Top 15 Contract Management Tools

Contract management software enables users to organise and monitor contracts throughout their life cycles. This sort of software aids organisations in a variety of ways, including renewal alerts, compliance management, collecting verification and managing contract designs, as well as records management and version control.

We assessed fifteen top tools based on their core features, digitization, personalization, workflow, privacy, compliance measures, templates, price plans, and common connectors to help you choose the best contract management systems.

1. Avokaado

Avokaado is a web contract management software that enables firms to manage contracts and related procedures in a single location, improving operational efficiencies. Businesses may use Avokaado to store documents, develop contracts, communicate, and perform all types of legal document management on a single platform.

Key Features:

• A centralised cloud-based repository with automated legal forms.

• 2. Powerful real-time collaboration capabilities, such as document sharing, in-document conversation, reminders, and dynamic approval procedures.
• 3. A mobile responsive dashboard that tracks and visualises all cooperation processes in one place.

Cost:

Avokaado offers a variety of price solutions to meet the demands of various businesses. The kind of plan is determined by the number of users and can be paid monthly or annually (-20%):

• Freemium: One user with access to more than 100 free pre-lawyerered templates.

• Beginner: A single user may draught, sign, and manage documents. €29/month/user.

• Standard: All Starter capabilities, plus shared drafting and user roles, are available to up to 15 people. €49/month/user.

• Premium: Automation and customisation for legal departments. €60/month/user.

• Custom: Plans that are completely customisable for big teams and API users. Contact Avokaado for a personalised quotation that includes discounted costs as you scale.

2. PandaDoc

Businesses may use PandaDoc to increase document processes, analytics, and speed while still providing for their clients. PandaDoc provides all-in-one document software applications for producing, approving, and eSigning proposals, quotations, contracts, and other documents.

Key Features:

• To swiftly create proposals, interactive quotes, and contracts, use the unique slide editor and quick uploads.

• Cloud-based examiner collaboration including approval processes, redlining, modification tracking, commenting, and general chat capability for domestic and foreign reviewers.

• You'll receive instant mail and smartphone app notifications when your document is accessed, viewed, or signed, as well as when it's time to update a contract.

Cost:

• Free: PandaDoc provides four price levels based on your individual needs. Plans can be charged monthly or annually, with annual payments reducing up to 24 percent. Upload, transmit for eSignature, and collect money for as many files as you like with free eSign.

• Essentials: Create documents using templates or the built-in editor. Acquire eSignatures and track documents in real time as well. $19/month/user.

• Business: Leverage your CRM and handle document activities from authoring to eSignature. $49/month/user.

• Enterprise: This option will be for teams that need more features, such as Salesforce and API interfaces. For a personalised quotation, please contact PandaDoc.

3. Gatekeeper

Gatekeeper is an artificial intelligence (AI) cloud-based contract management platform that helps organisations manage relevant details and contracts, monitor workloads, save documents, and effectively monitor risks. To keep the contract management activities more efficient, the platform provides a single information centre where customers can safely store and manage data of their agreements and vendors.

Key Features:

• Automated workflows for managing and optimising contract procedures, as well as providing an auditable record of actions.

• eNegotiate – eNegotiate is Gatekeeper's MS Word-compatible redlining tool for quick and effective contract discussions.

• An integrated electronic signature system that complies with ESIGN, UETA, and European eIDAS requirements and reduces time to signing.

Cost:

Gatekeeper's pricing plan differs from that of many other providers in that it offers a set higher fee for millions of users and eSign. Here's a breakdown of the many plans available:

• Essentials: Included are 150 suppliers as well as 150 contracts. $775 per month.

• Pro: 500 suppliers as well as 500 contracts are included. $1855 per month (billed annually).

• Enterprise: 1000 suppliers plus 1000 contracts are part of the enterprise. $3325 per month (billed annually).

• Enterprise custom: from 1001 to an infinite number of suppliers and contracts. This is a completely customised strategy, and you must contact Gatekeeper for a price.

4. ContractWorks

ContractWorks is an internet contract management tool that simplifies the execution, storage, and tracking of company contracts. ContractWorks makes contract management software available to enterprises and teams of all sizes by providing rapid setup, a simple interface, and fair prices.

Key Features:

• A centralised cloud-based repository with advanced security measures to keep your data secure, organised, and accessible – wherever, at any time.

• Machine learning OCR and powerful search tools assist you in fast locating certain words and sentences.

• Tailored reporting provides significant insight into your agreements by allowing you to create tag-based bespoke reports that you can store, organise, and share with various stakeholders.

Cost:

ContractWorks has three price levels, all of which include unlimited users:

• Standard: 2500 documents plus 5 electronic signature licences are included as standard. $600 per month (billed annually).

• Professional: 10,000 documents plus ten licences for electronic signatures. $800 per month (billed annually).

