Top 10+ Contract Management Software

When it comes to managing business contracts, the complexity and volume can be overwhelming, leading to potential risks and inefficiencies. Using a Contract Management application can help you overcome this issue. However, with so many software options available in the market, it can be challenging to choose the right one. Understanding the Top 10+ Contract Management Software can help you make an informed decision and some valuable insights.

In this blog, you will learn about the Top 10+ Contract Management Software and their key features. Let’s dive in to learn more!

Table of Contents

1) Contract Management Software – An overview

2) What are common features of Contract Management Software?

3) How do Contract Management Software work?

4) 10+ best Contract Management Software

5) What does Contract Management Software Cost?

6) Conclusion

Contract Management Software – An overview

Contract Management Software is a technology solution designed to help organisations manage their contracts effectively. It provides a central repository for storing and organising contracts, enabling users to access and manage their contract data from a single location. With the software available on the market, users can create, modify, and track their contracts throughout their lifecycle, from creation to expiration.

With the ability to automate certain aspects of the Contract Management process, such as approval workflows and notifications, users can save time and reduce the risk of errors or oversights. The software solutions also help organisations maintain compliance with contractual obligations and regulations by providing tools to monitor contract performance and track key metrics.

In addition, the software can also provide valuable insights into an organisation's contract portfolio. By analysing data such as contract types, expiration dates, and renewal rates, businesses can make informed decisions about their contracting practices and identify opportunities for improvement.
 

 
 

What are common features of Contract Management Software?

Contract Management Software helps business owners manage their contracts throughout their lifecycle. Depending on the product, Contract Lifecycle Management (CLM) software may offer different features. Let's explore some of the most common and useful ones below: 

a) Custom fields: These allow you to customise your contracts with specific information about your clients, such as their name, address, or payment terms. 

b) Automated approval process: This feature lets you create workflows that route your contracts to the appropriate people for review and approval, saving you time and hassle. 

c) Automated alerts: These are notifications that keep you and your clients updated on the status of your contracts, such as changes, deadlines, or milestones. 

d) Redlining: This is the process of editing and negotiating contracts online, with the ability to track and accept or reject changes made by any party. 

e) E-signature: This is a digital signature that validates your contracts and makes them legally binding. Some CLM software have their own e-signature tools, while others integrate with third-party services. 

f) OCR capabilities: This is a feature that enables you to search for contracts, clauses, or client data in your storage using text or voice commands. 

g) Audit trails: This is a record of all the actions, revisions, and communications related to your contracts, which can be useful in case of disputes or litigation. 

Content repository: It provides a secure repository for storing and accessing all your contracts, templates, and clauses.

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How do Contract Management Software work?

Contract Management Software helps streamline the  Contract Management process and ensure that contracts are being properly managed and executed. Here is a detailed explanation of the process of how the software works

a) Contract Creation: The Contract Management Software allows users to create new contracts or import existing ones into the system. Users can define contract terms and clauses and add attachments such as supporting documents. The software enables users to track version history and maintain an audit trail of any changes made to the contract. 

b) Contract Execution: Once the contract is created, the software automates the process of routing the contract to the appropriate parties for review and approval. The software tracks the status of each contract, highlighting any delays or bottlenecks in the approval process. Once the contract is executed, the software stores a copy of the signed contract in a central repository, making it easy to retrieve and reference in the future. 

c) Contract Monitoring: The software tracks key dates and milestones such as expiration dates, renewal dates, and payment terms. It sends automated reminders to stakeholders to ensure that contractual obligations are being met on time. The software also allows users to monitor contract performance by tracking metrics such as spend, compliance, and risk. 

d) Contract Renewal: When a contract is approaching its expiration date, the software sends notifications to stakeholders, reminding them to initiate the renewal process. Users can create new contracts based on the original contract, copy over relevant clauses and terms, and make any necessary updates. The software streamlines the process of renegotiating contracts, ensuring that both parties are on the same page and that the new contract is executed promptly. 

e) Contract Reporting: It provides insights into an organisation's contract portfolio, allowing users to track key metrics and identify areas for improvement. The software generates reports on contract performance, such as spend analysis, compliance, and risk, enabling users to make data-driven decisions about their contracting practices. 

