Best Contract Management Tools for IT Teams

TABLE OF CONTENTS

Contracts are the lifeblood of business, taking care of the everyday complexities that come with running one. However, the management of contracts is a complicated task in itself and requires tools to make the process effortless.

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.

When contracts aren't managed well, the risk of litigation can be highly probable. It is quite evident that the management of contracts manually wastes a significant amount of time and can be a reason behind costly errors. Poor contract management can have a negative impact on a company's ability to close deals. It can lead to heavy renewal charges if important dates are missed. 

Contract Management tools provide necessary insights into contract data, enable cooperation between parties, and save time and money with reduced risks.

Smart contract management tools are being adopted by progressive businesses to have better control and visibility of their business processes and compliance measures. These automated tools are convenient and can be customized to meet the specific needs of any business. 

These tools can automate the contract management life cycle for you by taking care of everything from negotiation to implementation and beyond, in an efficient and effective manner, in spite of the process being complex when done manually.

Contract management tools allow businesses to have visibility into overall business performance operations, along with enhanced dashboards and obligation tracking throughout each contract's lifecycle, enabling them to better assess risk and make sound decisions, thus helping with improved negotiation outcomes and increased ROIs. 

As a result, companies are able to keep up with all of their legal and contractual obligations, regardless of where they are located or what type of contract they have.

Now that we know the importance of contract management tools, let’s have a look at some of the best contract management tools out there:

1. Icertis Suite

The Icertis Contract Intelligence (ICI) platform 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, intelligent, takes care of end-to-end contract lifecycle management (CLM), and can be used across departments.

Features: API, activity dashboard, workflow management, team collaboration, reporting/analytics, e-sign, compliance tracking, alerts, contract drafting, contract lifecycle management, and more.

Lacks in: access control/permissions, audit trails, customizable reports, data import/export, document storage, reminders

Suitable for: Large enterprises

Pricing: Available on request

Ratings on G2: 4.3/5, Capterra: 4.4/5

2. Symfact

Symfact is a web-based contract management tool that lets you manage and monitor end-to-end contract lifecycle from start to finish with ease. Every single process, from risk assessment and contract development to contract renewals and offboarding, can be optimized in order to promote productivity, performance, and revenue.

Features: API, access control/permissions, CLM, activity dashboard, approval process control, audit management, CRM, calendar management, completion tracking, compliance management, compliance tracking, contract drafting, license management, corrective, preventive action, due date tracking, digital signature, workflow management, data visualization, and more.

Lacks in: HIPAA compliance, risk management

Suitable for: small, medium, and large enterprises

Pricing: Available on request

Ratings on G2: 4.1/5, Capterra: 4.3/5

3. Complinity

Complinityis a cloud-based compliance management system. It keeps track of and monitors all of the statutory, regulatory, central, state, secretarial, and legal compliances. Businesses can use it to centrally organize and track all of their regulatory compliance documentation and operations, as well as use it to perform audits and troubleshoot difficulties. Complinity protects your company and streamlines operational processes.

Features: Access control/ permission, activity dashboard and tracking, escalation, audit management, audit trail, compliance management, compliance tracking, data visualization, document management, environmental compliance, HIPAA compliance, ISO compliance, monitoring, OSHA compliance, real time monitoring, task management and more.

Lacks in: reporting analytics, workflow management, alert notification

Suitable for: Small, medium, and large enterprises

Pricing: Available on request (Free trial available)

Ratings on G2: na, Capterra: 5/5

4. Contract works

Contractworks is a contract management tool that helps you sign, track and manage contracts. Using ContractWorks, you can keep track of all of your contracts in one place and search through them whenever required. It comes with features like alerts and notifications for important dates and AI technology to make contract management simple. 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 roles types. 

Contractworks is suitable for a wide range of industries and businesses of all sizes. It’s up to you whether you want to use it across the whole company or just in a single department.

