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A central repository for contracts is essential for enhancing the transparency and accountability of your organization. Contracts and agreements are kept in various locations without any central repository, making it difficult to locate the information when needed. This also increases the risk of misplaced documents or mishandled ones. The solution to this issue is to use a contract management program, which stores all documents in a searchable database. This allows you to locate agreements or contracts that need to be reviewed, signed or and negotiated.

A good contract management system can provide audit trails, which allow users to keep track of any changes made to the document. This ensures the compliance with company policies and makes it easier to identify potential issues. This feature is especially useful when looking over contracts and identifying renewals.

If it’s used to manage employee handbooks, legal records or other documents for business, your contract management software should have the flexibility to be customized to meet your specific requirements. You can cut down on time by focusing more on important aspects of your workflow, instead of the import of data.

It’s also helpful for a contract management system to have integrated integrations built-in that will help you streamline your processes. The software for managing contracts can be linked to other tools you use, for instance supply chain management solutions, CRMs and document creation tools. This will decrease the chance of mistakes and miscommunications when transferring files between software.