What is an All-In-One Contract Management System?

All-In-One Contract Management Software

With over 50 e-signature tools, and 165 different advertised contract management software programs currently on the market, it can be difficult to see any distinguishing features between them. That is why Concord is not just another contract management system, or standalone e-signature tool.  We’re the world’s first Contract Success Platform.

Contract Success means an All-In-One system for taking a contracts from the beginning stages of drafting, through eNegotiating and eSigning, and onto contract follow-up, all within a single, accessible platform. Unlike typical contract management or e-signature tools, Concord has all the necessary tools in one place for seeing every type of contract through all stages of the contract lifecycle. Ultimately the goal of Concord is to better facilitate the creation and development of profitable and lasting contractual relationships.

To better understand what Contract Success means vis-à-vis contract management and e-signature tools, we’ll look at the complete list of features offered by Concord to see a contract through it’s lifecycle that cannot be found in any other single piece of software.

The Contract Lifecycle

 

Phase 1

 

Drafting

Contract drafting is one of the most crucial parts of the contract management lifecycle. It provides the foundation upon which the rest of the contract is built. Clarity and precision in contract drafting is essential for making sure that both parties needs are met. Terms and conditions need to be spelled out in exact detail. Ambiguity and mistakes in contract drafting can, in extreme cases, led to disaster, non-compliance, and law suits.

Though this stage of the contract lifecycle is critical, contract management as a software genre, largely neglects it. For 90% of the United States, contracts are drafted from scratch with a program like Microsoft Word, and collaborated on via e-mail. This creates difficulty in version control, identifying mistakes, inconsistent wording, lack of detail, and relies heavily on Word’s track changes feature, which was not designed for contract drafting.

To avoid the difficulties that arise during the inception of the vast majority of contracts, Concord’s Contract Success Platform allows for drafting a contract directly within it’s system. This avoids the back and forth of different versions through email, followed by importing data into another program for managing the contract long term. Additionally, by having the ability to draft contracts within a Contract Success Platform, you gain access to tools such as contract template creation. Templates substantially reduce errors and the time needed for drafting the contract.

Phase 2

 

Negotiating

Contract negotiations always go through several iterations as both parties make compromises based on possible risks and projected revenue. This can be a very simple stage, requiring few edits, or it can be a drawn out endeavor taking weeks. The length required can be heavily based on what software is used handle the negotiations.

Typical contract management software does not cover the negotiating phase of the contract lifecycle. Even if you were to buy an expensive subscription, you would not be given a tool for executing contract negotiation. Here, most organizations rely again on Word’s track changes, email, and documents saved on their desktops. Not having a tool to facilitate contract negotiation further enlarges problems of errors, security, and lengthy timeliness in moving the contract through it’s lifecycle.

A Contract Success Platform has negotiating tools, notes, audit trails, email notifications, messaging features, etc. Having these all built into a single system makes contract negotiation straightforward, quick, and accurate. Every time an edit is made to a document, a new version is saved and displayed in chronological order in a panel next to the document you are working with. This cannot be tampered with after the fact and makes all changes made throughout negotiations very clear.

E-signing

E-signatures have been long accepted as an authoritative tool with the same legal weight as a normal signature. They have the additional benefit of being a huge time-saving tool, allowing individuals to sign a document at any time of day and from virtually any location.

When it comes to contract management, e-signature tools are rarely integrated into the software. To e-sign a contract that is managed with typical contract management software, you need to move documents in and out of different platforms. This may entail drafting a contract in word, then moving it into your e-signature platform for signing, and then finally into the contract management software for follow up. This drawn out process creates tedium and also the need to pay for two separate programs what should be complementary aspects a single system.

At Concord we recognize that e-signature and contract management naturally work well as two parts of a single program. Our Contract Success Platform includes an easy to use, secure, and legally enforceable e-signature tool in it’s suite of contracting tools. With Concord, you will never have to move a contract between programs again, you can sign, share, and manage from a single, secure platform.

Phase 3

 

Contract Management

Contract management has traditionally been designed around maintaining compliance. It entails the proper execution and storage of contracts in such a way as to protect from risk and breaches in compliance. Over time though, contract management software has become much more accessible to the majority of businesses who need it manage contracts. Even though most businesses are looking for a way to increase efficiency and boost profits, most contract management software has not evolved beyond offering just compliance.

Tools for managing this part of the contract lifecycle include storing and sending follow ups and reminders, tracking, contract financial condition tracking, and clauses.

Concord’s Contract Success Platform provides all these same tools, but within the context of Contract Success, they take on a new meaning, differing from traditional contract management in two key ways.

The first is that our Contract Success Platform is offered at a much more competitive price than most of our competitors, and having it encompassing the whole contract lifecycle (not just contract management) makes our product indisputably the greatest value on the market.

The second is that Concord’s tools and interface is designed to empower workers and supervisors alike in all their contracting efforts. Our goals are to help facilitate the creation of strong and profitable relationships between business, contractors, vendors, etc. At their core contracts represent relationships, and our focuses on helping to forge them.

Below are the specific tools that comprise contract management which are included as part of Concord’s All-In-One Contract Platform.

Sending Follow Ups and Reminders

Sending follow ups through an automated reminder system is a simple but powerful tool for ensuring that deadlines and opportunities are not missed. Concord will send you an email at a time of your choosing to remind you of an event related to your contract management.

Tracking

All changes made to a contract stored in Concord is easily trackable with an audit trail that cannot be altered. See who made what changes and when to easily keep track of the most recent version of your contract. This feature is useful for staying compliant and avoiding liability. Being sure of what changes were made and at what time can be crucial in making sure that you are not agreeing to unfavorable terms. Should a disputation around a contract ever go to court, the audit trail would provide admissible evidence, making it very clear what negotiations and changes were made in a contractual relationship.

Contract Financial Condition Tracking

Once a contract has been signed, executed, and is in effect, there are often financial terms and conditions that accompany it. Concord allows you to add financial conditions, amounts, and reminders. These reminders can notify you by email and help you

Clauses

Actionable items that are scheduled to take place after the contract terms have been agreed to. Clauses set out, in a clear way, the obligations, privileges, and duties of each respective party.

Concord allows a clause to be attached to a contract in a very transparent way. As with financial conditions, clauses can be tracked and have reminders and alerts set up to allow both parties to never have to worry about missing an upcoming deadline.

Conclusion

Concord is an All-In-One, Contract Success Platform and not just a contract management system because of the it’s unique and comprehensive array of features. Our All-In-One system not only enhances organization and reduces mistakes, it is also a fraction of the cost of most established contract management systems on the market.

None of our competitors come close to offering the All-In-One type of functionality. 90% of what is called “contract management” only takes people through the storage and follow-up aspects of the contract lifecycle. Concord is unique because it is the only product currently available for taking a contract from initial drafting, to e-signature, and through to follow-up within a single system.

Concord is designed to take the tedium out of contracting with a fresh design, intuitive interface, and comprehensive features. Reducing the difficulties inherent with managing contracts allows relationships, which contracts represent, to be easily established and long-lasting.