ContraxAware Review

Contract Data Management

ContraxAware comes with features that give users an easy way to manage and control contract data. The solution provides a database that stores all the contract documents and information they have, allowing centralized access to contract data. It also provides data validation features that help them ensure that the data being entered into contracts are complete, accurate, and consistent. Users can specify what specific information should be collected and configure the templates that must be used for creating contract documents. 

Contract Creation & Authoring

The contract management solution facilitates how contracts are created and authored. ContraxAware provides an online portal that can be leveraged for submitting contract requests. When it comes to generating new contracts, the solution enables users to build an unlimited number of contract document templates using MS Word and export them to ContraxAware to be stored in a centralized document repository or library. 

ContraxAware has an advanced feature that allows users to automatically link contract document templates to contract records. With this feature, the metadata users have inputted into the contract records are instantly combined with the selected contract document template. 

In addition, the solution makes it easy for users to have their contracts signed electronically. They can create an e-signature workflow and add internal and external users that will participate in the process. They can also verify if a particular contract document has already been signed or not and send an automatic reminder to the individual responsible. 

Contract Lifecycle Management

ContraxAware enables users to easily handle the lifecycle of contracts. Equipped with workflow, task management, and notification and alert features, the solution makes sure that they and the parties they are working with are able to execute contract lifecycle management processes quickly, promptly, and accurately. 

The solution allows them to create contract lifecycle workflows from reusable templates. These workflows can be related to approving contracts, negotiating contract terms, or signing contract documents. As users create these workflows, they will be able to define what specific activities, tasks, steps should be accomplished, which individuals or groups are involved in the workflows, and what the milestones and deadlines are.

The individuals to whom the activities, tasks, and steps are assigned are automatically notified when it’s their turn to take action. Users can edit reminder/notification configurations so they can specify when the assigned individuals are supposed to receive automatic reminders and notifications. Team members and other parties are alerted about upcoming contract expirations, reviews, and renewals and if workflow tasks or steps are past due.