In this final part of the series, I will be analysing the key considerations for the remaining two stages in the contract management workflow, execution and storing and monitoring. Legal technology is already widely implemented in these areas, paying close attention to which platforms you chose is therefore key. Part I looked at each stage of the workflow and part II focused on the drafting, reviewing and negotiation stages.
The execution activity is the area where legal technology is already very familiar to most of us. E-signature platforms such as DocuSign and Adobe Sign have replaced the need to print documents and sign them manually with a pen. The key consideration for the platform that you choose is whether it can seamlessly integrate with the application that created the contract for execution and that stores your contracts.
Storing and monitoring
Finally, the storing and monitoring stage. Once a contract is executed, it is key for you to store it in a place where, a couple of months later, you can easily find it, but that also allows you to track the main provisions, for example, the term of the contract. Functionality that alerts you once the term is about to expire is very important.
The three key considerations when you evaluate these applications are: (1) how configurable is the application to meet your specific needs, as this typically depends on which obligations are most critical to your organisation to monitor; (2) the ability to upload and trace all contracts already in place; and (3) how easy it is to search and find contracts that have been uploaded and extract data in a user-friendly format.
The three key benefits of having an application that stores contracts and assists in monitoring obligations are increased compliance, time savings and transparency on all contracts in one place.
The benefits of adopting and implementing a legal technology solution in the contract management workflow are clear. By giving careful consideration to the needs of your organisation at each stage of the process and asking the right questions of your contact management provider, you'll be certain to choose the right solution.