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What are some of the tools or software that you use to facilitate contract implementation and management?

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Contract negotiation is a crucial skill for any professional who deals with contracts, whether they are sales, procurement, legal, or project management. However, negotiating a contract is only the first step in a long and complex process of contract implementation and management. To ensure that the contract delivers the expected value, meets the agreed-upon terms, and minimizes risks and disputes, you need to use some tools or software that can help you with various aspects of contract lifecycle management. In this article, we will discuss some of the common tools or software that you can use to facilitate contract implementation and management, and how they can benefit you and your organization.

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Will Broome

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1 Document Management

One of the most basic and essential tools for contract implementation and management is a document management system. A document management system is a software that allows you to store, organize, access, and share your contract documents in a secure and centralized location. A document management system can help you to avoid losing or misplacing your contract documents, track changes and versions, collaborate with other parties, and comply with legal and regulatory requirements. A document management system can also integrate with other tools or software that you use for contract negotiation, such as e-signature, redlining, or clause library.

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2 Contract Analytics

Another important tool for contract implementation and management is contract analytics. Contract analytics is a software that uses artificial intelligence, machine learning, or natural language processing to extract, analyze, and visualize data from your contract documents. Contract analytics can help you to gain insights into your contract performance, risks, opportunities, and trends. Contract analytics can also help you to monitor and enforce your contract obligations, milestones, and deadlines, identify and resolve issues or discrepancies, and optimize your contract terms and conditions.

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3 Contract Automation

A third tool for contract implementation and management is contract automation. Contract automation is a software that automates some or all of the tasks and workflows involved in creating, reviewing, approving, executing, and renewing contracts. Contract automation can help you to save time and resources, reduce errors and inconsistencies, improve accuracy and quality, and enhance efficiency and productivity. Contract automation can also help you to standardize your contract templates and processes, customize your contract content and format, and streamline your contract communication and collaboration.

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4 Contract Repository

A fourth tool for contract implementation and management is a contract repository. A contract repository is a software that stores and manages all your active and completed contracts in a single and searchable database. A contract repository can help you to keep track of your contract inventory, status, and history, access and retrieve your contract information and documents quickly and easily, and generate and export reports and dashboards on your contract data and metrics. A contract repository can also help you to manage your contract renewals, expirations, and terminations, and alert you of any upcoming events or actions.

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Will Broome

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Excel with dynamic links would work on a base system but are difficult or tricky to transfer from one database to another due to changes in addresses.

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5 Contract Compliance

A fifth tool for contract implementation and management is contract compliance. Contract compliance is a software that helps you to ensure that your contracts comply with the applicable laws, regulations, standards, and policies. Contract compliance can help you to avoid or mitigate legal risks, penalties, fines, or disputes, protect your rights and interests, and maintain your reputation and trust. Contract compliance can also help you to audit and review your contracts for compliance issues, update and amend your contracts as needed, and document and report your compliance activities and outcomes.

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6 Contract Collaboration

A sixth tool for contract implementation and management is contract collaboration. Contract collaboration is a software that enables you to communicate and cooperate with your internal and external stakeholders throughout the contract lifecycle. Contract collaboration can help you to align your goals and expectations, negotiate and resolve conflicts, share feedback and suggestions, and foster relationships and partnerships. Contract collaboration can also help you to create and assign tasks and roles, track and monitor progress and performance, and facilitate decision making and approval.

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Will Broome

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This is called a phone. Some would include e-mail, but that can lead to incomplete understanding which results in difficulties.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some of the tools or software that you use to facilitate contract implementation and management?

1

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3

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1 Document Management

2 Contract Analytics

3 Contract Automation

4 Contract Repository

5 Contract Compliance

6 Contract Collaboration

7 Here’s what else to consider

Contract Negotiation

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What are some of the tools or software that you use to facilitate contract implementation and management?

1

2

3

4

5

6

7

1 Document Management

2 Contract Analytics

3 Contract Automation

4 Contract Repository

5 Contract Compliance

6 Contract Collaboration

7 Here’s what else to consider

Contract Negotiation

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