• Enterprise: Up to 20 electronic signature licences plus unlimited documents. $1000 per month (billed annually).

5. Concord

Concord is an internet contract management platform that provides a variety of apps that automate and integrate the full contract management process, from authorship to final signature – all in one location.

Key Features:

• Template creation allows you to generate reusable templates from prior contracts and store pre-approved terms for certain scenarios.

• A central agreement repository with an infinite number of annotated and indexed electronic and scanned contracts.

• Custom approval procedures allow you to distribute contracts to the appropriate persons in the correct sequence for quick approval and signing.

Cost:

Concord's four price choices can be invoiced monthly or yearly, and all include three weeks of onboarding to get your team up and running.

• Free: Write, modify, design, and store an infinite number of documents for up to three users. Forever, $0

• Standard: Manage access throughout your business and transmit papers for eSignature in bulk. $17/month per user (billed annually).

• Pro Tip: Integrate Salesforce and other programmes to streamline arrivals and reporting. $49/month per user (billed annually).

• Enterprise: Increase your productivity by using a phrase library, subsidiary control, and SSO. For a personalised quote, please contact the Concord Sales team.

6. ContraxAware

ContraxAware is a web-based contract tool that lets small and large businesses create, update, and save contracts and respond adequately.The platform has a centralised database that enables users to grant permission-based login and search contracts based on specific criteria.

Key Features:

• A contract document template library, which allows you to build an infinite number of tender documentation templates in MS Word and submit them to the ContraxAware agreement library.

• The built-in regular follow - up, graphs, and statistics provide users a 360-degree picture of their allocated tasks and burden, as well as configurable alarms.

• A safe cloud-based system that can be viewed from any location, on every device, at any time, with permission-based access privileges.

Cost:

CotraxAware has three price levels dependent on the amount of users and features required, as well as a 14–day free trial. Let's look more closely:

• Starter: 3 users included, with a maximum of 10 users. $299/month.

• Team: 5 members are included in the team, with a maximum of 20 users. $399/month

• Enterprise: Includes 20 users with the option to add an infinite number of additional users. $999/month.

7. Contract Logix

Contract Logix is a statistics-driven contract lifecycle management software platform that enables the automation and digitization of contract preparation, discussion, approval, execution, and administration. It covers all aspects of buy-side and sell-side contracts, from contract formation through contract execution management.

Key Features:

• Contract procedures that are automated utilising flexible workflows based on your changing business rules and regulatory needs.

• Cloud-based technology allows you to see what's going on from anywhere, at any moment, so you never skip a beat.

• Record internal and third-party revisions, redlines, and comments seamlessly throughout the bargaining process and save a comprehensive history in one location.

Cost:

Contract Logix lacks the adjustable price schemes found on many other platforms. It provides two different versions of its data-driven contract lifecycle software solutions: Premium CLM and Express CMS, with prices starting at $59/month/feature. However, for precise pricing, you must contact the sales staff.

8. Trackado

Trackado is a cloud-based system that assists enterprises in streamlining and simplifying the whole contract lifecycle. Trackado centralises your contracts so you can view them from anywhere, receive automatic notifications of critical dates and activities, and gain insights into the financial sustainability of your contracts.

Key Features:

• A cloud solution that can be accessed via an internet browser from anywhere in the globe and does not require on-premise installations.

• Search, discover, and retrieve your contracts based on criteria such as category, department, business associate, or custom attributes.

• The business partner module displays all of your strategic partners and sends emails in one area, together with any contract activity pertaining to those individuals.

Cost:

Trackado provides four price tiers, each with a 20% savings if paid annually. An extra user costs $10 per month in each case. A free 30-day trial is offered.

• Free: 1 user with 15 contracts are provided for free. Forever, $0

• Starter: 3 users plus 60 contracts are provided. $39/month.

• Business: 8 users as well as 300 contracts are included. $99/month.

• Enterprise: Includes 25 users as well as unlimited contracts. $199/month.

9. Onit

Onit Contract Lifecycle Monitoring is a cloud-based contract archive with automatic functionality that covers all stages of the contract lifecycle, from capture and generation to discussions and approvals, implementation, and post-execution control. Onit CLM simplifies the whole contract lifecycle, making it easier to use for all parties while lowering risk.

Key Features:

• Because Onit's technology is cloud-based, there is no need to download any additional difficult programmes.

• The platform's ease of use enables teams to begin utilising it right away without additional training.

• Automatic notifications of critical dates and agreement milestones allow you to easily track the whole contract lifecycle.

Cost:

According to multiple sources, prices are starting at $3,000 a month, however specific packages would necessitate an Onit quote.

10. Ironclad

Ironclad's information and records management software is designed for in-house legal teams, and it addresses the complexities of clause-level cooperation while allowing businesses to deploy their own contracts quickly.

