Contract Logix Speeds Contract Reviews and Negotiations by Up to 90%
New Enhancements to the Contract Logix CLM Platform Make Contract Collaboration Even Faster and More Streamlined
Lowell, MA – November 1, 2022 – Contract Logix, a leading provider of contract management software, today announced feature enhancements to its flagship contract lifecycle management (CLM) platform that enable organizations to speed up contract reviews and negotiations even more. Using the company’s existing contract collaboration capability, Collaboration Room, parties can review, approve, mark-up, comment on, and sign contracts in real-time and from any location via a single secure cloud-based destination. The new enhancements complement Collaboration Room by enabling users to convert third-party and other PDF contracts into editable and collaborative Word documents so they can be redlined directly in the software, further streamlining contract negotiations and reviews.
- The average cost of processing and reviewing a negotiated contract can range from $6,900 for a simple contract to more than $49,000USD for complex agreements. This expense is due to the sheer number of people needed to complete the process, lack of visibility into who is involved in the negotiations or what stages have been completed, and inefficiencies in tracking changes. Many contract lifecycle management (CLM) systems allow users to share and redline files, but they are not as sophisticated as common Microsoft tools. Contract Logix’s new feature enhancements allow users to collaborate more efficiently by converting PDF files into Word docs without ever leaving the software.
- The new enhancements from Contract Logix allow all internal and external parties to collaborate with greater speed, ease, and intelligence during contract negotiation. Collaboration Room’s real-time and concurrent editing and messaging, automated versioning, and e-signature integration, coupled with the new PDF to Word conversion option, significantly reduce the friction and efficiency associated with contract negotiations and reviews. Some customers have sped up reviews and negotiations by up to 90% using Contract Logix’s CLM software.
- “One of Contract Logix’s main goals is to help our customers simplify the management of complex contract relationships and processes. Our enhanced collaboration and negotiation tools give our customers and their counterparties the ability to communicate, negotiate, edit, approve, and sign contracts faster and with more transparency than if they were in the same room together.”
- Karen Meyer, CEO, Contract Logix
- “The Contract Logix platform gives our customers complete visibility into the end-to-end contract negotiation process. Customers can request and create contracts, ensure version control during negotiation, sign quickly, and securely store all their contract related information in one easy-to-use platform. The intelligence and insights they gather allow them to streamline and automate processes, making them more nimble and efficient organizations overall.”
- David Parks, VP of Marketing, Contract Logix
- Collaboration Room Overview
- Video | Contract Negotiations & Getting Signatures Fast
- Contract Logix CLM Platform Overview
- Schedule a Contract Logix Demo
About Contract Logix
Contract Logix is a longtime leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The company’s software empowers legal, operations, IT, procurement, finance, and sales professionals across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to automate and streamline their contracting processes while minimizing risk, increasing compliance, and driving profitability. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.