Contract management has become an important discipline for any business enterprise - legal or otherwise - needing to track important contractual obligations.

An entire class of systems exists to help organizations manage contracts.  Features offered vary by system, but can include the abilities to:

  • Track parties
  • Collaborate
  • Preserve notes on the negotiation of terms
  • Request the creation of a contract
  • Organize, prioritize, assign and monitor drafting tasks
  • Provide version control
  • Establish contract review and approval workflows
  • Ensure compliance with workflow requirements
  • Establish and manage an archive for original signature documents
  • Store electronic versions of executed contracts
  • Diary obligations
  • Track fulfillment of terms
  • Monitor modification and extensions
  • Some systems even have language translation capabilities!

 

CONTRACT MATTERS, LIKE IP MATTERS, DO NOT FIT WELL IN TRADITIONAL MATTER MANAGEMENT SYSTEMS

 

Hyperion's Legal Operations Experts can help you find the right solution for your enterprise:
  • Review your current process and needs
  • Suggest workflow changes to create a more efficient process and align with industry best practices
  • Develop and manage a Contract Management Program, including retooling an existing system
  • System Selection, including managing an RFP process, evaluating solutions and advising on contract negotiation
  • Manage the design, configuration and implementation of the new system
  • Create processes for establishing and managing a vault for storage of original documents

 

 

Additional Information

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