A Revolutionary Way to Manage Your Contract Addendums
By Justin Perkins
In my last blog, I talked about how a lot of businesses today are handling their contract data. Today, I want to dig into a really important topic when it comes to true contract lifecycle management – how to precisely handle your amendment business processes.
This can be a real CLM headache for a business when trying to find the latest and greatest version of an agreement on top of knowing what previous business terms had been in place. Just recently a potential client said to me, “we sometimes go through 15 amendments over the life of an agreement” and “we have had to come up with a convoluted numbering system including a contract number, date, and version ID.” Can you imagine trying to track down the current version of those contracts and history of the terms? If you are anything like me, then you’d become quickly annoyed with that process and all the hours of the day you wouldn’t be able to get back because of it.
So, how do you fix that broken and disjointed process? How do you save yourself time and effort while truly beginning to manage amendments in a way you haven’t seen before? You can’t effectively manage your business if this activity doesn’t flow swiftly from one step to the next.
These very questions bring me to a solution that I am truly excited to showcase. Imagine that you could go to a single location to see every addendum you have signed as it related to a specific contract. All with easy access to view the terms agreed to today, previously, or in every single interaction. We call this new capability Contract Options.
It’s entirely focused on helping your business manage your addendums, amendments, and terminations in an entirely revolutionary way. It goes beyond just versioning an individual word document, it versions your entire contract record. And it’s all in a locked and secure format that can easily be referenced at any time.
Contract Options truly gives you an entire history of a contract at your fingertips. Think of it as a completely accurate and instantly accessible digital version of your traditional contract binder. Move your agreements from one step to the next with ease, always knowing what you have done will be protected and easily found in the future. It’s all focused towards removing a significant source of frustration from your contracting business process making your day to day ability to locate and access these agreements far easier than ever before.
About the Author:
Justin Perkins is a Solutions Engineer with Contract Logix. For the past 3 years, he’s worked with hundreds of customers to help them find the right CLM solution to digitize their contract lifecycle management processes. In addition to helping people solve their CLM pain points, Justin is huge fan of going to see the next big movie in theaters or just spending time experimenting with cooking meals for families and friends at home.