Features: Access control/permissions, alert/notifications/reminders, CLM, customizable reports, data extraction, data import/export, ensign, reporting/analytics, monitoring, completion tracking, compliance management, license management

Lacks in: an activity dashboard, contract drafting, team collaboration, workflow management

Suitable for: Small, medium, and large business types

Pricing: Starts with $600/mo (free trial available)

Ratings on G2: 4.8/5 , Capterra: 4.9/5

5. Trackado

Trackado helps you keep all of your contracts in a single 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. 

Features: Reporting, statistics, analytics, workflow management, monitoring, reminders, data import/ export, digital signature, CLM, API, access control/permissions, activity dashboard, contract drafting, audit trial, and more.

Lacks in: alert/notifications, audit management, compliance management, compliance tracking, corrective and preventive action, dashboard, third party integrations

Suitable for: Freelancers, small, medium, and large businesses

Pricing: Starts with $39/mo (Free trial available)

Ratings on G2: 4/5 , Capterra: 4.5/5

6. Contract IQ by Intellect

Contract IQ provides an executive dashboard, which allows you to sign new contracts more quickly. It sends out automatic reminders for important dates such as expiration and renewal. The real-time information can help your team stay up to date on the status of the contract and enables you to be on schedule, thus allowing you to complete tasks quickly and efficiently. Using Contract IQ, you can consolidate all of your contracts in a single place, thus reducing bottlenecks and risk exposure.

Features: An activity dashboard, calender management, CLM, contract drafting, activity tracking, API, alert, escalation, corrective and preventive actions, compliance management, customizable dashboards, e-signature, environmental compliance, HIPAA compliance, ISO compliance, reporting, analytics, workflow management, and more.

Lacks: real-time data and notifications, reminders, task progress tracking

Suitable for: small, medium, and large enterprises

Pricing: Available on request (free trial available)

Ratings on G2: 4.6/5, Capterra: 4.5/5

7. Contractsafe

Contractsafe is a cloud-based contract management tool that lets you manage all your contacts with ease. It sends email reminders to ensure that 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.

Features: CLM, license management, customizable reports, compliance tracking, completion tracking, data extraction, data import/export, digital signature, API, access control/permissions, activity tracking, alerts, notifications, collaboration tools, 3rd party integrations, 2-factor authentication, workflow management and more

Lacks: compliance management

Suitable for: small, medium, and large enterprises

Pricing: starts with 299/mo (free trial available)

Ratings on G2: 4.5/5, Capterra: 4.8/5

8. 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 is capable of handling the complexities of contract management by automating every step of the contract lifecycle, keeping information up to date. 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.

Features: API, access control/permissions, alert/notifications, audit trail, workflow management, team collaboration, data extraction, data import/export, monitoring, digital sign, CLM, contract drafting, compliance tracking, compliance management, completion tracking

Cons: No activity dashboard

Suitable for: Freelancers, small, medium, and large enterprises

Pricing: Starts with $35/mo (free trial available)

Ratings on G2: 4.2/5 , Capterra: 4.3/5

9. 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 itself using a digital signature, and save them in the cloud for easy access later on. It integrates with more than 2000 apps, also allows seamless collaboration among groups.

Features: CLM, contract drafting, compliance management, compliance tracking, license management, collaboration tools, activity dashboard, access control/permissions, API, notifications, alerts, reminders, email management, e-signature, statistics, and analytics, workflow management, and more.

Lacks in: real-time data, role-based permissions, document classification, file conversion, data extraction

Suitable for: freelancers, small, medium, and large businesses

Pricing: starts with $395/mo (a free trial is not available)

Ratings on G2: 4.8/5, Capterra: 4.7/5

10. A1 Contract Management

A1 Contract Management software allows you to keep track of your contracts by simplifying planning, negotiation, and execution. It also provides dashboard analytics and budgeting control that help in dealing with contractual complexities by reducing the amount of time spent on contract management.

