department is up to you.

Key Features

• Access Control and Permissions: ContractWorks empowers you with robust access control and permissions, ensuring that sensitive contract data is accessible only to authorized personnel. Define user roles, restrict access levels, and effortlessly safeguard your organization's critical information.

• Alert, Notifications, and Reminders: ContractWorks, being one of the best contract automation software, streamlines this process with intelligent alert, notification, and reminder functionalities. Receive timely notifications for contract renewals, key milestones, and other crucial events, ensuring your team is always well-informed and proactive.

• Centralized Contract Lifecycle Management (CLM): From contract creation to expiration, track every stage of the contract lifecycle in a centralized platform. Enhance collaboration, reduce bottlenecks, and ensure a seamless flow throughout the entire contract process.

• Customizable Reports: Gain actionable insights into your contract data with ContractWorks' customizable reporting feature. Tailor reports to meet your specific requirements, whether it's tracking contract performance, analyzing vendor relationships, or assessing compliance.

• Effortless Data Extraction: Use ContractWorks' data extraction capabilities to save time and increase accuracy. Extract key information from contracts swiftly, reducing manual data entry and minimizing the risk of errors.

• Electronic Signatures with Ensight: Accelerate contract approvals and signings with Ensight, ContractWorks' electronic signature solution. Ensure a secure and legally binding signing process, expediting contract turnaround times and reducing paperwork. 

• Comprehensive Reporting and Analytics: Harness the power of ContractWorks' reporting and analytics capabilities to gain deep insights into your contract portfolio. Monitor key metrics, track performance trends, and make data-driven decisions. Empower your IT team with the tools they need to optimize contract management strategies effectively.

• Efficient Completion Tracking: Streamline contract completion tracking with ContractWorks. Monitor the progress of contracts, track completion status, and ensure every task is completed on time. Enhance accountability and optimize your workflow with ContractWorks' efficient completion tracking features.

Customer Rating

• G2: 4.8/5

• Capterra: 4.9/5

4. Trackado

Trackado, one of the best legal contract management tools, helps you keep all your contracts in one place and allows you to access them from anywhere. It sends you alerts for important dates and tasks and even provides insights about the financial health of your contracts.

Workflow management, built-in templates, activity logs, data backups, scheduled reminders, and single sign-on are just a few of the features that Trackado offers. The application lets people see, organize, and quickly find contracts using various filters. In addition, it has a reporting module that lets supervisors make financial reports and learn more about how costs and revenue are spread out.

Key Features

• Centralized Contract Repository: Trackado provides a centralized and secure repository for all your contracts, offering a bird's-eye view of your entire contract landscape. You can effortlessly organize, search, and retrieve contracts, eliminating the hassle of manual document management.

• Automated Alerts and Notifications: Never miss a critical milestone or renewal date again. Trackado empowers your team with automated alerts and notifications, ensuring timely action on key contract events. Stay ahead of renewals, compliance deadlines, and other crucial milestones effortlessly.

• Customizable Workflows: Tailor Trackado to align with your organization's unique contract management processes. Your IT team can create customizable workflows that reflect their specific needs, promoting consistency and adherence to internal protocols.

• Version Control and Audit Trails: Maintain transparency and accountability with Trackado's robust version control and audit trail capabilities. Your team can track changes, view historical versions, and generate comprehensive audit reports, fostering a culture of compliance and risk mitigation.

• Secure Access Control: Protect sensitive contract information with Trackado's granular access control. You can assign role-based permissions, ensuring that only authorized personnel have access to specific contracts or critical information and safeguarding against unauthorized access.

• Advanced Analytics and Reporting: Gain actionable insights into your contract portfolio with Trackado's advanced analytics and reporting features. You can generate real-time reports on contract performance, vendor relationships, and compliance metrics, facilitating data-driven decision-making.

Customer Ratings

• G2: 4/5

• Capterra: 4.5/5

5. Conga Contracts

Conga Contracts provides an end-to-end contract lifecycle management solution that automates complex contractual tasks that span geographies and departments. It promotes contract visibility and enforces contract compliance in order to reduce risk.