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10+ best Contract Management Software

  

In this section, we will explore the 10+ best Contract Management Software:Listed below are the top 10 most popular Contract Management Software for 2023: 

1) ContractWorks CLM 

ContractWorks is a cloud-based software for Contract Management that provides a comprehensive solution for managing contracts throughout their lifecycle. With its user-friendly interface and robust feature set, ContractWorks is ideal for businesses of all sizes, from small startups to large enterprises. 

The three key features offered by ContractWorks CLM are: 

a) Contract Management: ContractWorks provides a central repository for storing and categorising contracts, making it easy for users to access their contract data from a single location. The software enables users to create and manage contracts, track key dates and milestones, and automate approval workflows. Users can also create custom fields to capture specific contract data, ensuring that all relevant information is stored in one place. 

b) Search and reporting: ContractWorks includes powerful search and reporting capabilities, allowing users to quickly find the information they need and generate reports on contract performance. Users can search contracts by keyword, filter by specific criteria, and save their searches for future use. The software also includes pre-built reports on key metrics such as contract status, spend analysis, and compliance. 

c) Integrations and security: ContractWorks integrates with a variety of third-party tools, including DocuSign, Salesforce, and Microsoft Office, making it easy to streamline contract workflows and share data across different systems. The software also includes robust security features, such as data encryption, multi-factor authentication, and audit trails, ensuring that contract data is always protected. 

ContractWorks CLM is a powerful Contract Management Software that provides a comprehensive solution for managing contracts throughout their lifecycle. With its user-friendly interface, powerful search and reporting capabilities, and integrations with third-party tools, ContractWorks is an ideal choice for businesses looking to streamline their Contract Management processes and improve their contract performance. 

2) Ironclad 

Ironclad enables organisations to manage their contracts with ease. The platform uses artificial intelligence and automation to streamline the Contract Management process, from creation and negotiation to signing and renewal. Ironclad is designed to help enterprises increase efficiency, reduce risk, and improve collaboration across teams. 

The two key features of Ironclad are as follows: 

a) Contract Workflow Automation: The platform automates key contract-related tasks, such as approval workflows, notifications, and reminders, reducing the need for manual intervention and improving the speed and accuracy of the Contract Management process. Ironclad also provides users with real-time visibility into the status of their contracts, enabling them to track key metrics such as contract value, renewal rates, and compliance. 

b) AI-powered contract analysis: The platform uses Natural Language Processing (NLP) to analyse contracts and extract relevant data, such as clauses, terms, and obligations. This makes it easy for users to search and filter contracts based on specific criteria, such as contract type or expiration date. Ironclad also provides users with insights into their contract portfolio, such as spend analysis and risk assessment, enabling them to make data-driven decisions about their contracting practices. 

Ironclad is a powerful CLM platform that enables organisations to manage their contracts with ease. With its contract workflow automation, AI-powered contract analysis, and real-time visibility and insights, Ironclad helps organisations improve their contract performance and reduce risk.

3) Concord 

Concord offers a comprehensive solution for managing contracts. The platform provides users with a centralised repository for storing and organising contracts, as well as tools for creating, negotiating, signing, and tracking contracts throughout their lifecycle. 

The two key features of Concord are as follows: 

a) Intuitive contract creation and negotiation tools: The platform includes a drag-and-drop contract builder, making it easy for users to create contracts from scratch or using pre-built templates. Concord also includes redlining and commenting tools, enabling users to collaborate on contracts in real-time, regardless of their location. Once a contract is ready for signature, Concord's electronic signature functionality allows users to sign contracts from anywhere, on any device. 

b) Contract analytics and reporting: The platform provides users with real-time visibility into their contract portfolio, enabling them to track key metrics such as contract value, expiration dates, and renewal rates. Concord also includes pre-built reports on important contract-related metrics, such as spend analysis, compliance, and risk. Users can customise these reports to meet their specific needs or build their own reports from scratch using Concord's reporting tools. 

Concord is a powerful CLM software that provides organisations with a comprehensive solution for managing contracts. With its intuitive contract creation and negotiation tools, electronic signature functionality, and robust contract analytics and reporting capabilities, Concord helps businesses streamline their Contract Management processes and improve their contract performance. 

4) Icertis 

Icertis helps organisations manage their contracts with ease. The platform provides users with a central repository for storing and organising contracts, as well as tools for creating, negotiating, signing, and tracking contracts throughout their lifecycle. Icertis is designed to help enterprises increase efficiency, reduce risk, and improve collaboration across teams. 

