Manage Your Contracts
Posted October 28th, 2008 by ybo
A report in the Journal of Contract Management says 71 percent of companies couldn’t find at least 10 percent of their contracts. That’s where contract management software comes in. This cost-effective resource can help you avoid legal trouble, keep your contracts in one handy spot, and save you time and money-especially as your business grows.
There are myriad options, each with distinct features, functions and price tags. At the very least, be sure to select a program that stores copies of executed contracts, allows you to search for contracts using specific keywords and alerts you to key dates in the contract. Here’s a rundown of some of the options for small businesses:
Contract Insight Desktop Edition
www.cobblestonesystems.com
If your business has fewer than 10 employees—or if you’re new to contract management&—try a simple, entry-level program like the Contract Insight Desktop Edition by CobbleStone Systems. Using a Microsoft Access database, the Desktop Edition offers basic features such as calendar-based contract alerts, a report-writer tool and searchable fields. Prices vary depending on the number of users: a one-user license costs $795.00 while a 10-user license costs $4,999.00. Should you need to expand to accommodate more users, you can upgrade to the web-enabled Enterprise Web Edition, which provides more customized options such as user-defined search fields and enhanced security.
Mumboe
www.mumboe.com
Mumboe is a web-based application, meaning you don’t need to install software or hardware—you just need an Internet connection and a browser—to manage your contracts in one secure location. In addition to standard features, Mumboe allows you to assign tasks to yourself and others and create custom fields. Most contract management software offers a free trial, but Mumboe takes the concept a step further. The Mumboe Express program is free for as long as you like, though there is a limit on storage capacity (10 agreements, up to 50 MB) and on number of users (up to three). Should you need more, you can upgrade to Mumboe PRO, a pay-as-you-go service that’s $24 per account per month.
Apttus Contract Management Suite
www.apttus.com/contract.php
Want to take control of your contracts from the beginning to the end of their lifecycles? The comprehensive web-based Apttus Contract Management Suite makes it easy. That’s because the program features five modules—Contract Wizard, Contract Author, Contract Comply, Digital Signature and Contract Analytics—that can be activated any time, depending on your needs. Contract Author, for example, lets you create and draft contracts in Microsoft Word, complete with advanced features such as a pre-approved clause library and contract templates, business terms and process management. You’ll also receive alerts when non-standard language or terms are used in the contract. You can purchase a yearly subscription that’s priced on a per-user/per-month basis. The minimum subscription is $1,000 per month, and this includes up to 10 users.
Continue your search for contract management software by visiting www.capterra.com. Capterra, Inc., is a free access online marketplace for connecting buyers and sellers of enterprise software. All organizations, from major corporations to startups and nonprofits, are included in the interactive directories. Software buyers will find descriptions of the different options available and can download demos of certain programs.
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