Definition

contract management software

Contract management software is a program or series of related programs for storing and managing legal agreements such as contracts with vendors, leases and licensing agreements. An important purpose of contract management software is to streamline administrative tasks and reduce overhead by providing a single, unified view of each contract’s processes.

In the enterprise, contract management software can be used to manage a new contract request, capture data related to the contract and document authoring, contract creation and negotiation. The software can then follow the contract as it goes through the review and approval process, providing documentation for digital signatures and execution of the contract, including post-execution tracking and commitments management. Such software not only provides business owners with better visibility into the status of a specific contract, it also facilitates reporting and compliance.

Most software packages will provide business owners with alert notifications for critical dates that affect a contract, such as the cut-off date for contract renewal or the contract’s end of life (EOL) date. Some low-end products simply provide templates and guidelines that allow users to create and store their own hard-copy contracts. Other, more complex software packages, provide tools for creating and managing contracts electronically and automating the digital management of a contract throughout its lifecycle.

See also: contract delivery date (CDD), service-level agreement (SLA), sub-contract

This was last updated in April 2012

Continue Reading About contract management software

Dig Deeper on ERP accounting software

PRO+

Content

Find more PRO+ content and other member only offers, here.

Join the conversation

2 comments

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

Thank you for the definition, it is very instructive. There are so many contract management options out there that it starts to get difficult to choose between all of them! What I look for most in a software is for it to be user-friendly, although features are important as well, of course.
Cancel
PC Magazine recently did an analysis of all the major contract management systems on the market: http://www.pcmag.com/article2/0,2817,2489199,00.asp

They all claim to be user friendly, so we used this article to select the top 3 vendors and got a demo from each of them. The winner was a bit more expensive than the others, but much better and it has proven to be a great choice.

Cancel

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchOracle

SearchCRM

SearchSAP

SearchBusinessAnalytics

SearchSQLServer

SearchContentManagement

SearchHRSoftware

Close