Top 15 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, selecting the right one can be challenging.Knowing about the top Contract Management Software can help you make well-informed decisions and gain valuable insights. In this blog, we will uncover the top 15 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 some features of Contract Management Software?

3) 15 best Contract Management Software

4) What does Contract Management Software Cost?

5) Conclusion

Contract Management Software – An overview

Contract Management Software is a tool developed to help organisations handle their contracts effectively. It offers a central place to store and organise contracts, making it easy for users to manage them from one location. This software allows users to create, adjust, and monitor their contracts from start to finish.

The software automates parts of the Contract Management process, like approval workflows and notifications. This saves time and reduces the chance of mistakes or missed details. It also helps organisations stay compliant with their contract terms and legal rules by providing tools to check how contracts are performing and track important information.

Additionally, the software analyses data about the organisation's contracts, such as types of contracts, when they expire, and how often they are renewed. This analysis helps businesses understand their contract practices better, make smart decisions, and spot areas where they can improve.
 

 
 

What are some common features of Contract Management Software?

Contract Management Software helps business owners manage their contracts from start to finish. Here are some of the most useful features:

a) Contract creation and templating: This tool lets users make contracts quickly using templates. It makes creating contracts easier and helps avoid mistakes.

b) Secure storage and retrieval: The software offers a safe place to keep contracts, protecting them from unauthorised access. It also makes it easy to find and access contracts when needed.

c) Automated reminders: This feature sends automatic alerts for important contract dates, such as upcoming expirations or renewals. It helps ensure important dates are not missed.

d) Compliance tracking: The software checks that contracts follow the agreed terms and legal rules. This helps reduce legal risks by making sure all contracts meet required laws.

e) Reporting and analytics: The software includes tools to analyse contract data. This provides insights into how contracts are performing and helps improve Contract Management.

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15 Best Contract Management Software

In this section, we will explore the 15  best Contract Management Software.

1) ContractWorks CLM 

ContractWorks is cloud-based software that helps manage contracts throughout their lifecycle. It's easy to use and suitable for all business sizes, from small startups to large enterprises. Different plans are available with a monthly starting price of 561 GBP. Here are its three key features:

a) Contract Management: ContractWorks offers a central place to store and organise contracts. Users can easily access their contracts, manage important dates and workflows, and add custom fields to store specific data.

b) Search and reporting: This feature allows users to quickly find contracts using keywords, filter them by criteria, and save searches for later. It also provides pre-built reports to track contract status, spending, and compliance.

c) Integrations and security: ContractWorks works with other tools like DocuSign, Salesforce, and Microsoft Office, helping to integrate and streamline workflows. It also ensures security with features like data encryption, multi-factor authentication, and audit trails.

2) Ironclad

Ironclad is a platform that simplifies Contract Management for organisations. It uses artificial intelligence and automation to help manage contracts from creation to renewal. This system boosts efficiency, reduces risks, and enhances team collaboration. Several plans are available with a monthly starting price of 47 GBP per user.

Key features of Ironclad include:

a) Contract workflow automation: Ironclad automates important tasks like approvals and reminders, reducing the need for manual work. It gives users a clear view of their contracts' status, allowing them to monitor details like contract value and compliance.

b) AI-powered contract analysis: The platform analyses contracts with Natural Language Processing to pull out important information like terms and obligations. Users can search and organise contracts easily, and Ironclad offers insights on spending and risks to inform decision-making.

3) Concord 

Concord provides a complete solution for Contract Management. It offers a central place for storing and managing contracts, with tools to help with every stage of a contract's life, from creation to tracking. Choose from several plans, each starting at 14 GBP per user per month.

Key features of Concord include:

a) Intuitive contract creation and negotiation tools: Concord has an easy-to-use contract builder and tools for real-time collaboration, such as redlining and commenting. Its electronic signature feature lets users sign contracts from anywhere.

b) Contract analytics and reporting: Concord gives a real-time overview of your contract portfolio, tracking important details like contract value and expiration dates. It offers built-in reports on metrics like spending and compliance, and users can customise these or create new ones to meet specific needs.

4) Icertis 

Icertis makes it easier for organisations to manage their contracts. It offers a central place to store and organise contracts, along with tools to help with creating, negotiating, signing, and tracking them throughout their lifecycle. Icertis aims to boost efficiency, lower risks, and improve team collaboration. Different plans are available with a monthly starting price of 47 GBP per user.

