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Contracts are a fact in the realm of business. Almost every day a company will go through the process of creating, approving, implementing, and renewing contracts. Contract management is the management and organization of these documents. The contract management process includes the steps that each contract goes through as it completes the contract life cycle. The first step in the contract management process is initiating a contract. This means opening doors for concerned parties; the company and the customer, vendor, or distributor, to be in an agreement on entering a business relationship. This agreement between two parties will commence the creation of a contract. In creating a contract, it is essential to gather all relevant information regarding contract duration, customer name, product details and specifications which the customer needs, pricing, payment methods, and terms and conditions. All relevant data will serve as the framework in drafting a contract. Having capable contract management software will help in sorting out gathered information. The second step in the contract management process is writing the contract. Writing contracts are made easy with the use of contract management software. Any good software should have built in templates that will prove to be useful when making contracts. The negotiation phase is the third step in the process. This is when both parties, the company and the customer, struggle to find a middle ground that is fair for them. An automated contract management system will assist in sorting out information. And it can lower negotiation time by marking out discrepancies before the contract proper is made. When the contract is already made, it is now set for approval. This is the fourth step and is where the process slows down. Reasons for slowdown can be mountains of paperwork, forgetfulness and corporate bureaucracy. An automated contract management system will prevent this with the use of the system’s notification feature. The user will be alerted when an event is up or when some things need to be done. The software of an automated system will have tools like e-signature which will also be of help in speeding up this stage. The next in the contract management process is the execution of the contract. Every now and then checking up on whether the contract agreed upon is being thoroughly executed or not is needed. Following a contract is important so that it does not lose value and the company will not suffer a loss in profits. Auditing is made easy by utilizing contract management software. This software will aid in report generation by having information accessible with a click of a button. The final step in the contract management process is the renewal stage. An automated system will have alerts for when contracts are soon to be expired and ready for renewal. Losing customers due to not remembering to renew contracts will no longer be a problem. Automating a contract management system is an important development to any company. Services that provide software for document administration are widely available due to technological progress. Automating is a sensible choice that eases the contract management process with practical features that aid in the process from creation to renewal of contracts. If you are looking for information regarding contract management process click on the link. Or you can visit Reniew website at http://reniew.com/ for a contract renewal software.
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