Having a decent contract management system gets the job done. Contracts are executed, and the basics are covered.
But imagine the difference an excellent system could make.
Your team no longer scrambles to find the latest version of a contract. Deadlines are never missed. Workflows are streamlined, efficiency improves, and potential risks are caught early. Collaboration happens in real-time, making the entire process smoother.
An excellent contract management system redefines contract management from a tedious task into a strategic advantage.
So, how do you elevate your system from decent to excellent?
This post is your go-to guide for turning your contract management from good to great. We’ll cover 7 essential contract management best practices and provide step-by-step instructions to help you implement them effectively.
1. Implement electronic signatures Shifting from physical to digital signatures can streamline your contract workflows. With electronic signatures, the entire contract execution process becomes faster and more efficient.
No more scheduling meetings or sending contracts through the mail — just a few clicks, and your contracts are signed, sealed, and delivered.
Electronic signatures not only speed up the process but also open the door to global collaboration. You can have contracts signed by parties across the world in minutes, not days.
See how Sohar Port and Freezone reduced contract turnaround time with electronic signatures .
Plus, eSignatures are legally valid in many jurisdictions, so you can have peace of mind knowing your contracts are secure and compliant.
Maintaining electronic contracts is also a breeze — they’re easy to organize, store, and search. And let’s not forget the environmental benefits: less paper means a greener planet.
How to implement electronic signatures with Signeasy VIDEO
Upload your contract : Start by uploading the contract document to Signeasy.Add signing fields : Use the intuitive drag-and-drop interface to place signing fields where needed.Send for signature : Once your part is done, send the document to the other parties for their signatures.Track progress : Monitor the signing status in real-time, ensuring everything is completed promptly.All of this can be done within seconds, making your contract management more efficient and hassle-free.
2. Create reusable standardized templates With Signeasy, you can easily create custom templates . It takes a one-time effort to create a thorough template with all the essential terms for your company. The best part is that you can also easily update it over time to keep it current.
Creating every contract from scratch is tedious and prone to errors. You’ve got to make sure every term is included, and this can be a daunting task. Missing key terms often leads to time-consuming back-and-forth between parties to finalize the contract.
To streamline this process, you can create reusable, standardized templates for various business scenarios, such as business proposals, purchase orders, and more. These templates provide all the necessary base terms for different business purposes.
Using pre-defined templates ensures consistency across all contracts, reduces errors, and helps you avoid legal pitfalls by ensuring no crucial terms are missed or incorrectly stated.
How to create reusable standardized templates with Signeasy VIDEO
Identify key contract types : Determine the common types of contracts your business frequently uses, such as NDAs, sales agreements, or service contracts.Draft a comprehensive template : Create a thorough template for each contract type, including all essential terms and clauses that are relevant to your business.Customize and save : Use Signeasy to upload your draft and customize the template to meet your company’s specific needs.Save and organize : Save your template in Signeasy, where it can be easily accessed and reused for future contracts.Update as needed : As your business evolves, easily update your templates to reflect new legal requirements or company policies.This one-time effort in creating templates will save you time and reduce the risk of errors, ensuring that your contracts are always consistent and compliant.
3. Automate your contract management tasks Routine contract management tasks may seem manageable when your company is small. However, as your business grows, so does the volume of contracts you need to handle. At this scale, automating contract management tasks becomes essential for saving time and boosting productivity.
A complete contract management solution like Signeasy offers a range of features to automate these frequent tasks. Some contract management best practices include sending automated reminders, using templates, assigning signing orders, etc.
How to automate contract management tasks with Signeasy Identify repetitive tasks : As part of your contract management best practices, list the tasks you perform regularly, such as sending reminders, tracking deadlines, or reviewing contracts.Set up automated reminders : Use Signeasy to schedule reminders for upcoming deadlines, ensuring no contract is overlooked.Use signing order : Set a signing order in Signeasy so contracts are automatically sent to the right people in the right sequence, streamlining the signing process.VIDEO
Leverage AI reminders : Use Signeasy’s AI features to set reminders for contract expirations or terminations, helping you stay proactive.Use templates : Create and save templates in Signeasy to speed up the contract creation process, reducing the need for repetitive drafting.Monitor and adjust: Regularly review your automated processes to ensure they continue to meet your business needs as they evolve.4. Create a system to monitor deadlines Sending a contract for execution is just half the job; keeping tabs on it and ensuring it gets signed is the other crucial part.
Monitoring contract deadlines is essential for starting work on time, ensuring timely completion of deliverables, managing resources across projects, and ultimately generating revenue.
Integrating a system to monitor deadlines into your contract management best practices can significantly improve your workflow.
A digital contract management solution like Signeasy makes it easy to stay on top of deadlines. With Signeasy’s efficient automated reminders for contract tracking and reporting, you can monitor your contract progress in real time and conveniently follow up with signers who are due for signatures.
