Top 10 Contract Management Software

It is a heavy burden to manage contracts manually. Papers are lost, time elapses, and agreements cannot be located in This is made a lot easier by the use of contract management software. It assists companies in making, archiving, and monitoring without the hustle.

Chasslet management software can be imagined as your e-help in all the tasks connected with the contracts. It is time-saving, less error-prone, and organizes everything within a single location. It does not matter whether you have a small business or a large company; appropriate software can change the way you manage agreements.

This paper discusses the 10 best contract management software in the market today. We will assist you in knowing what each of the platforms involves and which one better suits you.

What is Contract Management Software?

Contract management software is a computerized application that takes care of your contract process both at the beginning and the end. There are no paper files or chains of emails to deal with, as everything occurs in a single secure system. The software will assist you in writing new contracts, submitting them to the approval process, receiving signatures, and storing signed agreements in a safe place. It also reminds you of important dates such as renewals and due dates.

The current contract management software employs artificial intelligence software to scan its contracts, extract essential information, and warn users of the risks. This intelligent technology is able to save hundreds of hours of manual labor as well as to avoid expensive errors. The best part? You can access your contracts at any time and from any place. There will no longer be the need to browse through the piles of files and scroll through the folders of emails.

Why Look for Contract Management Software?

1. Save Time on Contract Tasks: It can only take hours to do manual contract work; software can do it in minutes.

2. Reduce Human Errors: The automated systems identify errors that are normally overlooked by the individuals conducting the reviews.

3. Always Meet Deadlines: This is made automatic so that you will never run out of contracts.

4. Keep All Contracts in Order: All the information remains within a single search location rather than being scattered all over.

5. Improve Team Collaboration: Several individuals are capable of collaborating to work on contracts.

Top 10 Contract Management Software

1. HyperStart CLM

HyperStart CLM is a strong contract management software that is suitable for all types of businesses. It is an AI-based technology that automates contract tasks with an accuracy of 95. The tool assists teams in developing, viewing, and signing the contracts 80% quicker than traditional approaches. HyperStart is easily connected with such widely used applications as Salesforce, Gmail, and Google Drive. It is fast to start with, as implementation requires only one month. The software automatically extracts metadata on old and new contracts. Companies that use HyperStart have increased efficiency and compliance.

Key Features

• Metadata extraction, 95 percent accuracy using AI.
• Sign contracts within 2 minutes with templates.
• Renewal and obligation reminders are automated.

Pros

• End-to-end CLM solution
• Strong AI capabilities
• Affordable pricing options

Cons

• Limited to 15 integrations
• Newer platform option
• Growing feature set

Best For: All

Pricing: Custom pricing based on requirements

Website: https://hyperstart.com 

2. Ironclad

Ironclad is an artificial intelligence-based contract management software that gets your whole contracting process organized. It can automatically extract contract information on 194 pre-programmed properties. The platform provides workflows that are highly customized and fit your business needs perfectly. The teams are also able to design their own reporting dashboard that has rich visualization capabilities. Ironclad can be easily connected with such tools as Salesforce and Slack to collaborate better. The software assists in monitoring the lifestyles of contracts in a very easy manner.

Key Features

• Tagging of 194 contract properties automatically.
• Sharing the workflow of the centralization of contract work.
• Dashboards on custom reporting.

Pros

• Automated approvals and requests.
• Track processes are efficient.
• Strong integration options

Cons

• Higher pricing point
• Slow integration process.
• Limited support options

Best For: Enterprises

Pricing: Contact for custom pricing

Website: https://ironcladapp.com 

3. SpotDraft

SpotDraft is an all-in-one contract management software ideal for both large and small businesses. The platform has a combination of AI automation and easy-to-use features so that contracts can be processed faster. It also speeds up the redlining process of the contract, which assists in closing deals in no time. SpotDraft provides the best cooperation tools to legal, sales, financial, and HR teams. The pay-as-you-use pricing mechanism assists in saving on the cost of implementing software. SpotDraft can be integrated with more than 15 3 rd party systems to improve the workflow.