It facilitates the management of the entire contract lifecycle, including approval workflow, routing, notifications, contract production, and digital signatures, among other things. 

Using this tool, you can effectively manage contract renewals, sort and classify contract data by vendor type. The kind of features it offers makes it an excellent tool for businesses of all sizes.

Features: Contract drafting, CLM, license management, corrective and preventive actions, compliance tracking, legal risk management, OSHA compliance, workflow management, access control/permissions, activity dashboard, alerts, notifications, and more

Cons: Does not support data management

Suitable for: Freelancers, small, medium, and large businesses

Pricing: starts with $800/mo (No free trial)

Ratings on G2: 4.8/5, Capterra: 4.9/5

11. Cobblestone Contract Insight

CobbleStone Contract Insight is another great contract management tool for contract administrators, legal professionals, and procurement specialists. Powered by AI, Contract Insight is able to automate and streamline the whole contract lifecycle while providing easy-to-use functionality and management features, thus helping businesses eliminate the stress associated with managing contracts.

Features: Compliance management, collaboration tools, activity dashboard, API, access control/permissions, CLM, contract drafting, license management, data import/export, extractions, 3rd party integrations, 2-factor authentication, workflow management, and more.

Suitable for: freelancers, small, medium, and large businesses

Pricing: Starts with $60/mo/user (Free trial available)

Ratings on G2: 4.7/5, Capterra: 4.8/5

12. Gatekeeper

Gatekeeper comes with a lot of features that help users manage their contracts and vendor information with ease. 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. It also sends automated alerts to remind users of critical dates. It enables users to add custom fields, supplier kinds, and contract types, as well as generate different kinds of reports. It can integrate seamlessly with G Suite, Office 365, Dropbox, and other apps. 

Features: Contract drafting, license management, CLM, data import/export, data extraction, e-signature, data visualization, API, access control/permissions, dashboard tracking, calender management, collaboration tools, compliance management, contract drafting, workflow management, analytics and more

Suitable for: small, medium, large enterprises

Pricing: starts with $875/mo (free trial available)

Ratings on G2: 4.4 /5, Capterra: 4.8/5

13. Outlaw

Outlaw comes with transformative technology that lets users speed up contract cycles and streamline negotiation while providing complete transparency. It comes with features like cloud-based redlining, real-time contract negotiation, and digital signing to expedite the contractual processes. It has an advanced proprietary word processor embedded into it, which allows organizations to transform current contracts into reusable templates. 

Features: Compliance tracking, completion tracking, contract drafting, CLM, license management, data extraction, data import/export, reporting, analytics, API, access control/permissions, alert, notifications, workflow management, and more.

Lacks in: Compliance management, dashboard, corrective and preventive actions, collaboration tools

Suitable for: small, medium, large enterprises

Pricing: Available on request

Ratings on G2: 4.6/5, Capterra: 4.5/5

14. Linksquares

LinkSquares 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 data from contracts. It has a dashboard and custom reporting system that provides insights on a broad range of things. 

Features: Compliance management, compliance tracking, CLM, license management, customizable report, e-signature, real-time data, real-time notifications, team collaboration, access control/permissions, workflow management, and more.

Lacks in: API, task management, monitoring, dashboard, corrective and preventive actions

Suitable for: freelancers, small, medium, and large enterprises

Pricing: Available on request

Ratings on G2: 4.7/5, Capterra: 4.3/5

15. Ironclad

Ironclad Digital Contracting 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 is capable of managing any type of contract workflow, whether it is a sales agreement, an employment agreement, or an NDA.

Features: Collaboration tools, compliance management, compliance tracking, CLM, license management, data extraction, digital signature, file sharing, team collaboration, workflow management, API, access control/permissions, alert, notifications, and more.

Lacks in: customizable dashboards, customizable reports, 3rd party integrations

Suitable for: small, medium, and large businesses

Pricing: Available on request

Ratings on G2: 4.3/5 , Capterra: 4.1/5

16.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.

