Contracts are often filed and forgetten. Learn how to measure the benefits of contract management software over spreadsheets and folders.
Learn how to measure the true return on investment in contract management software. See how to make quick, practical improvements to your business today.
It is tempting to see contract management as an administrative burden. Spreadsheets are good enough to keep a list of contracts together.
Many business people see the legal department as the “business interruption team,” meaning that contracts take a long time. The myth is that improving the legal department’s contract drafting process will accelerate contract production.
Yes, contracts are reduced to documents in the vast majority of business deals. The myth is that contract management is just about document management. If we know where the documents are, then the contracts are managed.
Businesses operate on a network of contracts for revenue, expenses, assets, and liabilities. Careful management improves financial performance. Software designed to expose the financial structure of contracts and to identify risks can help grow the business.
To extract more value from contracts, requires a thorough understanding of the risks and opportunities embedded in the terms of a contract. Reports that show performance obligations, insurance requirements, and indemnification provisions add more financial value than processing a language change more quickly.
When contracts are managed as data, instead of words, they can provide insight into the business, especially for the entire contract portfolio.
Protect revenue
Prevent revenue contracts from expiring, structure revenue contracts for best revenue recognition.
Expense control
Prevent unexpected auto-renewals of expense contracts.
Licensing
Fees, users, document storage
Subscription or maintenance
Annual fees, escalations
Services
Third party services, internal service requirements
Identify and prevent breach of contract, by either party.
Manage legal policy exceptions, like choice of law and indemnification.
Unexpected losses
Adverse legal rulings with unknown scope.
Loss of remedies
Lack of data prevents timely use of contractual remedies.
Avoid or mitigate regulatory violations with compliance reviews based on external legal requirements.
Government regulatory reviews.
Third party enforcement
Private enforcement rights.
Protect revenue
Prevent revenue contracts from expiring, structure revenue contracts for best revenue recognition.
Expense control
Prevent unexpected auto-renewals of expense contracts.
Lextree provides an annual subscription for unlimited users and unlimited contracts.
All services are provided on a fixed bid basis.
Identify and prevent breach of contract, by either party.
Manage legal policy exceptions, like choice of law and indemnification.
Lextree provides insight to the entire contract portfolio for proper risk management.
Track legal provisions by document or contract.
Avoid or mitigate regulatory violations with compliance reviews based on external legal requirements.
Lextree support compliance obligation tracking for any type of regulatory requirement.
Get important news and analysis about legal entity management.