Contract management is the process that enables the monitoring of the contract life cycle.
The steps of this process, among others, include: (i) negotiation; (ii) editing/making changes; (iii) approval; (iv) signing; (v) execution; (vi) monitoring; and (vii) closing.
However, performing these steps manually is often not feasible, either because of the volume of contracts handled, the number of people involved or for other reasons.
To ensure effective contract management, it is necessary for companies to define, among other characteristics: (i) the types of contracts; (ii) the most relevant issues that should be observed; and (iii) approval flow and signatures.
For this reason, technologies have been developed to automate the process, which are able to organize all stages, bringing greater practicality, organization and security in legal business.
Are you interested? In the next Drops, BTLaw will bring you information about each of these steps and how it can help you in this task!