Contract Management between client and vendor is the backbone of any operation. They hold mission-critical data and require secured backup protection and on-demand accessibility. Gone are the days when a physical document management system represents a convenient setup. Whether your client base is local or global, when they request important paperwork, you need to be able to retrieve it easily and, more importantly, digitally. This is where a digital contract management tool like the one offered by DOCUdavit Solutions changes the game.
What is Contract Management?
Contract management is the act of obtaining and organizing contracts between your business and its vendors or clients. An effective contract management framework means your files remain up-to-date, are easy to edit, and are instantly accessible. A well-implemented system leaves you to focus on training and retaining your clients. DOCUdavit ensures your contracts are safe so can direct your energy elsewhere.
Implementing DOCUdavit’s contract management solutions streamlines processes and means that you can trust that your legal, medical, or other corporate contracts are protected around the clock while still are accessible when you need them most.
The contract management process at DOCUdavit entails:
- Contract Creation and Development: This phase is critical, as it includes the essential terms, conditions, and obligations that both parties must adhere to. The drafting process may take some time, as it requires careful consideration of legal language and clarity. Once the initial draft is complete, it undergoes a thorough review, and then the contract is scanned and filed for easy access. Filing ensures that the contract is readily available for the subsequent stages of the process.
- Negotiation: With the contract securely filed, negotiation begins. This is where the involved parties, often represented by employees or legal experts, review the contract’s terms and conditions. During negotiations, potential areas of ambiguity are identified and addressed. Mistakes or legal implications that may have been overlooked during the initial drafting phase are rectified, and necessary changes are made until both parties reach a mutual agreement.
- Signing: Once the contract’s terms have been thoroughly reviewed and agreed upon by all parties, the next step is obtaining signatures. At DOCUdavit, we streamline this process by using e-signature technology. E-signatures offer convenience and efficiency, allowing authorized individuals to sign the contract electronically from anywhere, reducing the need for physical paperwork, and expediting the agreement’s finalization! This digital signing process ensures that the contract is legally binding and available for immediate reference.
- Storing: After the contract is successfully signed, it is stored in a secure electronic format. This digital storage system ensures that the contract remains easily accessible while maintaining security and integrity. Storing contracts electronically minimizes the risk of physical document loss or damage, and makes it easier to retrieve contracts when needed for reference, audits, or compliance purposes. Additionally, electronic storage makes it easy to track any updates or amendments to the contract.
What are the Benefits of Contract Management?
There are many benefits to implementing DOCUdavit’s Contract Management Solutions that all stem back to your business’ efficiency and productivity.
- Expedited contract management access, review, and approvals: Once your contract is scanned and archived, it’s available for instant access. New agreement or a contract renewal, electronically modified or renegotiated? Documents can be forwarded to the appropriate team member via protected email for fast, efficient input or approval.
- Improved compliance: Did you know electronically filed agreements dramatically improve compliance-related matters? Through our fully customizable solutions, you gain complete control over who has access to sensitive information, while also providing proper information backup and review process facilitation. An efficient contract management solution is the key to an effective compliance system, making the role of human resources, finance, accounting or legal teams significantly easier.
- Supporting legal matters: Is your company going through a complex merger or acquisition? Our system can provide support during the transitioning period and make the process as smooth and accurate as possible. This will help to quickly resolve any legal issues.
- Boosts staff productivity: Prepare to eliminate wasted time and reduce costs associated with administrative work. DOCUdavit enables you to reduce time spent filing contracts, searching for misplaced documents, making photocopies, faxing, mailing, and couriering your documents. With DOCUdavit, enjoy a seamlessly integrated system. Files are sent to and from appropriate contacts electronically, leaving your company with more hours to put towards achieving goals.
- Accessibility: Documents can also be made available for access on our secure business portal, once again ensuring a level of efficiency you can trust.
Interested to see how our contract management solutions can change your operations for the better? Let us help with a document management system and storage solution designed for your needs. We will work with you to ensure your business objectives and needs are met while taking the strain out of your day-to-day operations.
We have been helping businesses keep their documents safe for two decades, and are dedicated to helping you overcome any document management challenges you’re facing. Our services are compliant with multiple industries’ specific regulations; DOCUdavit can take the pressure off doctors, lawyers, and organizations who want to implement convenient document storage solutions.