What is 360 Contract Management?
It is our service offering that enables clients to simplify all or specific parts of their commercial contracting life cycle. We help businesses of all sizes more efficiently deal with pre-signing and post-signing taks, execution processes and tracking relevant data in executed contracts.
For this, we combine our legal expertise with process mapping and technology tools from our portfolio. As a result, our clients smoothly transition to paperless (digital) contracting and improve control over their commercial contracting life cycle.
We collaborate with our clients to help:
- prepare legally binding smart document templates (easily accessible via a link or in a digital questionnaire format)
- integrate internal approval processes (where corporate policies so require) and
- enable online negotiation of business contracts (with real-time tracking of all changes and actions taken by the parties)
whereby the entire pre-signing process of contracts becomes more streamlined and transparent. Carefully prepared pre-signing processes enable further efficiencies in the following phases of the contract life cycle.
We review contracts and make sure that they comply with applicable laws. Then we help clients:
- access and adapt to electronic signature tools
- integrate internal signing policies into electronic signature processes and
- keep executed files secure in the cloud or on local servers.
While certain contracts require qualified electornic signatures to become valid and binding agreements (like real estate sale and purchase), for most business contracts advanced electronic signature is sufficient to legally bind the parties according to local legal requirements. We help clients find the right e-signature solutions that best fits their legal and business processes.
Once contracts are signed (whether on paper or electronically), it is often challenging to keep track of all contract data, amendments and follow-up actions. The lack of transparency in contract databases is directly linked to inefficient management of legal and business risks. We use technology to help clients:
- create a searchable digital database of contracts
- acess relevant document data within minutes
- keep track of deadlines and action items required by contractual undertakings
- manage team access to confidential documents
- access analytics functionalities for reporting our audit purposes.
We follow a 3-step process to deliver our 360 Contract Management service:
Step 1: Project Scoping & Preparation
Working closely with the client’s internal team, we identify the commercial contracts to be supported, specify needs and priorities in the client’s contracting life cycle and draw a process map that fits with the context.
Suggested timing: 2-4 weeks
Step 2: Launching Pilot Project & Testing Tools
A test environment enables clients to experience the added value of dedicated contract management and gain trust in digital tools used for the contracting process.
Throughout the pilot phase, we support clients with preparing smart agreement templates, streamlining internal approval and signing processes and overall fine-tuning of the contracting life cycle. We organize practical workshops (onsite or online) and hold regular calls to make sure the service covers the actual client needs.
Suggested timing: 2-3 months
Step 3: Implementation & Improvement
Once a successful pilot was completed, we help the client teams to scale up the service to other commercial contracts or departments. Our service model is flexible: we can hand over the contract management tasks to the client teams at the end of the project or we can stay on board and provide continued support and improvement as a managed legal service.
Suggested timing: continuous