The two key features of Icertis are as follows: 

a) Contract intelligence: The platform uses AI and ML to extract key data from contracts, such as clauses, terms, and obligations. This makes it easy for users to search and filter contracts based on specific criteria, such as contract type or expiration date. Icertis also provides users with real-time visibility into their contract portfolio, enabling them to track key metrics such as contract value, spend analysis, and compliance. 

b) Contract workflow automation: The platform automates key contract-related tasks, such as approval workflows, notifications, and reminders, reducing the need for manual intervention and improving the speed and accuracy of the Contract Management process. Icertis also includes electronic signature functionality, enabling users to sign contracts from anywhere, on any device. 

Icertis is a powerful Contract Lifecycle Management software that provides organisations with a comprehensive solution for managing contracts. With its contract intelligence and workflow automation capabilities, as well as its electronic signature functionality and real-time visibility into contract performance, Icertis helps businesses streamline their Contract Management processes and improve their contract performance. 

5) Conga 

Conga provides enterprises with a comprehensive solution for managing contracts. The platform offers a suite of tools for contract creation, negotiation, and management, as well as document generation and data management.  

The two key features of Conga are as follows: 

a) Contract automation: The platform includes tools for automating key contract-related tasks, such as contract generation, negotiation, and approval workflows. Conga also includes electronic signature functionality, enabling users to sign contracts from anywhere, on any device. With Conga, organisations can reduce the time and effort required to manage contracts while also improving the accuracy and speed of the Contract Management process. 

b) Document generation: The platform includes tools for generating documents such as proposals, invoices, and agreements, enabling organisations to automate their document creation process. Conga also includes data management tools, such as data cleansing and de-duplication, to ensure that businesses have accurate and up-to-date data for their contracts and other documents. 

In summary, Conga is a powerful CLM software that provides businesses with a suite of tools for managing their contracts and other documents. With its contract automation, electronic signature, document generation, and data management capabilities, Conga helps organisations streamline their processes, reduce risk, and increase efficiency. 

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6) DocuSign CLM 

DocuSign CLM is a comprehensive software solution designed to streamline the entire lifecycle of contracts. With DocuSign CLM, enterprises can create, manage, track, and analyse their contracts with ease. The platform offers a range of features and tools to simplify Contract Management processes, improve collaboration, and enhance contract compliance. 

The two key features of DocuSign CLM are as follows: 

a) Robust contract creation and collaboration: The platform provides a user-friendly interface for creating contracts from scratch or using pre-approved templates. Users can collaborate on contracts in real-time, making edits, adding comments, and tracking changes within the document. DocuSign CLM ensures version control and maintains an audit trail, enabling teams to work together seamlessly and efficiently. 

b) Powerful contract analytics and reporting: The platform provides real-time insights into contract data, allowing enterprises to track contract status, expiration dates, key milestones, and financial metrics. With customisable reports and dashboards, users can gain valuable insights into contract performance, compliance, and potential risks. These analytics empower organisations to make informed decisions, optimise contract processes, and drive business growth. 

Furthermore, DocuSign CLM integrates seamlessly with DocuSign's electronic signature solution, enabling users to send contracts for electronic signatures directly from the platform. This integration enhances the overall Contract Management experience, eliminating the need for manual paperwork, reducing processing time, and ensuring a secure and legally binding signing process. 

7) DealHub 

DealHub provides organisations with a powerful platform for managing their sales and contracting processes. The software is designed to streamline the entire deal management lifecycle, from proposal creation and negotiation to contract execution and renewal. DealHub empowers sales teams with the tools they need to accelerate deal cycles, reduce errors, and increase overall productivity. 

The two key features of DealHub are as follows: 

a) Collaborative deal rooms: The platform enables sales teams to create customised deal rooms where they can collaborate with internal stakeholders and external parties throughout the negotiation process. DealHub offers real-time document collaboration, allowing multiple parties to edit, comment, and track changes within the document. This fosters effective communication, eliminates version control issues, and ensures all parties are aligned during the negotiation phase. 

b) Advanced quoting and pricing: Sales teams can easily generate accurate quotes and proposals using predefined templates, ensuring consistency and reducing errors. The software enables sales teams to configure complex pricing models, apply discounts, and track pricing changes in real-time. This helps sales representatives optimise their pricing strategies and make informed decisions to close deals faster. 