Key Features

• Individualizable workflow decreases the turnaround time of contracts.
• Campaign feature of bulk-share contracts.
• Clickwrap in case of one- click consent collection.

Pros

• Pay-as-you-use pricing model
• Ease of approval capability.
• Quick contract execution

Cons

• None of the on-demand template generation.
• AI needs human intervention
• Tricky contract editor

Best For: Mid-sized

Pricing: Usage-based pricing available

Website: https://spotdraft.com 

4. LinkSquares

The software that is used is a contract management software called LinkSquares which simplifies the process of writing a contract and signing it. It takes care of searching the terms of the contract on its own by identifying the terms of the old agreements to track the obligations. The platform can be automatically integrated with such applications as Salesforce and Microsoft Word. Team members are able to work on various applications and remain in contact at all times. LinkSquares enables you to make your repository of contracts intelligent with the help of AI. The software has clean interfaces that facilitate easy navigation to all users.

Key Features

• Smart tag-based contract repository with AI.
• Automatic identification of terms of contract.
• Microsoft Word integration allows for smooth editing.

Pros

• Clean, easy-to-use interface
• AI works flawlessly
• Safe document storage

Cons

• The performance is influenced by complex features.
• Manual tag entry required
• No folder organization

Best For: Mid-sized

Pricing: Custom pricing upon request

Website: https://linksquares.com 

Also Read: Best Remote Patient Monitoring Software

5. Juro

Juro is the AI-based contract management program that is trusted by more than 6,000 companies across the globe. The platform provides collaboration and flexibility of contracts under a single platform. Juro AI assists in writing, making summaries, and analysing contracts in order to make them faster to sign. It also integrates more than 5,000 tools, which guarantees full contract centralization. The software enhances the time taken in turning around the contract by 90% or more. The no-code workflow creator by Juro allows approval to be established fast and simply.

Key Features

• Machine-assisted contract review and summary.
• Approval no-code workflow creator.
• Available in the market with 5,000+ integrations.

Pros

• Fast implementation process.
• Wide array features
• Improved visibility of contracts.

Cons

• Email notification issues
• No bulk send option
• Few integrations in existence.

Best For: Mid-sized

Pricing: Contact for pricing details

Website: https://juro.com 

6. Docusign CLM

Docusign CLM is a known type of contract management software that eases the whole process of the contract. It’s a leader in the Gartner Magic Quadrant for contract lifecycle management software. The platform is based on the use of highly integrated AI and rich features. Docusign CLM has straightforward contract editing that can be edited through drag and drop. You are getting 100+ in-built workflow steps to manage the contract lifecycle. The software also has built-in AI models to examine the important contract data.

Key Features

• Simple creation of a contract by drag and drop.
• More than 100 workflow automation steps.
• More than 100 AI contract analysis models.

Pros

• Intuitive user interface
• Bigger implementation assistance.
• Easy signature collection

Cons

• Platform can be buggy
• Higher pricing range
• Tagging issues reported

Best For: Enterprises

Pricing: Contact for enterprise pricing

Website: https://docusign.com 

7. CobbleStone Software

CobbleStone Contract Insight is a large organization commercial contract management software. It depends on the VISWID AI to scan contracts of both internal and external teams. The system is interconnected with most popular CRM, ERP, and systems related to particular departments. CobbleStone is trusted by thousands of companies including fortune fifty companies. The program provides thorough dissonance educating and good implementation services. Every area is extremely adaptable to the personal contract management requirements.

Key Features

• VISWNDL AI contract analysis.
• FastSearch of large contract volumes.
• Individualized reporting and insights creation.

Pros

• Extensive training given.
• Highly customizable fields
• Bigger implementation assistance.

Cons

• Prolonged email notifications.
• Poorly functioning mobile interface.
• Problems in technical design.

Best For: Enterprises

Pricing: Contact for pricing information

Website: https://cobblestonesoftware.com 

8. Agiloft

Agiloft offers best contract management tools with unique no-code configuration capabilities. All businesses like Facebook has a highly flexible, user-friendly and scalable platform. Agiloft can be connected with more than 1,000 systems to achieve coordination. It has almost 100 percent customer satisfaction rating in all its users. The software offers central repository that is secure, audit trail, and permission controls. The AI is used to improve the efficiency of contract processing by Agiloft by extracting contracts intelligently.

