Contracts help in stipulating the exact terms and conditions between the agreeing parties and help mitigate any risks, therefore, securing the interest of all involved.

It might appear to be a tedious and exhausting process that may be repetitive and everchanging as clauses vary in each individual situation, it is the contract management system’s responsibility to ensure that all benefits, efficiencies, and values are agreed upon to everyone satisfaction. 

Folderit’s contract management system helps simplify this process making it as frictionless as possible.

The contract creation process is:

  1. Designating a project/team lead to supervise the operation.
  2. Getting all conditions from all parties involved
  3. Due diligence and thorough research
  4. Establishing terms and conditions
  5. Approvals
  6. Feedback integration
  7. Final approvals

Dashboard for contract lifecycle management

Folderit’s contract management process flow is designed to help focus on the contract management aspect of the job without getting bogged down in minutiae. Any delays in the early stages of a project can impact deadlines in the long run and might even cause some panic. Folderit helps you efficiently manage such challenges by allowing you to set target due dates and reminders for activities. It further allows you to set up notifications for any changes made to a respective file along with time stamps. All such alerts can be set up from your dedicated dashboard making the process as simple as it can get.

Just as creating contracts is important, so is being able to immediately access them and all associated documents. The more the content, the more complex it can be to track. That is where Folderit’s powerful OCR enabled search tool can help you locate files within your system for content and even read only files such as images, PDFs, and scans. Folderit also lets you add metadata and goes a step further by allowing you to add even custom metadata in line with your organization’s data management practices.

Folderit’s file version management is sophisticated, allowing you to link multiple files and folders together using the document linking function. The contract lifecycle management platform can retrieve linked documents so you can get all required content at once rather than separately. 

Simplified contract creation

Creation of a contract is an evolving process involving multiple stakeholders. An initial draft turns into a supplementary draft and then more changes occur as and when based on the feedback and a final shape emerges, and even then several addendums are made. Folderit helps you keep track of this evolutionary process by allowing you to save multiple versions of the document along with unified metadata. 

Folderit allows all stakeholders to be effective contributors to the process while at the same time keeping away from a potential jumble. All contributors can simultaneously work on the document, from anywhere in the world, in real-time. Effectively reducing the to and fro of feedbacks and approvals, as it can be managed centrally, on the same document, simultaneously. Folderit’s automatic approval workflow allows you to further simply the approval process and gain more productive efficiency.

Managing and storing data in a meaningful way is always a challenge and strict adherence and compliance to it are even more difficult. Audits can be a troublesome prospect if your organization is not as organized as they would like to be. One of Folderit’s contract management system’s key features is its audit trail function. It keeps a record of all user activity, including time stamps of access to files as well as by which user. Therefore, enabling your team or the respective auditors to locate the right information at the right time.

Secure and safe

In today’s day and age, maintaining data integrity and keeping it secure are increasingly imperative. Contracts contain valuable and sensitive information. Folderit ascertains the security of your content by using bank-level 256-bit encryption for storage and SSL encryption for two-way communication, making it practically impregnable. 

This contract lifecycle management’s smartly engineered solution essentially allows you ease of access. All you have to have are the necessary login credentials and you have complete access to your content. All you need is a web-enabled smart device, be it a hand-held smartphone or a super-computer. To further enhance the ease of access, Folderit keeps your content in three different, equally secure location. Your work is always accessible, unrestricted.

Conclusion

A contract manage is responsible for assisting two parties to form a legally binding agreement, maintaining integrity, and safeguarding the interests of either party and it does so quite well. 

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