Turn contracts into valuable assets with Corcentric Contract Lifecycle Management (CLM)
Contracts aren’t static documents; they’re leverageable assets your organization can use to minimize risk, maximize opportunities, achieve compliance, and generate revenue. Corcentric’s modular, platform-based Contract Lifecycle Management (CLM) solution makes them fast to create, with self-service and collaborative features that simplify day-to-day searching, authoring, and administration. Verified, real-time data gives all users, from procurement to legal to sales, the visibility and insights to turn every contract into a powerful decision-making tool.
Do you know where all your contracts are and how to access them quickly?
Are inefficient processes and long cycle times frustrating business?
Are missed deadlines and expirations creating risks…and costs?
Control starts with access
Finding and reviewing contracts is the first step to contract management. Our CLM lets you leverage a responsive cloud-based centralized contract repository for easy access in discovering contracts, importing contracts, and managing expiry and renewals.
- CLM 360° dashboard
- Contract master data + metadata management
- Contract import + export
- Amendment management
Contract Request +
Increase users, increase compliance
Involving a wider set of users for initiating and managing contract approvals will expand effective contract management. The Corcentric Contract Lifecycle Management system features contract request and approval workflows to improve collaboration and expand the use of electronic contracts and documents.
- Contract requests
- Contract templates
- Advanced workflow management
Contract Authoring + Negotiation
Make contracts a collaborative effort
Collaborative authoring with internal and external counterparties gets everyone on the same page. Microsoft Word add-on for creating, authoring, editing, and checking ensures a smooth transition between paper and electronic-based contracts. Accelerate workflow with advanced contract redlining for managing new and renegotiated contracts.
- Collaborative authoring + redlining
- Contract negotiation workflow
- Contract process validation
Post execution is when active
contract management starts
Organizations need a specific ongoing process for managing the obligations that each party is legally responsible for in a contract. CLM technology makes the process more flexible, effective, and easy to meet compliance and financial goals while mitigating contract risk.
- Monitoring and measuring contract obligations
- Terms and conditions, milestone dates, delivery requirements, service levels, discounts, security, etc.
- Frictionless contract management evaluates supplier compliance
Contract creation with built-in compliance
The ability to create contracts dynamically takes contract management to the next level. Our CLM solution empowers users through self-service and clause library access to create and organize contracts based on clause groups, and best-in-class contract blueprints.
- Dynamic rules-driven templates
- Comparison of side-by-side versions
- Clause library filtering by category, risk level, parent level, and more
Accelerate from dotted line to bottom line
Integrated e-Signature capabilities with leading solutions like DocuSign (embedded in the application), take you to the last step in executing your contracts, while maintaining a complete audit trail of all signatures internally and those with your contract counterparties.
- Fast, easy and secure to use – if you can click, you can sign
- Fully traceable as to who signed, when, and where
- Faster turnaround since all parties can sign within seconds
Active Lifecycle Management
Adopt a proactive, dynamic contract strategy
Don’t file contracts — keep them dialed-in to ensure that you do not miss important milestones (and opportunities) to evaluate contract relationships and supplier performance prior to renewal.
- Add notifications and tasks for expirations, renewals, and obligations
- Four renewal types – Renewable, Tacit Renewable, Automatic Limited, and Automatic Indefinite
- Establish parent-child relationships between contracts, including master agreements
Put contracts at the center of everything
Contracts touch every part of an organization, so the more seamlessly they can be integrated across key systems, functions, and departments, the more effective they are as tools.
- Sourcing – Simplify creation of item pricing
- Supplier Management – Enable management of supplier performance to SLAs
- Systems – Integrate pricing with ERP, Procurement, and/or other external systems
- Master Data – Ensure contract information is up-to-date, accurate, accessible, and collaborative
Did you know?
of corporate litigations
related to contract disputes.
indicated “price changes”
the most common dispute.
of contracts are lost or
for in organizations.