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Solutions:
Legal Suite

Contract Management

Negotiate, approve, sign, store & search all contracts seamlessly

Matter Management

Triage & allocate legal work while capturing productivity insights

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Solutions

Legal Suite

Contract Management

Negotiate, approve, sign, store & search all contracts seamlessly

Matter Management

Triage & allocate legal work while capturing productivity insights

Legal Suite Overview

Marketing Suite

Promotion Wizard

Trade promotion T&Cs and permits

Advertising Wizard

Marketing collateral review in 24h

Marketing Suite Overview

Custom Solutions

Document Automation

Templated flows to generate compliant legal documents

Custom Apps

Bespoke automation solutions for unique business requirements

Consulting & Services

Best practice consulting support for process design and configuration of Plexus
legal tech solutions

Learn

Thought Leadership

Get the best advice and insight from industry thought leaders

eBooks

Download useful whitepapers, guides and playbooks

Case Studies

Discover what our customers love about Plexus

Videos

Watch webinars and Plexus demo

Tools & Templates

Benchmark your team interactive tools and templates

Plexus in the News

Read about Plexus in the media and updates from us

Learn Hub

Learn the fundamentals around the tools and processes driving legal

Contract Management Legal Automation Legal Transformation Matter Management
Legal Tech Trade Promotions Marketing Compliance
Careers

Work With Us

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Our Story

Why Plexus

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CONTRACT MANAGEMENT

Content

Back to hub
 * Overview
 * Contract Management Software: A Buyers Guide for 2023
 * What is contract lifecycle management (CLM)?
    * Contract Approval Workflows Explained
    * What is an Electronic Signature?
    * What is document management?
    * Wet signature vs E-signature
    * Contract Negotiation in 2023
       * Contract Negotiation Software
   
    * What is an executed contract?
    * What is a contract management system?

 * Types of Contract
    * NDA: What is a non disclosure agreement?
       * NDA Template
   
    * Master Service Agreement: What is an MSA?
       * MSA Template
   
    * SOW: What is a Statement of Work
       * SOW Template
   
    * Leasing Agreement
    * Supplier Agreement
    * Sales Agreement
    * Marketing Agreement
    * Employment Agreement

 * Contract Drafting Software
 * Contract Management Best Practices
 * Contract Management KPIs: The Metrics That Matter
 * Contract Risk: How to Identify and Minimise Potential Pitfalls
 * The Future of Contract Management: Embracing Cloud-Based Solutions
 * The Benefits of Automating Your Vendor Contract Management Process
 * The Role of a Contract Manager

Learn more

Article


FIVE DEPARTMENTS THAT BENEFIT FROM CONTRACT MANAGEMENT SOFTWARE

Learn how contract management software can increase the speed to execution and
improve risk management across the whole business.

Read the article

Article


10 MISTAKES COMPANIES MAKE WHEN BUYING CONTRACT MANAGEMENT SOFTWARE

The right CMS solution can unlock efficiencies across your business. The wrong
one can cause more legal drag than before. Here are the ten most common mistakes
to avoid.

Read the article

Want to learn more?

View all contract management resources




WHAT IS A CONTRACT MANAGEMENT SYSTEM?

Contract management systems (CMS) are structures for managing the production,
negotiation, execution and storage of contracts, such as Non-disclosure
Agreements (NDAs), Master Service Agreements (MSAs), Procurement Master
Agreements (PMAs), and more.

These systems can be either manual (relying largely on paper documents), or
digital with a mostly paperless operation. While both processes have their
benefits, many medium-sized and enterprise businesses have now adopted digital
contract management systems.


WHY HAVE A CONTRACT MANAGEMENT SYSTEM?

It is crucial that the business has a way of creating, approving and executing
these documents easily, as well as storing them securely.

Contracts are important! Business is built on the understanding that when two
parties agree on something – e.g. a sale, new employment, a purchase – they can
trust the other party will fulfil all their obligations as part of the
agreement.

Contracts, while only pen and paper (or pixels on a screen), are proof that the
agreement (including all terms) was made. It is critical that they are kept
secure, but easily accessible should the agreement need to be reviewed.


WHAT ARE THE BENEFITS OF A CONTRACT MANAGEMENT SYSTEM?

While the contract lifecycle is fairly standardised, a business’ contract
process will always be unique to the individual business. Establishing a system
which documents the process is a common tactic that many Legal teams use to
improve clarity and efficiency around contracts in the business.

