Best Practices for Contract Lifecycle Management

Presented by Legisway

Contracts are the lifeline of many organisations, but locating them can be a time-consuming task if they are scattered across the business. Only 33% legal departments in our report rate the digital maturity of contract management as advanced, suggesting there is room for improvement. This article offers tips for leveraging legal tech to improve the contract lifecycle from drafting to execution including:

  • Draft: Use contract templates and clause libraries to standardise language and minimise risk.
  • Review and negotiate: Collaborate with stakeholders securely and efficiently.
  • Approve: Automate routine processes with tasks and workflows.
  • Sign: Eliminate print-sign-scan with e-signatures.
  • Manage: A single source of truth allows you to gain great visibility and have important information at your fingertips.

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