DealHub helps in direct integration with CRM systems and other sales tools, providing a seamless flow of data between platforms. This integration ensures that contract data is synchronised, eliminating the need for manual data entry and reducing the risk of errors. Sales teams can access contract data directly within their CRM, enabling them to stay informed about contract status, key milestones, and renewal dates. 

8) GetAccept 

GetAccept is a revolutionary software that enables organisations to simplify their sales processes and effectively manage their business contracts. It uses its intuitive interface to help businesses operate efficiently through the hassle-free creation and negotiation of contracts. The platform offers a wide range of tools aimed at improving the productivity of organisations, alongside the provision for template management, live tracking, document formatting, and more.  

The two key features of GetAccept are as follows: 

a) Flexibility: The platform enables the use of different types of business tools in organisations as it easily integrates with them and other document management platforms. GetAccept allows the smooth transfer of data between different software, which results in no manual involvement and decreases the margin for error.  

b) Prioritises customer experience: The platform allows users to include multimedia content like videos in contracts to offer interactive experiences for customers. GetAccept helps businesses tailor contracts to align with the interests of the customer, resulting in a better customer experience and high chances of successful deal closures. 

GetAccept acts as a content repository for sales teams. The platform helps improve sales content management via the multiple templates and sales content it provides. It provides sales teams with the provision to design personalised content with minimal wastage of time.  

9) LinkSquares 

LinkSquares helps organisations manage and analyse business contracts easily. The platform makes use of AI and ML to automate the process of data extraction and contract analysis. It scans the document and extracts vital information like dates and clauses that help users obtain valuable insights and make decisions beneficial to the enterprise. LinkSquares significantly improves the functioning of businesses with the multiple features it provides.  

The two key features of LinkSquares are as follows: 

a) E-signature solution: The platform simplifies the process of Contract Management through its latest feature, which allows users to obtain e-signature faster – LinkSquares Sign. It helps organisations improve CLM by collecting signatures faster and finalising agreements efficiently. LinkSquares helps keep all contracts and data in one location, thereby increasing its visibility for users as well. 

b) Strategic decision-making: The dashboard feature in LinkSquares showcases vital information about selected contracts which helps users discover valuable insights and areas of improvement. The platform is mainly used to analyse complicated legal documents through proper organisation of contracts and decrease the chances for error by eliminating manual work. 

LinkSquares helps centralise Contract Management methods and minimise the possibility of risks. The software enables users to build schedules and prioritise tasks in a centralised repository. It also helps in ensuring faster deal closings by streamlining the contract process and creating, analysing, and approving agreements efficiently.  

10) Spotdraft 

Spotdraft helps organisations function effectively by facilitating end-to-end Contract Management on one platform. It helps businesses prepare and edit contracts efficiently via templates and allows auto-insertion of clauses developed upon predetermined factors. Spotdraft improves the workflow of enterprises and focuses on enhancing customer support. 

The two key features of Spotdraft are as follows: 

a) Instant contract creation: The platform provides the necessary tools and templates to create and analyse custom reports within a short timeframe. It allows users to create contracts based on their type, priority, users, etc. Spotdraft helps identify the number of contracts awaiting a signature or the ones linked to a certain region quickly, which helps save time and decrease manual labour. 

b) Execution of bulk contracts: The software aids in streamlining the process of creating and sending contracts to multiple parties. Employee agreements, invoices, and procurement contracts can be sent easily with the software. Spotdraft helps in generating reports in short intervals of time and keeps track of the progress, thereby improving the workflow of the organisation and gaining faster results. 

The easy integration of the software with other business tools like CRMs and built-in safeguards like automated approval routing establishes Spotdraft as a significant CMS. The platform also helps in the organisation and standardisation of multiple contracts. Spotdraft is a popular software among various departments like finance, Human Resources (HR), legal, sales, etc.  

11) ContractSafe

ContractSafe is a software that helps you manage your contracts from creation to completion. Different plans are available based on the needs of the users, starting from £236 to £710 per month. It offers a range of features that make Contract Management easy and efficient, such as:

a) Speed search functionality: Rapidly locate any contract, report, or document, including scanned files, using both text and voice commands.

b) Centralised contract database: Store all contracts, templates, and clauses securely in the cloud. This repository also includes advanced search capabilities for quick information retrieval.

c) User-friendly dashboard: The dashboard presents a clear view and management interface for all contracts, customisable to individual preferences and requirements.

d) Integration capabilities: ContractSafe integrates with third-party applications like SalesForce, DocuSign, Active Directory, and Okta/SAML 2.0, facilitating streamlined workflows and improved productivity.

e) Customer support: Access live chat support during business hours, along with complimentary implementation assistance, in-product help, and tailored training sessions.

f) Redlining features: Engage in online contract editing and negotiation, with functionality for tracking and responding to changes by any involved party.

g) OCR technology: Utilise optical character recognition to search for specific contracts, clauses, or client information using text or voice commands.

