A well computed and defined contract management tool is one of the major tools a business or firm must have, to avoid loss of contracts which can lead to bankruptcy. Well-defined contract lifecycle management software helps in managing and keeping records of necessary information of contract lifecycle right from contract creation to the approval and renewal of the contract.
In addition, it also helps businesses or firms to manage contracts in a well-computed workspace, especially in cases whereby there is an increase in contract creation. To help you keep records of your business contract lifecycle leading to high profitability, below is a list of the top 7 best contract lifecycle management software with their general features.
General Features Of Contract Lifecycle Management Software
Generally, a contract lifecycle management software helps in keeping records and managing contracts and their features are almost the same but vary in terms of price, and how they are being used and packaged.
- Contact creation: This feature helps in creating the contract which includes drafting and creation of templates based on the contract, this feature also includes versioning of the system and giving authorizing to logins.
- Audit trails: This feature gives updates about the contract.
- Library: This helps you store various information and updates.
Other features include alerts and collaborations etc.
Top 7 Best Contract Lifecycle Management Software
- Bonsai – Best For High Contract Reliability
- PandaDoc: Best contract lifecycle management software for large-scale business and self-editing.
- Juro: Best contract lifecycle management software for free user options.
- DocuSign: Best contract lifecycle management software for self-customization and e_ signature.
- Outlaw: Best contract lifecycle management software for negotiation and secured payment.
- Contract work: Best contract lifecycle management software for security options and automation.
- Concord: Best contract lifecycle management software for unlimited contracts.
1. Bonsai – Best For High Contract Reliability
Pricing: Some contract templates are available for free, after which you must get a Starter plan of $24 per month for full access.
OVERVIEW:
Bonsai is used by many companies all over for contract signing and accounting features. You can use templates and edit them to suit the terms of your agreement. It is also easy to save your customized templates for later use.
The best thing is you can also create a contract from scratch if a template is not available. One of the top benefits of Bonsai’s templates is that they have been checked and created by reliable attorneys. So you don’t have to worry about getting into legal trouble due to the contract’s format.
Your clients, partners, and vendors can also sign the document using an electronic signature. The date when the contract is signed will also be automatically added after the approval.
KEY FEATURES
- Generate a secure link for sending the contract or send it directly through Bonsai
- Use the robust client portal for communication
- Get read receipts when the relevant person views the contract
- Receive a notification when the contract is signed
- Require a deposit from customers upon signing to enhance your security
REASONS TO USE
- Sending the contract takes only a few seconds
- You can also set reminders for clients if it is taking too long to sign the contract
- It is easy to send unlimited proposals to customers
REASONS TO AVOID
- Accessing a free contract template requires you to sign up
2. PanDoc: Best contract lifestyle management software for large-scale business and customized editing.
Pricing: Starting at the rate of 19USD per month with a 14-day free trial to 49USD per month with 14 days free trial each with a key feature.
OVERVIEW:
PanDoc contract lifecycle management software offers well-defined, one in all and affordable rich features which makes it a better and preferable choice for all companies or businesses of any scale. PanDoc helps you manage the entire contract lifecycle starting from the contract creation to the renewal and it is very easy to use. Founded in 2010
KEY FEATURES
- Contract Duplication
- E signature
- Real-time notifications and alerts
- Contract and template editor
REASONS TO USE
- 24 hours’ customer chat
- Unlimited users
- Wide data storage
- Alerts and notification
- 14 days free user trial
- Contract Duplication
REASONS TO AVOID
- The content library is only available to PanDoc users with a Business or Enterprise plan.
- The bulk sending feature is expensive
- Limited features in the free plan
3. Juro: Best contract lifecycle management software for free user options
.
Pricing: 0 USD for 50 contracts per year
OVERVIEW:
Juro is one of the most common contract management software because of its free plan with high key features. Juro was founded in 2016. The software provides users with a wide range of contract management and offers built-in template editors which enable users to create and edit contracts. Juro offers both paid and free packages. The major difference between the paid and free plan is that the paid plan has a high level of AI-powered features and the ability to bulk edit and update contracts.
