Contract Management software provides several features and advantages that can assist in tracking and managing the complete contract lifecycle, starting from contract initiation to post-execution compliance tracking. Some of the essential features that must be present in Contract Management software are:
- A centralized repository of contract documents and important information with advanced search functionality.
- Ability to create/author new contracts or revise existing ones.
- It should assist in delivering timely reminders, alerts, and notifications about critical contractual milestones, impending renewals as well as warnings about non-compliance incidents.
- Feature to standardize contract types and governance norms.
- Should consist of contract templates and pre-approved clause libraries.
- Ability to provide customized security based on roles or features.
- Capability to sign contract agreements electronically.
- Provides user-friendly dashboard features.
- Functionality to manage workflow and approvals for internal as well as external stakeholders.