Conga CLM can handle the complexities of contract management by automating every step of the contract lifecycle and keeping up-to-date information. Using Conga CLM, you can assign ownership of contract processes to the appropriate teams.

It also lets you track statuses easily to discover and fix bottlenecks as soon as possible. When it comes to integration, it integrates perfectly with Salesforce.

Key Features

• Seamless Contract Lifecycle Management: Conga Contracts excels in providing entire contract lifecycle management, empowering your team to effortlessly handle every stage of the contract process. From creation and negotiation to approval and execution, Conga Contracts ensures a seamless flow, reducing manual efforts and minimizing the risk of errors.

• Centralized Repository: One of Conga Contracts' advanced features is its centralized repository, offering a unified platform to store and access all contract-related information. This enhances visibility into ongoing contracts and facilitates easy retrieval of critical data.

• Automated Workflows: Conga Contracts takes automation to the next level with its intuitive workflow capabilities. This accelerates contract cycles and minimizes the likelihood of bottlenecks, allowing your IT team to focus on strategic initiatives.

• Contract Compliance and Risk Mitigation: The tool has features that ensure contract compliance, flagging potential risks and deviations from agreed-upon terms. This proactive approach safeguards the organization and remains compliant with regulatory adherence.

• Real-time Analytics: Conga Contracts empowers you with real-time analytics, providing valuable insights into contract performance and vendor relationships. With customizable dashboards and reports, you can make data-driven decisions, optimize contract terms, and identify areas for improvement, contributing to the overall efficiency of IT operations.

Customer Ratings

• G2: 4.2/5

• Capterra: 4.⅗

6. ContactBook

ContractBook is a contract lifecycle management platform for small and medium-sized businesses that automates the management of the entire lifecycle of contracts. Using Contractbook, users can create contracts from updated templates, sign them directly on the platform using a digital signature, and save them in the cloud for easy access later.

This is one of the best contract drafting software and integrates with over 2000 apps. It also allows seamless collaboration among groups. This feature facilitates data flow between ContactBook and other essential business applications, creating a unified ecosystem that enhances overall operational efficiency.

Key Features

• Contract Drafting: ContactBook empowers you with a user-friendly contract drafting interface, simplifying the often complex and time-consuming process of creating contracts. The platform's intuitive design allows for efficient customization, ensuring your organization's unique requirements are effortlessly incorporated into each contract.

• License Management for Optimal Resource Utilization: ContactBook's License Management feature allows your team to keep a precise inventory of software licenses, ensuring optimal resource utilization. This proactive approach aids in avoiding license-related pitfalls, such as audits and unexpected costs.

• Collaboration Tools for Team Synergy: Fostering collaboration among team members is made seamless with Contactbook's collaboration tools. You can now facilitate effective communication, document sharing, and real-time collaboration within the platform, promoting synergy and enhancing overall team efficiency.

• Activity Dashboard: The Activity Dashboard consolidates critical contract-related information into a single, comprehensive view. This centralized hub enhances decision-making by providing a holistic overview of the organization's contractual landscape.

• Granular Access Control and Permissions: Contactbook prioritizes data security with its Access Control and Permissions feature. This granular control enhances security protocols, safeguarding valuable data from unauthorized access.

• Timely Notifications, Alerts, and Reminders: You receive timely alerts and reminders, ensuring that important dates, such as contract renewals or compliance deadlines, are never overlooked. This proactive approach minimizes the risk of contractual oversights and associated consequences.

Customer Rating

• G2: 4.8/5

• Capterra: 4.7/5

7. Contractsafe

Contractsafe is one of the best contract management platforms that lets you easily manage all your contacts. It sends email reminders to ensure you never forget to renew or terminate an important contract; it also lets you collaborate with your team and allows you to search for and locate any document, even scans.