Key features of Icertis include:

a) Contract intelligence: Icertis uses AI and machine learning to pull important data from contracts, like clauses and terms. This lets users quickly find and organise contracts using specific details such as type or expiration date. It also gives a clear view of the contract portfolio, showing things like contract value and compliance.

b) Contract workflow automation: This feature automates essential contract tasks such as approvals, notifications, and reminders. It helps reduce manual work and increases the accuracy and speed of managing contracts. Icertis also allows electronic signatures, letting users sign contracts from any location on any device.

5) Conga

Conga offers a full set of tools for managing contracts, from creation and negotiation to management, along with document generation and data management. Access various options beginning at a monthly fee of 28 GBP per user.

Key features of Conga include:

a) Contract automation: Conga automates several contract tasks like creating, negotiating, and approving contracts. It also supports electronic signatures, allowing contracts to be signed from anywhere. This reduces the time and effort needed to manage contracts and enhances process accuracy and speed.

b) Document generation: Conga has tools for creating documents such as proposals, invoices, and agreements. It automates document creation and includes data management tools like data cleaning and de-duplication to ensure all business data is accurate and current.

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6) DocuSign CLM 

DocuSign CLM is a software solution that helps manage contracts from creation to conclusion. It simplifies the contract process, boosts teamwork, and ensures compliance. Different plans are available with a monthly starting price of 31 GBP per user.

Key features of DocuSign CLM include:

a) Robust contract creation and collaboration: The platform has an easy-to-use interface for making contracts either from scratch or using templates. It allows real-time collaboration, letting teams edit, comment, and track changes. It also keeps a version history and audit trail for efficient teamwork.

b) Powerful contract analytics and reporting: DocuSign CLM provides immediate insights into contracts, tracking their progress, due dates, key events, and financial details. It offers customisable reports and dashboards, helping organisations understand their contracts better, stay compliant, and spot risks. These tools help in making well-informed decisions and improving Contract Management.

7) DealHub 

DealHub is a tool designed to manage the sales and contracting process effectively. It helps from the proposal stage through to negotiation, signing, and renewal. The software helps sales teams speed up deals, reduce mistakes, and boost productivity. Plans are available starting at a monthly price of 40 GBP.

Key features of DealHub include:

a) Collaborative deal rooms: The platform lets sales teams set up customised rooms for collaboration. Here, both internal team members and external parties can edit documents, add comments, and see document changes in real-time. This improves communication, solves version control issues, and keeps everyone in sync during negotiations.

b) Advanced quoting and pricing: Sales teams can create accurate quotes and proposals using templates, which ensures consistency and reduces errors. The software allows for complex pricing setups, discounts, and tracking pricing changes as they happen. This helps sales reps optimise pricing and make smart decisions to close deals more quickly.

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. Different plans are available with a monthly starting price of 39 GBP.

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. Monthly plans available starting at just 15 GBP per user.

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 Contract Management 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. Select from several plans, each starting at 29 GBP per month.

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 quickly 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 240 GBP  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 72 GBP per user per month. 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 Management Software tool. It integrates seamlessly with other Enterprise Resource Planning (ERP) tools despite some challenges with its APIs. Different plans are available with a monthly starting price of 797 GBP.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. The pricing details are specific to each case. Different plans are available with a monthly starting price of 31 GBP. 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.

15) PandaDoc

PandaDoc is a comprehensive Contract Management Software that automates and streamlines the creation, management, and execution of documents and contracts. Plans for this Software begin at a monthly rate of 28 GBP per user. Here are some of its key features:

a) Document automation: PandaDoc allows users to automate the document creation process using templates, which helps save time and ensures consistency across all contracts.

b) Electronic signatures: It supports legally binding electronic signatures, enabling contracts to be signed from anywhere, at any time, which speeds up the approval process.

c) Workflow management: The software provides tools to manage document workflows, allowing users to set up approval sequences and track the status of documents throughout the lifecycle.

d) Integration capabilities: PandaDoc integrates with many CRM systems, payment gateways, and other business tools, making it easy to incorporate into existing workflows.

e) Real-time analytics: It offers real-time analytics and reporting features, which provide insights into document performance and help optimise the contracting process.

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  15GBP 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  560 GBP per user per month, offering extensive automation and complete customisation.

Conclusion 

We hope this blog has helped you learn about Contract Management, the best software used to simplify the process, its features, and the costs involved. Contract Management Software assists organisations in creating, analysing, and managing their contracts effectively. This technology not only streamlines operations but also enhances compliance and oversight, making it an invaluable tool for any business.

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