Key Features:

• The cloud-based system Ironclad Editor is a communication and negotiating tool that allows legal teams to handle contract redlining and revisions in a single location.

• Workflow Designer, a tool with a drag-and-drop software that allows users to create contract and approval procedures in minutes.

• A dynamic resource repository that accepts contracts from everywhere, offers user-friendly search and data reporting.

Cost:

Prices begin at $500 a month, with a trial version available, but you must contact Ironclad for a price.

11. Contractbook

Contractbook is a final contract management platform that helps to manage your agreements throughout their full lifespan in a single streamlined flow, as well as data-driven documentation automation.

Key Features:

• Collaborate in numerous teams with established hierarchies to acquire a deeper understanding of your legal issue, and invite external visitors and effortlessly negotiate with third-parties.

• The editor allows you to immediately construct contracts in its computer format in order to exploit the included data and prepare for future eventualities.

• The Activity Dashboard tracks smart reminders as well as task processes to help you stay on top of contract changes.

Cost:

• Free: For one user, you may have access to basic contract management capabilities for free. Forever, $0

• Core: Create, sign, and save limitless contracts for up to three people (+$12/month for each additional user). $115/month.

• Automate: With 3000+ interfaces for 3 users, you can automate every stage of the performance cycle. $420/month.

• Enterprise: For businesses that rely on large-scale technological solutions.

12. ContractSafe

ContractSafe provides safe and protected web contract management software for organisations looking to better arrange their contracts and prevent missing important deadlines. To help you handle your papers more efficiently, the user-friendly platform includes an alarm system for impending contract deadlines, automated OCR, and a centralised search engine.

Key Features:

• A shared web portal with chat functionality allows domestic and foreign users to interact.

• Contracts may be digitally signed in minutes thanks to the two-way DocuSign interface for electronic signatures.

• ContractSafe's AI assistant capability provides extensive search options as well as the ability to set up and arrange documents, hence avoiding manual labour.

Cost:

Depending on the size of your business, you may choose from a variety of options, all of which have a free trial period. On paid yearly plans, you may save 20%.

• Basic: Limited to 500 agreements. $299/month.

• Standard: Up to 1000 agreements are allowed. $499/month.

• Professional: Up to 2500 agreements for professionals. $699/month.

• Enterprise: Up to 2500 agreements can be handled by an enterprise. $899/month.

13. Contract Hound

Contract Hound is an internet contract lifecycle management application that organises your contracts to make it easier to discover data and stay on top of renewal dates.

Key Features:

• The Folders feature allows you to arrange agreements by department, supplier, type, client, or any other manner you want to readily examine critical information.

• Teammate’s conversations and activity have been saved for each contract. The Activity Feed operates as a digital trail of evidence for all contracts in your firm.

• Expiry and other critical event notifications and reminders may be programmed to assist decrease the risk of overspending and capitalise on savings for your business.

Cost:

Contract Hound's pricing mechanism differs from others we've seen thus far. There is just one pricing option, but you may add more contracts for a cost (and no per user fees). When you sign up, you'll also receive a 14–day free trial.

Prices begin at $95 a month for Fifty contracts, with additional contracts available for $2 each. The following is a list of what is included with the plan:

• Revisions are unlimited.

• Storage is limitless.

• There are no per-user costs.

• There is no yearly contract.

• Cancel at any moment.

14. SpringCM, a DocuSign Company

SpringCM, a DocuSign Company, generates, automates, manages, and stores your contracts and agreements in the cloud, and it incorporates the DocuSign CLM.

Key Features:

• Develop pre-configured templates that automatically fill contracts with information from other systems and acceptable wording.

• Store, categorise, and organise contracts in a centralised repository with granular permission constraints to improve oversight and speed up contract discovery, using configurable AI models to extract critical clauses.

• Submit contracts for approval, monitor modifications across several versions, and have a centralised repository for who did how and what.

Cost:

There are no price programs available for contract lifecycle management, therefore you must contact DocuSign Sales for a custom estimate. However, keep in mind that it is $25/month/user for the Base version.

15. Precisely

Precisely allows you to streamline your contract management process, from first application to contract renewal. The cloud-based contract management system provides you with all of the tools you need to handle contracts in a compliant and resource-efficient manner.

Key Features:

• A web central repository that allows you to store all of your legal papers in one location and offers smart search.

• Create templates that allow for the generation of contracts based on smart questions.

• Using automated approval procedures, you can maintain all information in one place and ensure that everyone involved are alerted as necessary.

Cost:

Precisely has two price levels, both of which may be invoiced annually and save you 10%. Furthermore, two add-on items (agreement management API and contract conversion) must be acquired individually.