ContractSafe works great for small and mid-sized businesses. It provides excellent organizing, reporting, search, and sharing functionality but lacks complete lifecycle management and automation. This is also one of the best contract automation software.

Key Features

• Centralized Repository: ContractSafe addresses this challenge by providing a centralized repository for all your contracts. This centralized approach ensures that you have quick access to critical documents, facilitating better control and reducing the risk of oversights in contract management.

• Advanced Search and Filtering Capabilities: ContractSafe's advanced search and filtering capabilities empower you to pinpoint the exact details they need. Whether it's contract terms, renewal dates, or key clauses, the tool's robust search functionality ensures that information retrieval is quick and accurate.

• Automated Alerts and Notifications: ContractSafe offers automated alerts and notifications, acting as a proactive assistant. These reminders ensure that crucial dates, such as contract renewals or compliance deadlines, are never missed, ultimately mitigating risks and fostering a proactive contract management approach.

• Customizable Permissions and Access Control: ContractSafe reflects this by offering customizable permissions and access control features. You can tailor access levels, ensuring that sensitive contract information is only accessible to authorized personnel. This not only safeguards confidential data but also adheres to regulatory compliance standards.

• Effortless Integration with Existing Systems: ContractSafe alleviates this worry by providing seamless integration capabilities. Whether connecting with project management tools, CRMs, or other IT infrastructure, the tool ensures a smooth and cohesive workflow, eliminating the need for manual data transfer and reducing the risk of errors.

Customer Rating

• G2: 4.5/5

• Capterra: 4.8/5

8. Gatekeeper

Gatekeeper, one of the best contract management solutions, comes with many features that help users easily manage their contracts and vendor information. It allows you to track processes, monitor risk, and save documents on the cloud, among other things. It comes with an integrated messaging tool that lets people collaborate on projects.

Gatekeeper also sends automated alerts to remind users of critical dates. It enables users to add custom fields, supplier kinds, and contract types and generate different kinds of reports. It can integrate seamlessly with G Suite, Office 365, Dropbox, and other apps.

Key Features

• Centralized Contract Repository: One of Gatekeeper's standout features is its centralized contract repository, which provides a view of all contracts in one secure location. With Gatekeeper, you gain immediate access to the latest versions, making audits and compliance checks a breeze.

• Intelligent Automation: Gatekeeper leverages intelligent automation to simplify mundane tasks, allowing you to focus on strategic initiatives. From automated contract creation to deadline notifications, the platform ensures you stay on top of critical timelines, reducing the risk of oversight and contractual mishaps.

• Seamless Collaboration: The platform fosters seamless stakeholder communication, facilitating real-time updates and feedback. You can ensure that your team remains synchronized, minimizing delays in project timelines and ensuring compliance with contractual obligations.

• Advanced Reporting and Analytics: Gatekeeper empowers you with advanced reporting and analytics tools, providing actionable insights into contract performance, vendor relationships, and compliance metrics. Make data-driven decisions, identify areas for improvement, and optimize your contract management strategy for enhanced efficiency and cost-effectiveness.

• Customizable Workflows: Every IT team operates uniquely, and Gatekeeper recognizes this diversity. Tailor the platform to fit your specific workflows and approval processes seamlessly. 

Whether you're managing software licenses, service agreements, or vendor contracts, Gatekeeper adapts to your needs, ensuring a personalized and efficient experience.

Customer Rating

• G2: 4.4 /5

• Capterra: 4.8/5

9. Linksquares

LinkSquares, one of the best contract management tools, is an AI-powered contract management tool that provides complete visibility on contracts, where they are, their completion timeline, and negotiation history. Linksquare helps you draft better contracts while ensuring consistent terminology.

It empowers you to read, analyze, and extract structured contract data. It has a dashboard and custom reporting system provides insights on a broad range of things.

Key Features

• Contract Lifecycle Management (CLM): Linksquares' CLM capabilities streamline the entire contract lifecycle, from creation and negotiation to approval and renewal. This end-to-end visibility not only enhances collaboration among team members but also accelerates contract processes, allowing your IT department to focus on strategic initiatives rather than administrative tasks.

