Contract management is how you manage what you have agreed on with others. If you have good management of your contracts, you can decrease both costs and risks.
The basic elements of a contract are that it has at least two parties that agree on its terms and conditions. In a nutshell, conditions need to be satisfied or waived prior to a specified deadline in order for the contract to be binding, while terms are obligations to be performed as part of the contract.
Managing the contracts refers to both managing the terms and conditions as well as the document itself. A contract management system should, therefore, enable you to easily create, sign, store and find your contracts. Additionally, you should be able to set reminders to check on the completion of the terms and conditions. Most contracts have renewal or renegotiation dates associated with them, that you should be able to set reminders on as well.
Contract management is simple if you have a tool that is easy to use. We have built Kuveno for this purpose. To manage any contract, do the following:
- Create the contract by using our templates and our intelligent document creator
- Set the parties
- Send the contract to be signed
- Set any reminders that you might need
- Categorize the contract using any number of tags
If you don’t write the contract yourself, but get it from somebody else, you can upload the contract to Kuveno instead of creating it. If it is already signed, you can mark it signed outside of Kuveno. Otherwise, you can get the signatures on the contract even if it is not created in Kuveno, using the digital signing integrated in Kuveno.
Afterwards, you can search for the contract using both tags and the content in the contract with a Google-like search bar. Kuveno will send you an email when any of the reminders reach their due date.
Contract management should be easy – with Kuveno it is!