Digital contract management

What is digital contract management?

Efficient and secure contract management is crucial. Digital contract management involves the comprehensive handling of a contract from its creation and negotiation through approval and execution to archiving and analysis. With this system, all contract files are easily accessible at any time, simplifying monitoring and control.

Digital contract management also includes task and deadline management. It allows for the creation of various tasks, deadlines, or reminders for all contract documents or their attachments, such as notice periods and guarantee reminders. The digital solution provides timely reminders of current obligations, deadlines, and important dates.

Electronic contract management is not just about efficiency, transparency, and compliance; it also frees you to focus on other value-adding activities. Start your digital contract management journey now with the right strategies for smart results and a partner who can handle it all.

What are the advantages of digital contract management?

Digital contract management is essential for companies looking to streamline their contract processes and reduce legal risks. It offers numerous benefits that enhance both efficiency and security in contract management:

• Instant access to digital contracts 

• No missed deadlines 

• Enjoy an intuitive and straightforward contract management system 

• Manage deadlines effortlessly with automatic resubmission functions 

• Benefit from an automated reminder system that keeps everything on track

Steps of efficient contract management

Contract Creation

New contracts are either drafted in-house or received from contractual partners for evaluation. Each contract’s content is meticulously analyzed, and necessary adjustments are made to ensure compliance with all relevant legal and business requirements. The goal is to produce a legally sound contract that is satisfactory to both parties.

Review of Contracts

The content and framework of each contract are rigorously reviewed. This involves examining the contract clauses, ensuring adherence to legal regulations and internal guidelines, and identifying potential risks. The objective is to ensure that the contract does not contain any unfavorable terms and serves the best interests of the company.

Task and Deadline Management

Specific tasks and deadlines are extracted from the key information within the contracts. These tasks might include reviewing the contract's content, finalizing the contract document, or monitoring deadlines. Effective management of these tasks and deadlines is essential to ensure that all contractual obligations are fulfilled on time.

Archiving

Contract documents are systematically stored in the company's system, organized in various structures according to the company's requirements. Proper archiving facilitates easy retrieval and ensures that all contract-related information is preserved accurately and securely.

Managing Contracts

Contracts need to be managed throughout their entire duration. An efficient contract management system ensures that all contracts are kept current and properly overseen, minimizing legal and business risks.

The software behind: edoc contract