• License Management: Linksquares simplifies license management by providing a comprehensive overview of all software agreements in one centralized location. Easily track license terms, renewal dates, and compliance requirements, ensuring that your organization maximizes the value of its software investments while avoiding costly penalties.

• Customizable Reports: Tailor reports to extract the specific insights relevant to your IT department's goals and challenges. Whether you need a high-level overview of contract performance or detailed analytics on compliance metrics, Linksquares enables you to generate reports that matter most to your team.

• E-Signature Integration: Linksquares integrates seamlessly with e-signature solutions, enabling you to execute contracts securely and expedite approval processes. The result is increased efficiency and reduced paper-based workflows, aligning with your IT department's commitment to sustainability and modernization.

• Real-Time Data and Notifications: With Linksquares' real-time data and notification features, receive instant updates on contract status changes, upcoming renewals, and compliance deadlines. This real-time visibility ensures that your IT team is well-informed and can proactively address any issues, minimizing disruptions to business operations.

• Compliance Management and Tracking: Linksquares helps in compliance management by providing a centralized platform to monitor and track your contracts effortlessly. With its intuitive interface, you can easily stay on top of regulatory changes, ensuring your organization complies with industry standards and legal requirements. 

Customer Rating

• G2: 4.7/5

• Capterra: 4.3/5

10. Ironclad

Ironclad Digital Contracting, one of the best contract management software, automates every step of the contract management lifecycle, from creation to management to storage. It facilitates collaboration and negotiation and adheres to regulatory standards. It can manage any type of contract workflow, whether it is a sales agreement, an employment agreement, or an NDA.

Ironclad excels in fostering collaboration among team members involved in the contract lifecycle. Its robust collaboration capabilities enable you to easily coordinate efforts, share insights, and ensure everyone is on the same page throughout the contract creation, negotiation, and execution phases.

Key Features

• Ensuring Compliance with Precision: From initial drafting to final execution, Ironclad's compliance tracking feature ensures that every aspect of the contract aligns with regulatory requirements and internal policies.

• Centralized Contract Lifecycle Management (CLM): Ironclad's Contract Lifecycle Management (CLM) capabilities provide you with a centralized hub for overseeing the entire lifecycle of contracts. This comprehensive approach streamlines processes, minimizes risks and enhances overall contract visibility.

• License Management: Being one of the best software for contract management, it offers intuitive capabilities to track licenses, manage renewals, and optimize resource allocation, ensuring that organizations get the most out of their contractual agreements.

• Efficient Data Extraction: Data extraction is a key feature of Ironclad, empowering IT managers to extract valuable insights from contracts. This feature enhances decision-making and contributes to a data-driven approach, enabling your IT team to proactively address challenges and capitalize on opportunities.

• Real-Time Alerts and Notifications: Ironclad incorporates real-time alerting and notification features to keep you informed and in control. This ensures that any critical developments or impending actions are promptly communicated, allowing you to stay ahead of potential challenges.

Customer Rating

• G2: 4.3/5

• Capterra: 4.1/5

11. SpotDraft

SpotDraft is an AI-based end-to-end contract lifecycle management platform suitable for organizations of all sizes. It takes care of drafting, reviewing, and keeping contracts in one place. It sends automated invoices and payment reminders, thus helping businesses to put contract management tasks on autopilot.

SpotDraft, one of the best contract management tools, understands that each IT project is unique, including its contractual requirements. The platform provides a diverse range of customizable templates, allowing you to align contracts precisely with the specific needs of their projects. 

Whether it's a software development agreement or a service-level agreement (SLA), SpotDraft empowers you and your team to create contracts that reflect the nuances of the projects.

Key Features

• Automated Contract Creation: One of SpotDraft's standout features is its automated contract creation capabilities. This saves valuable time and minimizes the risk of errors, ensuring that contracts are legally sound and compliant.