Each feature is crafted to enhance the efficiency and effectiveness of Contract Management processes.

12) Nintex for Salesforce

Nintex for Salesforce provides a robust solution for process and Contract Management within Salesforce, with pricing ranging from under £19,757 to £39,514 GBP per year. Custom and enterprise pricing options are also available. Its key features include:

a) Document generation: Easily create contracts using Salesforce or Microsoft Office 360.

b) User Experience (UX) on G2: Highly rated for quick process app building and cost-effectiveness, though some users find its architecture cumbersome.

c) Integration limitation: Primarily integrates with Salesforce CRM, focusing on specialised compatibility.

d) Support options: Offers both online and phone support during business hours, including access to an account manager.

e) Process management focus: Prioritises developing and automating complex workflows, with Contract Management as a secondary function.

f) Automation and customization: Automates generation of contracts and business documents from multiple data sources, differing from solutions like PandaDoc.

g) Visual workflow editor: Features a drag-and-drop editor for streamlining workflows, including easy integration of high-resolution images.

h) Electronic signature and alerts: Supports electronic signing (additional cost) and automated workflows with alerts and reminders.

i) Real-time feedback and tracking: Provides built-in visual tools for stakeholder feedback and tracks workflow performance for improvement.

j) Third-party integration: Enables integration with various applications for extended functionality.

13) SAP Ariba

SAP Ariba is a comprehensive contract lifecycle management tool. It integrates seamlessly with other Enterprise Resource Planning (ERP) tools despite some challenges with its APIs. Pricing information is not disclosed. Its distinct features include:

a) Lifecycle management: Streamlines every contract lifecycle phase, from creation to compliance, in a user-friendly repository.

b) Cost efficiency: Offers low total cost of ownership with minimal IT demands.

c) Central repository: Provides advanced search tools and secure storage for easy access to business documents.

d) Contract generation: Enables the creation of legally binding contracts using a library of preapproved clauses and templates.

e) Integration support: Compatible with SAP Ariba solutions, ERPs, CRMs, and other third-party software for higher compliance.

f) Document monitoring: Allows monitoring of changes in preapproved document formats, ensuring standardisation.

g) Milestone inputting: Facilitates easy input of contract milestones like renewal and termination dates.

h) eSignature management: Supports third-party eSignature solutions like DocuSign and Adobe Sign.

i) Document tracking and version control: Keeps stakeholders informed of contract changes and ensures access to the latest versions.

14)Trackado

Trackado is a specialised Contract Management Software offering tailored solutions to fit various business needs. While pricing details are specific to each case, Trackado distinguishes itself with unique features, ensuring efficient Contract Management:

a) Alerts and reminders: Automates notifications for contract milestones, renewals, and deadlines, keeping teams proactive.

b) Contract lifecycle overview: Provides a comprehensive view of each contract's lifecycle, from initiation to completion.

c) Performance analytics: Delivers data-driven insights for evaluating contract performance and identifying improvement areas.

d) Customisable interface: Allows for a personalised dashboard to match user preferences, enhancing ease of use.

e) Document collaboration: Facilitates collaborative editing and sharing of contracts within the platform, streamlining team coordination.

Trackado's approach to Contract Management emphasises user-friendliness and customisation. This means that it can cater to diverse business requirements.

What does Contract Management Software Cost?

Contract Management Software typically offers various subscription options, including monthly and annual plans, with discounts available for yearly payments, high contract volumes, or a large number of users. Free or low-cost options suit small businesses managing standard contracts. They allow the uploading of existing agreements or the use of standard templates with e-signature capabilities. 

For basic Contract Management features, entry-level paid plans start at around £19 per user per month. However, these more economical plans often do not include advanced customisation, detailed reporting, or branding options. At the premium end, plans can exceed £75 per user per month, offering extensive automation and complete customisation.

Conclusion 

Contract Management Software help organisations create, analyse, and overall manage the contracts of organisations. We hope this blog has helped you learn about Contract Management, the best software used to simplify the process, and their features. 

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