Take Albea Cosmetics , for example — with Signeasy’s automated reminders, they were able to speed up approvals and keep their projects on track, as highlighted in their case study.
“I find Signeasy very useful and user-friendly. It has simplified our processes significantly, especially in handling documents like changes in salary, category changes, and terminations. One great feature is the ability to send reminders, which helps in urgent situations where documents must be signed promptly.” How to create a system to monitor deadlines with Signeasy VIDEO
Set up automated reminders : Schedule reminders through Signeasy to notify signers of upcoming deadlines on the 1st and 7th days after contract initiation.Monitor contract statuses : Use the Signeasy portal to view all your contracts and their current statuses in one place, making it easy to track progress.Follow up with signers : If a signer hasn’t completed their part, send a quick reminder with just one click, ensuring timely execution.By incorporating this system into your contract management best practices, you’ll ensure that contracts are signed on time, resources are allocated efficiently, and projects are completed without delay.
5. Manage contracts with integrations A contract solution in isolation only solves some issues within the contract workflow, but an integrated contract management solution can save time and increase productivity.
Integrating your contract management software with tools like Microsoft 365, Google Workspace, and CRM platforms offers numerous advantages.
For instance, when integrated with Microsoft SharePoint, contract management software helps teams to:
Improve collaboration by centralizing contract storage and access. Streamline workflows with automated document tracking and version control. Enhance productivity by managing contracts directly within the SharePoint environment. In fact, Sohar Port and Freezone successfully leveraged Signeasy’s integration with Microsoft SharePoint to streamline their contract management process.
“The integration of Signeasy with Microsoft has streamlined our document management process by allowing direct access to and signing of documents stored on SharePoint and easy sharing on Teams and Outlook. This has enhanced collaboration among teams.” How to implement contract management integrations with Signeasy Choose your integration tools : Identify which tools your team uses most frequently, such as Microsoft SharePoint, Google Workspace, or CRM platforms like HubSpot.Set up the integration : Follow Signeasy’s easy setup instructions to connect your chosen tools. Centralize your contracts : Start storing and managing your contracts within the integrated platform. Use integrated features : Take advantage of features like automated document tracking, centralized storage, and version control offered by the integration.Additionally, Signeasy integrates with Google Workspace, Teams, Gmail, and Outlook, allowing you to send documents for signature with just a click, all without leaving the document. See all integrations .
6. Centralize your contract storage Using a basic contract solution that only handles digital signatures but doesn’t store contracts can quickly turn into a logistical nightmare.
Retrieving contracts becomes a time-consuming task, with files scattered across emails or various folders. You might spend hours hunting down a contract, only to find it’s not the latest version, leading to additional back-and-forth to confirm accuracy.
With an advanced cloud-based contract management software like Signeasy, you can centralize your contract storage, avoiding the chaos of disorganized files.
This digital solution protects you from the risk of physical file damage and saves you from the time sink of searching through an unorganized system.
Additionally, Signeasy offers features like categorizing and advanced search capabilities, making it easy to retrieve any contract quickly. As Erika Ramirez, HR Coordinator at Albea Cosmetics, shares,
“Now, there’s no need for printouts as almost all documents live on Signeasy. If I need to revisit a contract from two years ago, I just search on Signeasy.”
How to centralize contract storage with Signeasy Categorize : Signeasy categorizes contracts by their status, if they are still pending, or completed. Use advanced search : Familiarize yourself with Signeasy’s advanced search capabilities to quickly locate contracts based on contract name or sender name.Review security settings : Check that the security settings meet your requirements, keeping sensitive information safe and compliant.By centralizing your contract storage with Signeasy, you can eliminate the headaches of disorganization and ensure that all your contracts are stored securely and are easy to access when needed.
7. Secure your contracts Document tampering is a big problem, with 13.7% of frauds in 2023 being document fraud. So, even a well-crafted contract cannot always safeguard you if a third party alters it.
Build a system to secure your contracts to avoid such fraud.
How to secure your contracts with Signeasy Enable SSO and access controls : Start by setting up single sign-on and defining access controls to ensure that only authorized personnel can access and manage contracts.Activate two-factor authentication : Add an extra layer of security by requiring signers to authenticate their identity with a one-time password.VIDEO
Monitor audit trails : Regularly review audit trails to trace any actions taken on your contracts, ensuring transparency and accountability.Apply the trust seal : Use the trust seal feature to detect and prevent any tampering with your contracts.VIDEO
Store contracts securely : Use Signeasy’s secure cloud storage to protect your contracts from data breaches.Ensure compliance : Regularly review your processes to ensure they align with legal and industry standards like GDPR, HIPAA, and eIDAS.By securing your contracts with Signeasy, you can protect your business from fraud, unauthorized access, and compliance issues, giving you peace of mind that your contracts are safe.
Upgrade your contract management from decent to excellent with Signeasy Signeasy elevates your contract management process, turning it from a basic system into a powerful, automated workflow. With Signeasy, you can:
Start Your Free Trial
