Small business contract solutions

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Business and logistical requirements to manage contracts and agreements in small business are same as any enterprise with limitations on spending and non-availability of dedicated legal departments.  The general counsel role is played by HR or shared resources, but the compliance regulations and contract obligations must still be managed.  Legal tech can help small businesses to manage contracts efficiently without increasing the headcount.

ContractPrime small business contract solutions offer end-to-end features to manage all stages of contracts.  Contracts importance to business transactions dictates that executed documents are stored securely in contract repository software.  Also called document repository, it offers a single source of truth for contracts with ability to search by metadata.

Contract management software allows businesses to create, negotiate and approve all from cloud collaborative platform.  Inhouse legal department can manage all the contracts in the organization and alleviate risk exposure of third-party contracts.  Contract automation will assemble documents based on templates approved by general counsel and rules driven by contract metadata or properties.  Self-service can be extended to business for Managers to create standard contracts like SPA or NDA, which do not need attorneys to be involved. Contract lifecycle management solution will guide contract owners on the tasks to be performed and milestones to be reached in every stage.   Legal requests from business can be addressed with full transparency with integrated compliance software. 

Most small business have Microsoft 365 subscriptions and ContractPrme is build on Office 365, so users can access contract documents from Outlook or Word.  Emails can be saved to contract folder by simple drag and drop. Dashboard will provide an overview of in-flight, executed, and expired contracts with analytics to generate management reports.  KPI on approval lead time, clauses used, and distribution of contracts over different jurisdiction can be studied for continuous process improvements.

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