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What does CONTRACT MANAGEMENT SOFTWARE mean?



What does CONTRACT MANAGEMENT SOFTWARE mean?

contract management software is the range of computer programs libraries and data used to support contract management, contract lifecycle management and contractor management on projects it may be used with project management software most sophisticated projects involving contractors now use contract management software instead of relying on the manual management of paper contracts it has become an essential tool for keeping track of multiple activities with cost implications and can be especially helpful for automating administration, ensuring compliance and triggering alerts.


contract management software is produced by many companies working on a range of scales and offering varying degrees of custom miscibility basic functions should include the ability to store contract documents, track changes to contract documents, search documents for a particular criterion and to report required aspects of the contract other functions include managing a new contract request, capturing related data, following a document for a review and approval process and collecting digital signatures.


contract management software may also be an aid to project portfolio management and spend analysis and may also monitored piece. Leading contract management software provides contract visibility, monitoring and compliance to automate and streamline the contract lifecycle process since a contract involves a client or operator working with one or more separate contractors.


contract management software must assist all parties in communicating and keeping records across company boundaries a centralized repository provides a critical advantage allowing for all contract documents to be stored and managed within one location.


having contracts stored in multiple locations can delay and interrupt the contracting process very large enterprises such as capital expenditure, capex projects involve multiple parties and high risk and uncertainty they are unlike traditional operating contracts in that they are subject to share deadlines and unique situations as the complexity of these unique projects increases the relationships between parties become more important.


this requires contract management software or contract risk management software CRMs to become more dynamic and responsive the terms of these capex contracts necessarily involve assumptions at the start of the process and are likely to change over the lifetime of the project lifecycle 


for this reason CRMs must be capable of recording one single instance of agreed changes to contract terms and incorporating these changes in an auditable and legally robust way with multiple decision makers involved CRMs should also make accountability more  transparent and enable faster decisions about variation proposals.

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