• Smart Contract Review: SpotDraft's smart contract review feature employs artificial intelligence to analyze contracts, identifying potential risks and discrepancies. This proactive approach enables your team to address issues before they escalate, fostering a more secure and compliant contract environment.

• Collaborative Workflows: SpotDraft facilitates seamless collaboration by providing a centralized platform for all contract-related activities. You can easily collaborate with legal teams, vendors, and other stakeholders, streamlining the approval process and reducing the time it takes to finalize contracts.

• Integrations with IT Systems: SpotDraft recognizes the importance of integration in the IT ecosystem. The platform seamlessly integrates with various IT systems, ensuring contract data is synchronized across different tools and platforms.

• Advanced Analytics and Reporting: SpotDraft offers advanced analytics and reporting features beyond basic contract management. This data-driven approach empowers you to make informed decisions and optimize your contract management processes over time.

Customer Rating

• G2: 4.7/5

• Capterra: 4.8/5

12. PandaDoc

PandaDoc, one of the best contract management solutions, empowers you by simplifying the contract creation process. Its intuitive interface allows your team to manage contracts, saving valuable time and reducing the risk of errors. 

PandaDoc’s collaborative features enable seamless communication among team members, ensuring everyone is on the same page throughout the contract lifecycle.

Seamlessly integrate PandaDoc with your existing IT infrastructure. This feature ensures that the contract management tool aligns effortlessly with your organization's processes, eliminating the need for disruptive changes. 

Key Features

• Smart Document Tracking and Insights: With PandaDoc's tracking and analytics capabilities, you can monitor the progress of contracts in real-time, identify bottlenecks, and make data-driven decisions to enhance overall workflow efficiency. With detailed insights, anticipate potential challenges and proactively address them, minimizing risks and maximizing outcomes.

• Enhanced Security and Compliance: The platform employs robust security measures to safeguard sensitive contract information. Additionally, it assists you in ensuring compliance with industry regulations, reducing legal risks, and providing peace of mind in the complex landscape of contract management.

• Automation for Increased Efficiency: PandaDoc's automation capabilities automate your routine tasks, such as approval workflows and document tracking, allowing your team to focus on high-value activities. This accelerates the contract management process and reduces the likelihood of human error, ensuring precision and consistency in every document.

• Mobile Accessibility: PandaDoc's mobile accessibility feature lets you stay connected and manage contracts on the go. Whether you're attending meetings, traveling, or working remotely, PandaDoc ensures that you have the tools you need at your fingertips.

Customer Rating

• G2: 4.7/5

• Capterra: 4.5/7

Manage Your Contracts With The Most Efficient Contract Management Tool

With this, we conclude our list, hoping you found it useful.

It is understandable that with so many great options available in the market, it's natural to feel overwhelmed when it comes to selecting the right contract management tool. However, there is no reason to be puzzled. It's often worthwhile to sample a few providers prior to making the right pick by taking demos and free trials. Once satisfied, you can choose the suitable contract management tool that fits your business best.

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FAQs

Is contract management part of CRM?

Although both centered around customer interactions, contract management and CRM possess distinct specialties. CRM solutions are designed to build, manage, and sustain relationships, whereas contract management software (CMS) is dedicated to enhancing these relationships to ensure your endeavors yield maximum effectiveness.

What is automated contract review software?

Automated contract review software is a cutting-edge solution that leverages artificial intelligence and machine learning algorithms to analyze and interpret complex legal documents efficiently. Get rid of labor-intensive manual reviews and the risk of human error. 

This software automates the tedious task of reviewing contracts, ensuring precision, consistency, and speed in the evaluation process. For this reason, you should choose the best contract review software that will suit your requirements.

What features should I look for in contract management software for a small business?

Key features to consider include document creation and editing tools, e-signature capabilities, version control, contract templates, automated reminders and notifications, audit trails, integration with other business tools, and user-friendly interfaces to facilitate easy adoption by your team.

About the author

Rohit Rao

Rohit works in the Community and Marketing Team of Zluri and is a strong advocate of community led growth.