While it’s important to learn how to manually review contracts, if you need to review multiple contracts as part of your role it may be helpful to invest in some Contract Review Software. This to help streamline and scale your task and make it more efficient. Problem is, most articles on Contract Review Software are written by the software providers themself, and it becomes difficult to assess which type and brand of software will work best for you.
With so many options available, it can be difficult to determine which Contract Review Software is right for your needs. That’s why I’m writing a series of posts, from the perspective of a Contracts Lawyer, a Contracts Professional and a Strategic Contracting Adviser, to let you know what factors you should take into account when choosing Contract Review Software.
When you choose Contract Review Software, it’s important that you pay attention to more than just how many features the actual software has. Participating in a demo is very important, but you also need to ensure that the software allows you to carry out Contract Review in the right way and take the necessary issues into account.
A Contract Review Software that does not allow you to enter into the risk allocation for a particular clause, for example, may not be useful when you need to assess how “friendly” the Contract is towards your own organisation.
In this guide, we will discuss everything you need to know to choose the right Contract Review Software.
Introduction
Reviewing contracts and agreements can be a tedious and time-consuming process. This is especially true if you are doing it manually. Contract review software can help streamline this process and save you time and money. However, with so many options available, it can be challenging to determine which software is the best fit for your needs. In this guide, we will walk you through the steps you need to take to choose the right contract review software.
How to Choose the Right Contract Review Software
Choosing the right contract review software is a critical decision that requires careful consideration. Here are some steps you can take to make sure you choose the best software for your needs.
1. Identify Your Needs
The first step in choosing the right contract review software is to identify your needs. What specific features are you looking for in the software? Do you need a tool that can handle multiple languages? Are you looking for a software that can integrate with other systems? By understanding your needs, you can narrow down the list of potential software options.
2. Consider the User Interface
The user interface is an essential factor to consider when choosing contract review software. The software should be user-friendly and easy to navigate. You don’t want to invest in software that requires extensive training to use. Look for software that has a straightforward and intuitive interface.
3. Look for Integration
Many organizations use multiple systems to manage contracts, so it is essential to choose contract review software that can integrate with other systems. This integration will help streamline the process of reviewing contracts and agreements.
4. Evaluate Security Features
Contracts and agreements often contain sensitive and confidential information, so security is critical. Make sure the contract review software you choose has robust security features to protect your data.
5. Consider Pricing
The cost of contract review software can vary significantly, so it is essential to consider pricing. Look for software that offers transparent and fair pricing. Also, consider whether the software requires an upfront investment or if it is billed on a subscription basis.
6. Read Reviews and Compare Options
Once you have identified your needs, evaluated user interfaces, integration capabilities, security features, and pricing, it is time to compare your options. Read reviews from other users and compare the different software options to determine which one is the best fit for your needs.
Top Features of Contract Review Software
Contract review software offers a range of features that can help streamline the process of reviewing contracts and agreements. Here are some of the top features to look for:
1. Automated Contract Review
Contract review software can automatically identify and flag potential issues in contracts, saving you time and effort.
2. Customisable Workflows
Customisable workflows allow you to tailor the software to your specific needs and processes. If you work with large contracts, such as Construction Contracts or ICT Contracts, it can be extremely helpful to prepare (or have a Consultant prepare) tailored workflows that show you have the Contract will work in practice, legally, commercially, financially and operationally.
3. Collaboration Tools
Collaboration tools make it easy to work with others when reviewing contracts.
4. Analytics and Reporting
Analytics and reporting features can provide valuable insights into contract performance and help identify areas for improvement.
5. E-signature Support
E-signature support can help streamline the contract signing process.
Conclusion
Choosing the right contract review software can be a game-changer for your business. By automating the process of reviewing contracts, you can save time, reduce errors, and increase productivity.
When choosing contract review software, it’s essential to consider your specific needs, user interface, integration capabilities, security features, pricing, and read reviews from other users. With the right software, you can streamline the contract review process and improve your business’s bottom line.
Keep in mind, however, that it is important you learn how to review a contract manually before you start using Contract Review Software. We will soon be running a course on How to Review a Contract (for Contracts Professionals), so make sure you sign up to our Email List and we will let you know when the course is live!
FAQs
Contract review software is a tool that automates the process of reviewing contracts and agreements. It works by using machine learning algorithms to analyze contracts and flag potential issues.
Contract review software can be useful for businesses of all sizes and industries. However, the specific features you need may vary depending on your organisation’s needs and how you typically review contracts.
The benefits of using contract review software include saving time, reducing errors, improving accuracy, increasing productivity, and reducing costs.
The cost of contract review software varies depending on the specific software and features you choose. Some software is available on a subscription basis, while others require an upfront payment. Keep in mind you should factor ongoing licence fees or upgrade fees into the cost of the contract review software.
Many contract review software options can integrate with other systems, such as CRM and document management systems.
When choosing contract review software, you should consider your specific needs, user interface, integration capabilities, security features, pricing, and read reviews from other users. Also consider how you carry out Contract Review manually, as you want software that will be compatible with your current processes.
