Contract Management Software

Contract management software allows users to track and manage contracts through the various stages of their lifecycles. Among other things, this type of software helps businesses with renewal notifications, compliance management, capturing digital signatures and managing contract templates, as well as document storage and version control.

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Showing 1 - 20 of 160 products
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Showing 1 - 20 of 160 products

ContractSafe

ContractSafe is a cloud-based contract management solution suitable for businesses of any size. Key features include document management, contract management, key date alerts, permissions and reporting and analytics. Contract...Read more

Concord

Concord is a contract management system that helps all companies manage the entire lifecycle of their contracts—from creating contracts all the way through managing renewals post-execution. Users can draft a contract from a temp...Read more

CobbleStone Contract Insight

CobbleStone Contract Insight provides enterprise CLM software that has been selected by thousands of contract and procurement professionals spanning the globe. CobbleStone’s award-winning software, Contract Insight, is fully confi...Read more

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Evisort

Founded by Harvard Law and MIT alumni, Evisort is the leading provider of contract management and AI technology for legal, procurement, sales, finance, and IT teams. Evisort’s Contract Intelligence Platform delivers rapid ROI in 3...Read more

Outlaw

Contract bottlenecks no more. Outlaw’s top-rated CLM software makes it easy to design smarter deal flows. World-class customer partnership and best-in-class UI/UX make Outlaw the trusted CLM for the fastest-growing companies like ...Read more

ContractPodAi

Designed for corporate legal teams, ContractPodAi is a cloud-based contract lifecycle management (CLM) solution that streamlines legal processes and digitizes all contract operations. From contract generation to signing, ContractP...Read more

ConvergePoint

ConvergePoint Contract Management is a cloud-based and on-premise solution built on Microsoft SharePoint that helps businesses of all sizes manage the entire contract lifecycle with automated requests, contract creation, review, a...Read more

Agiloft

Agiloft has solutions for business process management with applications like web self-service, knowledge management, help desk, customer service, and more. Deployed hosted or on-premise, it has many options for integration. ...Read more

Symfact

Symfact is a contract and compliance management solution for businesses of all sizes designed to help streamline the entire contract lifecycle, from compliance delivery to risk mitigation and resource planning. Key features includ...Read more

ContractWorks

ContractWorks is a contract management solution designed to address the signing, tracking, and managing of contracts. ContractWorks features a centralized, searchable repository for contracts, and includes helpful features l...Read more

Software pricing tips

Read our Contract Management Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

Juro

Juro is a contract automation platform that enables business teams to create, execute, and monitor routine contracts at scale without ever leaving their browser. Juro helps in-house legal teams at rapidly-scaling companies em...Read more

JIRA Service Management

Formerly known as Jira Service Desk, Jira Service Management is an IT service management solution that unlocks high-velocity teams. IT is in the midst of rapid transformation to build capabilities that enable quick delivery ...Read more

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ContractZen

ContractZen is a cloud-based solution that offers metadata-driven contract and meeting management, e-signature and virtual data rooms (VDR). Users can upload and store contracts and other documents by emailing attached docume...Read more

Conga Contracts

Conga Contracts is a hybrid contract lifecycle management (CLM) solution that helps organizations to generate, track, maintain and report on different business contracts. The solution can either be deployed on-premise or hosted in...Read more

Precisely

Precisely’s end-to-end contract automation platform aligns the legal department with the rest of the business by enabling the business side to be more self-sufficient, while keeping them within the legal department’s pre-approved ...Read more

Gatekeeper

Gatekeeper is a cloud-based vendor and contact management solution. Key features include automated alerts, customization and collaboration tools and integrations with other software. Users can manage contracts and vendor in...Read more

Contractbook

Contractbook is a cloud-based contract management solution that helps organizations of all sizes create, share and store legal documents and contracts. Key features include configurable document approval workflows, templates, mile...Read more

Icertis Suite

Icertis provides cloud-based contract lifecycle management (CLM) solutions that enable businesses to manage all stages of a contract’s lifecycle. Key features include approval workflow, auto extraction, milestone tracking, contrac...Read more

ContractNow

Powered by Gatekeeper, ContractNow is a cloud-based ntelligent contract management solution that allows businesses to centralize all contracts, identity contractual risks by analyzing key clauses and execute new contracts with int...Read more

Corridor Contract Management

Corridor Contracts 365 is a powerful yet easy to use SaaS Contract Management solution for contract, legal, procurement teams. The flexible concurrent user license model is affordable even for enterprise-wide deployments. Con...Read more

Popular Contract Management Comparisons

Buyers Guide

Last Updated: May 13, 2021

Famed American talent scout and dealmaker Irving Paul Lazar once said, “I have no contracts with my clients; just a handshake is enough.” While this may have worked for him, this type of informal contract would lead to a mountain of issues for most companies.

Contracts play a crucial role for many businesses. They cover everything from how employees are expected to execute their responsibilities to how supplies are procured to how vendor relationships are maintained. As such, it becomes absolutely essential to draft and approve any necessary contracts that affect the workflow of an organization in order to avoid potential litigation.

That’s where contract management software can help. A contract management system enables companies to create new contracts and track the status of existing ones to ensure that employees, vendors and clients deliver on the stated requirements.