• Professional: $62 per user each month (paid yearly), with a 14–day free trial. This solution offers automatic templates, approval procedures, intelligent metadata extraction, mediation and cooperation, as well as chat and video assistance.

• Enterprise: $89/month per user (paid annually). This package also provides OCR full-text search, an analytics API, entity administration, signature interfaces, and a dedicated customer success representative.
  
  
  

Things To Consider While Selecting A Contract Management Software

1. Ease of use

Nobody, whatsoever, wants a difficult-to-use platform. The ultimate efficacy of your contract management platform is decided by a number of things, the most crucial of which is if team members are willing to use it. The system's simplicity, ease of use, and positive user experience will encourage not just an actual trial but also continuing, long-term use. Whatever solution you choose should be straightforward for all teams to use and, ideally, compatible with the technology your company now employs on a regular basis. When the enrollment and deployment processes are more frictionless, the sales and HR teams experience less disruption and can make the transition more rapidly.

To make sure a convenient experience for all teams, organisations should look for a solution that includes features such as the ability to generate contracts from accurate, error-free layouts, the capacity to batch send from a single screen, personalization options, computer controlled approval routing premised on workflows, and a common, searchable repository to shop contracts. You'll be able to reclaim time & expense, motivate your team, and streamline an already complex contract administration process with these capabilities.

2. Risk management ability

An agreement is only as effective as the data used to produce it, and when agreements contain mistakes, an organisation is exposed to a wide range of risks. However, the right contract management platform provides business leaders with visibility into all of the risks that their contracts expose them to, focusing attention on business opportunities instead of missed contract extensions, lost discount savings, and failure to comply due to unmet contract agreements.

When deciding on a contract management system, it's critical to consider your organisation's legal analytics needs. With an exclusive, automated procedure, the correct CLM platform will considerably decrease and protect against risk. Legal teams may be given the authority to choose which clauses and conditions are accessible for sales to utilise, and third-party contracts can be monitored and managed.

3. Secure delivery and storage options

Contract management software may drastically decrease the inefficiencies associated with manual contract management by allowing clients to securely see and sign contracts online or in person. Conga Sign enables businesses to deliver, secure, legal, and fully-branded documentation for signing from a single platform.

Conclusion

Businesses can't afford to be left behind as more organisations see the value of contract management solutions. Ineffective contract administration can result in a slew of problems, including lost income, wasted effort, and, in some situations, reputational harm.

The risk isn't worth it.

Upgrade to contract management now to have total control of your legal papers under one (automated) roof. Never again worry about agreements and wasting time tracking them down in numerous locations - it's important to let your legal papers work for you and drive your company's success.

FAQs

What are Contract Management Softwares?

If you need a non-disclosure agreement (NDA) or a 3rd contract made, contract management software allows you to do it all online and in real time. The following items are included in the contract lifecycle:

• Creating Documents

• The agreement is being sent to the opposite party.

• Changes in the document or redlining

• Trades

• Approval procedure

• Year-to-year modifications or renewals

• Conformance audits

• Agreements are kept in long-term storage.

What should you consider while using Contract Management Softwares?

Some of the most important variables to consider while selecting contract management software are:

• Simple to use and quick to deploy

• Integration with pre-existing software and IT infrastructure

• Agreement and legal contract support for all standard forms of contract and legal agreements

• Contract storage support that is both simple and safe

• Contract management that works

Why Do You Need Contract Management Software?

Manually handling legal contracts may be time-consuming and resource-intensive, as well as error-prone. You may make your life simpler by using contract management software. The finest contract administration software helps you to manage all parts of contract management, such as negotiation, creation, signing, and renewal.

What Are Common Features of Contract Management Software?

While the features of CLM software programmes differ, virtually all solutions assist company owners all through the document lifecycle. The following are the most sought contract software suite features:

• Customised or smart fields: For your contracts, you may use standard fields or adding new fields to collect relevant information about your client.

• Computerised approval process: Business software allows you to configure processes so that your paper is sent to the appropriate individuals for review without wasting time.

• Automated warnings: Automated reminders put everybody in the loop throughout the process, from email alerts of contract modifications to alerts for milestones.

• Redlining: This is the process through which all parties amend contracts while keeping track of any changes. This is also an element of digital discussions, as papers move to and from parties, with revisions allowed or refused.

What Does Contract Management Software Cost?

Most contract management software is available on a monthly or annual basis, with savings available for yearly fees, high contract volume, or a big number of users. Because you may submit your own agreement and use a common template, then email it for an e-signature, the free and low-cost options are ideal for small firms with conventional contracts.

Paid options with basic contract management tools begin at $25 per user per month. Lower-priced plans, on the other hand, frequently do not have sophisticated customization, reporting, or branding choices. On the other hand, AI technology, automation, and ultimate customisation will cost you up to $125 per user every month.