Features: Compliance tracking, contract management, contract drafting, CLM, license management, data extraction, data import/export, digital signature, access control/permissions, activity dashboard, real-time notifications, team collaboration, 3rd party integrations, workflow management, and more.

Lacks in: API, compliance management, corrective and preventive actions, task management

Suitable for: small, medium, and large enterprises

Pricing: Available on request (free trial available)

Ratings on G2: 4.7/5, Capterra: 4.8/5

17. Juro

Juro is a contract automation tool that enables legal and business professionals to collaborate on and manage contracts through a centralized platform. 

Juro is an all-in-one contract automation tool designed for in-house legal teams to develop, execute, and monitor routine contracts. It allows collaboration and contract management through a centralized platform.

Juro enables businesses of all sizes to draft, negotiate, approve, digitally sign, and manage contracts all in one centralized workplace, thus helping save time that goes on manual contract work. Juro's AI-based editor makes your documents machine-readable and searchable, providing visibility and control over proper execution and renewal of contracts. Juro integrates seamlessly with Salesforce, Slack, Google Drive, and others to enable smooth business operations.

Features: API, alert/notifications, audit trail, collaboration tools, compliance management, compliance tracking, contract drafting, CLM, license management, access control/permissions, digital signature, drag & drop, real-time data, real-time notifications, workflow management, team collaboration, and more.

Lacks in: HIPAA compliance, real-time reporting, file conversion, customizable dashboard

Suitable for: small, medium, and large enterprises

Pricing: Starts with $49/user/mo (Free single user plan available)

Ratings on G2: 4.7/5, Capterra: 4.8/5

18. REVV

Revv is an AI-powered contract management software that lets to create, manage, track and automate the entire contract lifecycle to help businesses maximize their operational and functional performance. Its platform allows collaboration among teams, automates approval workflows, digital signatures, alerts on important activities, contract analytics, and more.

Features: Data extraction, digital signature, drag and drop, email management, multi-currency, multi-language, real-time updates, CLM, license management, contract drafting, real-time updates, reminders, team collaboration, workflow management, 3rd party integrations, and more.

Lacks in: customizable dashboard, data import/export, real-time notifications

Suitable for: Freelancers, small, medium, and large enterprises

Pricing: Starts with $15/mo (Free trial and free version available)

Ratings of G2: 4.6/5, Capterra: 4.7/5

19. Zapendo

Zapendo is a contract management program that comes equipped with a plethora of features such as contract administration, customized processes, and digital signatures. It notifies you and reminds you of critical dates, such as renewal and expiration. 

Zapendo also has drag-and-drop capabilities for editing and organizing contractual processes and enables you to customize your contract administration workflow. 

Features: Access control/permissions, activity dashboard, activity tracking, compliance management, compliance tracking, contract drafting, CLM, license management, data extraction, data import/export, email reminders, digital signature, HIPAA compliant, workflow management, team collaboration, and more

Lacks in: API

Suitable for: freelancers, small, medium, and large businesses

Pricing: Starts with $12/user/mo (free trial available)

20. Contract Eagle

Contract Eagle enables you to monitor, manage, and organize all of your contracts across several divisions or departments, maximizing contract value while mitigating risk. 

Contract Eagle helps you reduce the cost and work associated with contract administration throughout your whole business. 

It offers you AI contract review, event reminders, document automation software, auto extraction, and digital signatures.

Features: Compliance management, contract drafting, CLM, license management, customizable reports, alerts, notifications, completion tracking, reminders, reporting, statistics and analysis, workflow management, team collaboration, and more

Lacks in: access control/permissions, activity dashboard, data import/export, digital signature

Suitable for: Freelancers, small, medium, and large enterprises

Pricing: $89/user/mo (free trial available)

Ratings on G2: na, Capterra: 4.8/5

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 app that's the right fit for your business.

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