Contract Management Software

Contract Management System Software Folderit UI
Contract Management System Software Folderit

Contract management is when an intermediary (individual or team) takes over the creation, management, and sometime even implementation of contracts between two, or more parties.

This could be between employee and employer, or vendors and other parties. Contract managers are expected to have all the legal, experiential and management knowledge pertinent to contract management matters.

Folderit’s contract management software supports the contract creation process technologically via Office 365 integration, 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 where you can see due dates, duplicates and other info in your Contract Management Software

Powerful dashboard in contract management software

If you are on a tight schedule and need your contract management solution to enforce deadlines for the various processes, Folderit lets you set due dates and connected reminders through your dashboard. You can even set up notifications to update you when certain events have taken place, e.g. changes made to a file, a certain passage of time, etc.

Folderit allows you to add metadata to your agreements and drafts. You can also add custom metadata if your organizational structure requires additional details. This makes the content easy to locate using the powerful OCR enabled search that lets you find files using content, both digital and read-only, such as images, scans, PDFs, etc.

The search is enhanced by using Folderit’s document linking function. You can easily link multiple files or folders together such that you only need to retrieve one and the others would automatically be fetched. This is especially helpful if, before finalizing the contract, you want to refer to any invoices, connecting them to each other can simplify fetching content.

Access Management in Contract Management Software Folderit

Folderit simplifies contract creation

A finalized contract goes through numerous iterations, ranging from slight to drastic. Folderit grants you the ability to save versions as the document evolves. Each saved version carries unified metadata that can be carry through with the document as/when needed. This way, if contract conditions are constantly changing, you have a list of all

One of the biggest hurdles in contract creation is getting all stakeholders to consent to terms and conditions. The challenge is that each contributor/stakeholder will have their edits and feedback.

Keeping everyone on the same page through multiple simultaneous edits can prove challenging. Folderit understands and appreciates this entire process and lets all stakeholders provide their approvals either all at once, or in a hierarchy.

This task can streamline both the creation as well as the final approval of the contract. If anyone wishes to return the document with some feedback, they can do so within Folderit. Folderit also lets you set up automatic approval workflows to simplify the approval process even further.

Folderit even features an audit-trail function that keeps a record of which user accessed which file at what time. This can serve as a critical tool in ensuring compliance and if indeed said user had read/accessed said file. 

Safe and Secure Agreement Management Software

Reaching an amicable understanding between two (or more) parties involves a certain amount of vulnerability and exposure to risk.

The biggest challenge when dealing with sensitive company information, is keeping it as safe, highly secure against unauthorized traffic, while also ensuring that it is easily accessible. To pull off this fine intricate balance, Folderit offers 256-bit bank-level encryption to protect your content. This level of encryption would require even the most advanced supercomputer billions of years to bypass, additionally all data in and out of the system will be encrypted using Secure Socket Layer (SSL), so all your content is truly secure. 

Setting reminders in contract management

Even if such security was possible on a personal storage device, it is still subject to physical damage. Folderit keeps your content in three different, equally secure locations, so it is ready to access even in the face of calamity.  

The best part is that it is readily available to access from any web-enabled smart device. It will be just as accessible from a state-of-the-art supercomputer as it will be from a mid-range smartphone, as long as you have the appropriate login credentials. 

Conclusion

Audit Trail in Contract Management System Folderit

A contract manager helps reach a legally binding understanding between two parties in a way that protects both their interests without compromising on the integrity of the process.

Folderit provides the contract management to carry out all these processes.

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