Key Features

• No-code definition of custom workflow.
• Combines with 1000+ systems on offer.
• Metadata automation using AI.

Pros

• Single-stop CLM solution
• Extremely tailorable platform.
• Good automation capacities.

Cons

• Tedious set-up in the beginning.
• Complex user interface
• Requires extra training

Best For: Enterprises

Pricing: Contact for a custom quote

Website: https://agiloft.com 

9. ContractWorks

ContractWorks is cloud-based contract management solution for organizing and minimizing risks. Its platform is excellent when it comes to handling distributed teams remotely in the management of contract documents. It is also certified with SOC 2 Type 2 certification to have access control without any hitches. ContractWorks simplifies the process of contract redlining, making negotiations emails long. It is powered by sophisticated AI incorporation to do creative and faster redlining by the software. GPT-3 AI helps in creating contracts which saves a lot of time in the creation of the contract.

Key Features

• GPT-3 writing AI help.
• Advanced search based on AI.
• Automated custom approval processes.

Pros

• Excellent tagging tool
• Well-developed support on implementation.
• Great folder organization

Cons

• Weakness of external integrations.
• No bulk-send option
• Long process of importation.

Best For: Mid-sized

Pricing: Contact for pricing options

Website: https://contractworks.com 

10. Concord

Concord is digital contract management systems for editing, redlining, and commenting directly. The platform provides contract lifecycle management with dynamic needs processes. It is compatible with 5,000+ applications, which makes it easier to work in teams. Concord is good at collecting detailed information with reporting and monitoring. The software has unlimited signature requests that are valid in more than 150 countries. Support on implementation is strong and users can begin implementation within 24 hours.

Key Features

• App integrations: 5,000 and more.
• There are automated deadline monitoring alerts.
• Infinite signature requests on a worldwide level.

Pros

• Fast implementation process.
• Reactive customer care.
• Easy-to-use interface

Cons

• The unknown editing templates.
• Problems with the delivery of notifications.
• Poor sharing capability.

Best For: Small

Pricing: Contact for pricing details

Website: https://concordnow.com 

Future of Contract Management Software

1. More Advanced AI Features: The complicated legal analysis and prediction of risks will be done by AI.

2. Improved Integration Ecosystems: An uninterrupted integration with any business tool will be a normal feature.

3. Increased Mobile Capabilities: The entire capability of contract management with smartphones and tablets.

4. Blockchain Integration: Cryptographic, non-repudiable records of contracts with distributed ledger technology.

5. Predictive Analytics: There will be software to predict the results of contracts and recommend the best terms.

Conclusion

Selecting the correct contract management software will change the way your company manages agreements. The 10 platforms we have discussed have varying capability to meet various needs. The great AI of HyperStart to the easy-to-use interface of Docusign has its own value. Before making a decision, take into account your team size, budget and particular needs. Majority of the vendors provide demos hence try out a couple before making a decision. The correct right contract management software will save time, minimize errors, and enhance your business associations. Begin searching now and find how the load of contract management can be lightened. You will be grateful to your future self to have made such a smart investment.

Also Read: Best Vendor Management Systems

Frequently Asked Questions

Q1: What do you know about contract management software?

Contract management software facilitates the process of contract creation, approval, signature, storing and tracking the entire lifecycle.

Q2: What is the price of contract management software?

Prices range between a few dollars per user per month up to thousands of dollars on yearly basis. Prices are quite often tailor-made.

Q3: Is it possible to use contract management software by small businesses?

Yes, there are numerous sites such as HyperStart and Concord that exclusively target small enterprises at low costs and with a user-friendly interface.

Q4: Do you believe contract management software is secure?

Trusted contract management software has encryption, access control, and adherence to standards, such as SOC 2 and ISO 27001.

Q5: How long does implementation take? 

The implementation takes a period of between 24 hours to one month based on the complexity of the platform and the size of your organization.