KEY FEATURES
- One template for all users
- Inbuilt template editor
- Kanban dashboard
- Internal editing
- Search options
REASONS TO USE
- Free available plan
- Very easy and affordable to use
- Supports external negotiation
REASONS TO AVOID
- Paid plans are expensive
- Juro mobile applications are not supported
- Can’t send bulk contracts to several people at once
4. Outlaw: Best contract lifecycle management software for negotiation and secured payment
Pricing: For core users: 125USD per month
Collaboration or Administrative users: 60USD per month
OVERVIEW:
Outlaw was founded in 2017, outlaw is the perfect software for reporting and making contract negotiations, the software has unlimited data storage (Cloud storage) and large data volume for contracts and e- signatures.
Outlaw has features supported by AI analytics which enables businesses and companies to manage or make reports on contract status. Outlaw has a connection and is also supported by Salesforce, Hubspot, Zaiper, QuikBook etc
KEY FEATURES
- Unlimited cloud storage.
- Secured payment (Stripe)
- Alerts and real-time notifications
- Enables templates modification or customization
- Various contract fields
REASONS TO USE
- Unlimited contacts and data storage
- Easy to set-up
- 24 hours customer support
- Very secured
- Supports contract negotiations
REASONS TO AVOID
- The features are too sophisticated and not all business requires a high level of features.
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5. DocuSign: Best contract lifestyle management software for self-customization and electronic-signature
Pricing:
Personal plan: 10 USD per month
Package: 5 e-signature documents per month and access to the primary contract field.
Multi-user: 25USD per month
Package: auto-email reminder, deadline notification, customized branding
Pro User: 40USD per month
Package: Access to more advanced fields and payment collection.
OVERVIEW:
DocuSign contract lifecycle management software was initially designed for e-signature but was later converted to full contract lifecycle management software. DocuSign enables small-scale businesses or companies to have access to features that are not too expensive and very easy to use and can effectively manage your contract lifecycle.
KEY FEATURES
- Contract and email reminder
- Reusable and customized emails and templates
- Real-time notifications and alerts
- E – signature
REASONS TO USE
- 30 days access to free e-signature
- 24 hours chat support
- It is affordable
REASONS TO AVOID
- It is time-consuming with syncing document
- Workflow is complex
6. Contract work: Best contract lifecycle management software for security options and automation.
Pricing: 600USD per month.
OVERVIEW:
Contract Work is a contract lifecycle management software that enables companies or businesses to gain access to self-Automated service options, it is very easy and fast to use. Contract work is automatic and only takes seconds or minutes to set up and carry out the necessary operations, it also uses AI technologies which makes it the perfect software for automation.
KEY FEATURES
- Automatic contract and data storage
- Annotations
- Reminders.
- E- signatures
- Alerts and notifications
- Search features
REASONS TO USE
- 24-hour chat support
- You can create templates
- Free data transfer
REASONS TO AVOID
- Mobile App is not supported
- Document creation is not supported
- Very expensive
7. Concord: Best contract lifecycle management software for unlimited contracts.
Pricing: Standard plan is 115USD per month.
OVERVIEW:
Concord lifecycle management software allows users to send large volumes of documents, Concord was founded in 2014. Concord can draft, edit and process contracts very fast and is very easy to set up and use, you are free to choose any program you’re comfortable with (Concord dashboard or Google drive). Concord has connections with Drop box, DocuSign and the sales force.
KEY FEATURES
- Auto fill
- Reminders
- Built-in e- signatures
- Built-in Editor.
- Real-time editor
- Templates storage and editor
REASONS TO USE
- It is very secure
- Very easy to use and set up.
- 14-day trial.
- Ability to save, edit and manage a large volume of contracts in a unified workspace.
REASONS TO AVOID
- Very difficult to integrate outside the platform
- Versioning is too complex
- Customer support can be hard to reach
The need for a well-defined and robust contract lifecycle management software in business can never be over-emphasized. Whether you have a small business or a growing corporation’s, this list of software will help you manage the contract lifecycle and also help you generate more income. Lastly, it is really important to note that, a good contract lifecycle management software is a proof of professionalism in business.
References And Links:
- https://www.concordnow.com/
- https://www.investopdia.com/
- https://financesonline.com/contract-lifecycle-management-software-analysis-features-benefits-pricing/
- https://www.investopedia.com/best-contrat-management-software
- https://financesonline.com/contract-lifecycle-management-ss
- https://financesonline.com/contract-lifecycle-management-software-analysis-features-benefits-pricing/
- https://www.investopedia.com/best-contrat-management-software
- https://juro.com/learn/clm-contract-lifecycle-management-software
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