This guide can help potential buyers find the best contract management solution for their needs. Here’s what we’ll cover:

What Is Contract Management Software?
Common Functionality of Contract Management Software
Benefits of Contract Management Software
What Type of Buyer Are You?
Market Trends to Understand

What Is Contract Management Software? 

Contract management software allows users to track and manage contracts through the various stages of their lifecycles. These include:

  • Authoring or drafting contracts
  • Negotiating with the parties involved
  • Soliciting contract approvals
  • Executing contracts
  • Tracking obligations
  • Making amendments
  • Renewing

Among other things, this type of software helps businesses with renewal notifications, compliance management, capturing digital signatures and managing contract templates, as well as document storage and version control.

Common Functionality of Contract Management Software

Most contract management systems come with some or all of the following capabilities:

Contract drafting Allows users to standardize contracts by letting them drag and drop contract language from a library of approved clauses or sections. Certain solutions provide customizable, industry-specific templates.
Lifecycle management Enables users to organize, track and automate the contract lifecycle. This includes monitoring contracts to enforce their obligations, understanding negotiation terms, collecting payments, seeking approvals and creating amendments.
Alerts and notifications Allows users to monitor and keep track of contract milestones by sending automated notifications at predefined intervals. Also enables sending automated alerts to sales personnel associated with contracts nearing their renewal dates about entering into contract re-negotiations.
Compliance management Allows users to monitor contract commitments and report any deviations from the approved workflow. Also enables users to benchmark contracts against existing regulatory frameworks.
Analytics and reporting Enables the generation of customizable reports and dashboards to allow users to measure contract performance by metrics such as contract type, contract status, contract timeframe, account executive efficiency and revenue realization.
Document management Enables users to store all contracts in a centralized repository for future reference. Also allows users to store standard contract templates and implement version control on different copies of the same contract.
Contract search Enables stored contracts to be searchable. Certain solutions allow indexing by assigning metadata (e.g., author and file format) to documents in a library.
Third-party integration Most contract management tools on the market are “best-of-breed,” focusing on a specific group of features. However, some solutions can integrate with other software, such as CRM, ERP and supply chain management solutions.

Benefits of Contract Management Software

Professional and business owners can realize multiple benefits as a result of adopting contract software, including:

Centralizing information. Contract management centralizes all contract related documents within a single location and makes them searchable for retrieval in the future. This process ensures that no contract is ever lost, enabling account executives to monitor contract commitments and track their renewal cycles.

Collaborative authoring. Large enterprises are usually bound by complex contracts involving several internal departments or external vendors. This complexity can sometimes result in several parties creating their own terms and stitching them together, which can lead to the different interpretation of contractual terms by the parties involved. Contract management software helps eliminate such loopholes by allowing different stakeholders to collaboratively author contractual terms and approve certain language and section definitions to avoid later conflict.

Compliance enforcement. Contract software allows users to monitor contract milestones by tracking important events such as periodic review dates or contract expiration dates. These solutions also provide alerts or notifications to account managers for contracts nearing their milestones, and can escalate reports if there are any deviations from the predefined workflow. Certain features can also enable the provisioning of time-dependent deliverables and help manage additional costs or penalties associated with the delays.

What Type of Buyer Are You?

Choosing the right contract management software wil likely depend in part on the size of your organization. Consider the following buyer types:

Small and midsize businesses. These businesses typically operate as establishments with up to 100 employees and focus on specific operational areas. Such companies might consider a best-of-breed system that specializes solely in contract creation and electronic storage.

For example, small and midsize companies usually work on thin margins, which means it’s important for them to maintain the recurring cash flow that comes from contract renewals. Contract storage can be an issue, since such companies usually rely on hard copies or archaic file storage systems. A basic, no-frills contract management system is usually ideal for such organizations.

Large enterprises. Big companies typically operate in multiple operational areas with employees based at different locations. For such businesses, coordination is key. These businesses may want to consider a contract management system that is a modular suite, allowing them to pick and choose the different modules needed.

For example, organizations that have agreements where multiple internal and external parties are involved may want to consider a solution that allows them to collaboratively author terms with different stakeholders, automate the approval process, send automated alerts for tracking milestones, enforce contractual obligations and integrate with external ERP or CRM solutions.

Market Trends to Understand

Data analytics. Contract management vendors are quickly realizing the benefits and opportunities that data analytics provides in accelerating the decision-making process of organizations. Data analytics can be applied on a stored contract repository to measure the optimum amount of time an enterprise has to wait before making price concessions, helping them to negotiate better contract terms. Analytics can also help companies monitor their contract negotiation cycles, suggesting the best time for executives to begin negotiations if a contract has to be closed in a predetermined timeframe.

Blockchain technology. There is an increase in the prevalence of “smart contracts,” where automated computer programs are capable of executing the terms of a contract without a verifying authority having to be involved in the process. These smart contracts are created using blockchain technology, which houses and protects prior data and transactions. This technology can automatically execute a contractual clause as soon as a pre-programmed condition is triggered—e.g., the automatic release of payment for a package upon delivery without the user having to authorize the transaction separately.