Given the range of software products that provide some level of contract management functionality, it is important to define the type of solutions covered by this report. Wikipedia states that contract management software “allows organizations to effectively manage the various types of contracts they engage in, including: buy side, sell side, and non monetary. This type of software can help an organization:
- Create boiler plate templates that would help in ensuring consistent contract creation that has been sanctioned by the organization's legal group.
- Instill contract governance rules so that each type of contract follows a pre-defined or dynamic workflow, but always ensures it is within the organization's established conduct.
- Ensure visibility across all contracts to the authorized people.
- Validate payments, deliverables, commitments and compliance terms that are established in the actual contract
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