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Contract Lifecycle Management Perspetive for Legal Executives

Questions for Legal Executives Considering Contract Management Solutions:

  • Where is the motivation for contract management coming from?
  • What kind of contract management challenges are you faced with today?
  • What is the most time consuming part of your work?
  • Is it the most profitable use of your time?
  • How many contracts do you have today?
  • Are most of your contracts executed on your paper?
  • How is version control handled?
  • Do you have maverick versions?
  • How are individual terms, conditions, clauses (TCC) being managed/controlled?
  • Are they being managed at a single location or multiple locations? Template level or TCC level?
  • What are the governance, risk and resource ramifications for the legal team for each?
  • Are there different processes for different contract types and if so, has each process been carefully defined?
  • Does your contract content or processes change often? How will this effect your ability to automate?
  • Are you planning on changing your contracts process and if so have you defined a future state and a path to get there?
  • Where is the low hanging fruit/business pain for contract improvement? Buy side? Sell side?
  • What kind of technology or process automation tools are in use today? How effective are they?
  • Does your organization perform clause level analytics on your contract portfolio today?