The Best Contract Management Software

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Updraft is a well-featured contract management tool that differentiates itself primarily through it s natural language, questionnaire-based approach to contract creation. This approach works well enough that Updraft scored itself an Editors’ Choice award. After your contract review and the contract has been signed, don’t forget to properly store your contract and have auditing and reporting procedures to ensure that the contract terms are being respected. Thoroughly reviewing contracts before signing can help you avoid a lot of problems in the future, in case any legal issues or a contract breach arise.

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Auditability and dynamic multi-party collaboration are also key and included in many of these systems. To do this, however, a full audit trail is required. This audit trail should include inline change management and annotation, version control, and a full transaction log that shows every change made to every single contract and by whom. However, beyond these core functions, contract management platforms have evolved a great deal since the first time we tested these products. These platforms have become full contract life cycle management solutions. More advanced contract management features they now have include rich editing, formatting, and document management capabilities as well as customizable templates for repeatable contract creation.

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