The legal field is all about contracts. It’s about making contracts, maintaining and abiding by those contracts, and mediating disputes when those contracts are in default. That’s why any given law office or legal department has extensive files to keep on hand. Losing a written contractual document is a legal professional’s worst nightmare, but sometimes it can be challenging to keep them organized. That’s why it helps to use contract repository software.
Contract repository software allows you not only to keep all your legal agreements in one place but to search and review them with ease. No more sleepless nights spent worrying over misplaced contracts. With this software, filing and maintaining contracts becomes a breeze.
What Is Contract Repository Software?
Contract repository software is a way to digitize your contract files and keep them organized. This software holds legal documents based on your organization system and allows you to filter through them or review documents as needed. Cloud-based software can be accessed even when you’re away from the office, allowing you to work with your business teams or the other contract parties in the same software. Contract repository software effectively streamlines contracting.
Let’s dive into specifically what contract repository software can do for you.
The Key Functions of Contract Repository Software
As with most types of software, the quality and features of the contract repository system can vary. However, some functions are necessary for any contract repository software to benefit the user. These include the abilities to:
Provide Contract Storage and Organization
The main goal of contract repository software is for legal teams to be able to store and organize their many contracts. The software allows you to keep your business contracts, even multiple versions of contracts, all in one convenient location. It also allows you to organize these contracts in a way that makes sense for your business processes. Disorganization only slows down your business. With the right contract management tools, you’ll be more organized, and, as a result, your workflow will be more efficient.
Enable Contract Search Processes
Contracts are often lengthy, and when you need to find a specific legal clause quickly, you might not have time to read through several different contracts until you do. The right contract repository software makes this process quicker by enabling you to search through contracts and contract terms. You can search for relevant phrases or keywords to find the information you need and compare different versions of contracts easily. No more wasted time when it comes to contract search and review.
Ensure Security of Legal Documents
Document security is one of the most crucial issues that legal teams face, especially when it comes to digitized files. What if confidential documents or contracts fall into the wrong hands? It’s essential that a contract management platform also offers high levels of security without sacrificing convenience for your business teams. Cloud-based contract management solutions manage to do this with encryption that allows only team members with access to view and edit documents.
The Benefits Of a Central Repository for Contracts
As discussed above, to be effective, contract repository software includes specific functions to enable safe and efficient storage of critical business contracts. The features discussed represent the basics you will need if you decide to purchase a software product. But why should you use a software package as your contract repository solution? Aside from organization, security, and accessibility of documents, there are many benefits to a central repository for contracts.
Makes Complex Workflows More Efficient
Contract management can be tedious. It can be complex and, more frustratingly, it can be time-consuming. Rather than spending endless hours poring over contracts, you can filter contracts electronically to find the specific item you need in minutes. And rather than taking half the day to organize your contracts and legal documents, your contract repository software does that for you. It can also organize contracts as you add them to the system, making contract management less overwhelming and time-consuming.
Monitors Contract Renewals
Many contracts have a limited lifecycle. The more contracts you have, the more challenging it can be to manage contract renewals. That’s where contract repository software can help. Contract repository software can monitor upcoming contract renewal dates and can alert you when it’s close to the right time to renew a contract. No more hoping you made a note of it or missed the date because it was on the calendar incorrectly. If your contract repository includes powerful and effective AI, you’ll have the power to stay on top of your contract renewals no matter how frequently they come up.
Simplifies Contract Collaboration and Review
Contract management is a collaborative process. Contract repository software is perfect for collaboration, making it easy for members of your entire team to find the contracts they need quickly and easily. It also makes contract review a breeze, allowing you to pull up the contract you need quickly and review it from any device.
Keep Your Agreements In a Secure Contract Repository
Lexion centralizes all of your contracts—including existing contracts—with powerful AI to enable you to search, report, and set reminders with ease. With a user-friendly interface and intuitive features, it's incredibly easy to use and incredibly powerful.
Contact Lexion to learn more about streamlining your contract management process. Request a demo today.