As the number of contracts a business enters into increases, establishing an
effective system or process for managing contracts becomes more and more
crucial. While Legal are the main point of contact for all things
contract-related, the benefits of a contract management system flow on to the
whole business:



BENEFIT 1: MITIGATE RISK

One of the biggest benefits that contract management systems provide a business
is risk mitigation. By establishing clear-cut rules and processes around
contracts, the business knows when Legal should be involved in the contract
process and therefore, is less likely to enter an agreement that will hold
significant risk.

For businesses that manage their contracts with a digitised contract management
system, contract compliance is further secured with automated contract workflows
so Legal is immediately notified when a contract carries a potential high-risk
level. As the contract lifecycle is digitised, there is also an easily
accessible audit trail for reference should it be required.

Further, these contract management platforms are largely strictly
permission-based with end-to-end encryption to ensure all contracts are kept
secure.



BENEFIT 2: OPTIMISE TIME TO EXECUTION

A major benefit of contract management systems is their ability to provide a
framework for the business to measure (and identify opportunities to decrease)
the speed at which a typical contract moves from briefing to execution.

This process is further optimised through digitised contract management systems.
Through these systems, businesses are able to automate and customise contract
workflows to expedite the contract execution process.

Contract management software cuts down the time to execution by making it easier
for a contract to move through its process. The automated workflows immediately
notify the next stakeholder when it is their turn to review, approve or sign the
document, and even allows them to sign the contract remotely with e-signature
technology. This dramatically reduces the time lost typically spent waiting on
stakeholders to receive and action the contract, increases the time to contract
execution and increases time to revenue realised!

As cloud-based contract management systems support contracts throughout the
entire lifecycle, they also ensure that all users have access to the most
up-to-date contract at all times. This single-source of truth reduces
unnecessary admin and re-work time for your team, and saves the business
potentially hours in lost productivity cost.


BENEFIT 3: ORGANISATIONAL EFFICIENCY

Establishing a contract management system is a great tactic for optimising
organisational efficiency around contracts. Having a set system in place helps
maintain consistency around contract language and workflows, and simplifies the
contract process for all team members across the business.

Businesses can also streamline their contracting process by incorporating
digitised document management systems within their contract process. These
contract management systems, such as Plexus, seamlessly integrate with
applications that businesses already rely on such as Gmail and Outlook,
Salesforce, Dropbox, Oracle and more.



HOW OFTEN SHOULD YOU REVIEW YOUR CONTRACT MANAGEMENT SYSTEM?

Reviewing your systems and processes is key to ensuring that your business does
not get caught up in activities that don’t serve business growth objectives,
this includes your contract management systems.

There is no definitive answer to how frequently you should review your contract
management systems, as each business’ systems should be unique to them. However
it is generally best to review more frequently if your business is rapidly
growing.

While manual contract management systems might be best for smaller
organisations, it is important to review if those systems are still the most
effective way for your team to manage contracts as you grow.

A good place to start your review process is to ask yourself: What are the
stickiest issues my organisation faces with their contracts?” “Where could we be
doing better?” “Which part of the process will help my organisation reach its
goals?”

Alternatively, take our two minute Legal Health Check quiz.


OVER TO YOU –

Contract management systems are a key component in a business’ overall
operational structure.

For some businesses, contract management can be as simple as documenting the
process a contract should go through during its lifecycle, who should be
involved and where it should be stored.

For many others, their contract management system can and probably should be a
more sophisticated system which includes a digitised and automated contract
workflows, e-signature and automatic digital storage for all contracts.

Is your contract management system optimised to your business’ requirements?


ACCELERATE YOUR CONTRACT LIFECYCLE

Plexus' contract management software gives you everything you need to accelerate
business productivity in one modular platform. Get contracts signed faster,
streamline document workflows, collaborate in real-time and integrate with the
apps you already rely on.

Learn more
Get a demo


REQUEST A CALL-BACK

One of our consultants will be in touch ASAP to answer your questions and
determine your requirements.

Want to speak to someone instead? Call us on 1300 983 907


THANK YOU

One of our consultants will reach out to you shortly.

Want to know more?


VIEW OUR RESOURCES ON CONTRACT MANAGEMENT





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REQUEST A CALL-BACK

One of our consultants will be in touch ASAP to answer your questions and
determine your requirements.

Want to speak to someone instead? Call us on 1300 983 907


THANK YOU

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