Contract Management: There's Got To Be A Better Way! - Mitratech

Contract Management: There’s Got To Be A Better Way!

As the product manager for Mitratech’s contract management solution, Getting Contracts Done (GCD), I read with interest a recent article on the Corporate Counsel web site, Swamped With Contracts? An In-House Lawyer Offers Some Tips. In reading the piece, I was impressed with the processes that the lawyer in the article had put in place to manage an ever increasing number of contracts. I was also struck by how easy it would be for the lawyer to take the next step, and implement an inexpensive contract management solution, such as GCD, to not only support his processes but also take them to the next level.

One of the tips given in the article is to create an Authority Matrix which lists out the types of actions that need to take place with each contract type. With GCD, a legal department can make this information centrally available to all legal department users. In addition, for any particular contract, GCD users can assign team members to action items with a due date, send email reminders regarding the action items and track their completion.

Another suggestion in the article is to maintain a list of law firms along with internal notes regarding the law firm. Again, GCD allows legal departments to make this information centrally available to team members. In addition, with GCD each law firm can be assigned to contracts to enable tracking and reporting on which law firms have worked on which contracts.

The other tip in the article is that legal departments create contract templates for each of the countries in which they do business. With GCD, any number of contract templates can be centrally maintained and shared by legal team members and used as the starting point for any new contracts needed.

GCD has many other features which enable more efficiency, visibility and control in the contract management process, such as:

  • Management of requests for legal review: Your company’s business stakeholders can request contract review or creation, that request can be tracked and used to create a draft contract, and the draft contract can then be shared with the business stakeholder and/or outside counsel.
  • Reporting: Centralized storage of all your contracts in GCD enables you to easily report on vital contract information such as status, key dates, counts by contract type, assignee or law firm,
    and value of contracts.
  • Reminders: GCD lets you set up automated alerts for important contract dates such as renewal, termination or performance of an obligation.
  • Outlook integration: You can send documents to or from GCD directly from Outlook.
  • E-signature: GCD integrates with e-signature applications so that you can send documents for signature directly from GCD.

You can learn more about how GCD can take your contract management processes to the next level, and sign up for a free trial, by visiting the GCD website.

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