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Contract Management 3 Steps to be More Efficient

Contract Management 3 Steps to be More Efficient

Published on : 21/07/2025 21 July Jul 07 2025
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Contract Management covers all stages of a contract's lifecycle. It begins with the pre-contract phase, which includes drafting a contract, negotiating internally with third parties, and concludes with electronic signature. Then comes the execution of the contract, monitoring of deadlines and indicators, and realization of various modifications and approvals.

Why is it important for contract management to be effective?

Controlling risks with contract management is not guaranteed in 2 out of 3 companies. It is estimated, for example, that 10% of active contracts are simply lost while 60% of supplier contracts are automatically renewed without analysis or prior decision making (source Aberdeen).

However, the consequences of inefficient management are increased procedural risks, cost inflation, non-compliance, and deadlines being missed.

In addition, the volume of contracts has increased by 60% in organizations that manage more than 1000 contracts. That’s why many in-house legal departments are turning to digital contract management solutions to stay in control.

At Legal Suite, we provide purpose-built contract lifecycle management (CLM) software tailored for in-house counsel. Our solutions help legal departments automate processes, reduce risks, and increase visibility at every stage of the contract lifecycle. Contract management that covers the three major phases of contract lifecycle is an optimal strategy. Let's see what the key points are.


The 3 Steps to Effective Contract Management

 

1.    Pre-Contract Management


Automate Contracts Drafting
Legal Suite streamlines contract creation with secure, rapid drafting, including generating contracts from existing clauses stored in your legal knowledge base.

Facilitate Collaboration
Speed up contract processes by facilitating seamless exchanges between legal teams, procurement, and operations—all within a centralized, collaborative platform.

Electronic signature
In today's remote work environments, Legal Suite revolutionizes contract management.  
No need to send the contract by email, print it out, sign it and send it back again by email.

From now on, the contract is sent directly to the signatories with a link to an electronic signature tool. With one click the contract is signed. This reduces the contract's signature time to seconds!
 

2. Tracking Contract Performance 

Monitoring a contract’s execution requires, among other things, an anticipation of deadlines.
In fact, 60% of supplier contracts are automatically renewed without prior analysis and decision making.

There is an urgent need to set up a system that tracks deadlines to avoid unexpected renewals, unnecessary costs, and risks. Similarly, monitoring risks associated with contracts and contractual clauses is essential.

Effective contract management also avoids litigation that could, for example, be caused by non-performance of a contract.

Legal Suite’s CLM software includes customizable alerts, obligation tracking, and built-in analytics to give legal teams real-time visibility into contract performance. With centralized dashboards and KPIs, general counsel can make data-driven decisions and better demonstrate legal’s value to the business. 
 

3. Archiving the Contract

The third step in contract management is preserving contractual assets and avoiding the loss of contracts.

Legal Suite’s comprehensive approach to contract management empowers General Counsels with consolidated views and key performance indicators (KPIs), enhancing their strategic partnership with senior management.

Already trusted by over 1,000 legal departments worldwide, Legal Suite offers scalable and multilingual solutions that evolve with your organization.

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