There are a wide variety of contract lifecycle management (CLM) systems out there.
So, what are the key features that make any CLM software an ideal fit for your Organization? A good software solution should handle all aspects of the contract lifecycle, from the contract request all the way to its execution.
The single most important thing is simplicity and ease of use. After all, it is essential that a user be able to understand the software, if it is to be used to its full potential. So, let’s dive in!
The most common task within a contract management, is processing a contract request .
This is typically initiated by an internal company employee, looking for a contract review or a new contract draft.
Legal Track users can convert the incoming email requests into a contract file with just a couple of clicks.
We provide other methods as well. For example, a requester can simply fill out a web-based form, and the file is then automatically created in Legal Track.
Along with that, an automated notification is sent to the legal department personnel.
Legal Track is natively integrated with Microsoft Outlook and Office 365. Besides converting emails into contracts, you can manage the entire process from one single location.
All contract-related emails, whether incoming or outgoing, are automatically archived under their respective contract file.
You can also delegate Outlook Tasks and Appointments, that are related to a specific contract file.
Legal Track comes with a Clause Library, which gives users the ability to draft a contract by simply selecting the contract clauses from a clause database. You can also add your own clauses to the library database for later use.
We provide you with complete mail merge capability, that can automatically populate contract related information into a Word document. Whether it is a contract amendment, collaborative redline process, or electronic signatures, we cover it all!
Let’s talk about AI in the simplest terms. When a user uploads a contract document in Legal Track, the AI engine pulls key clauses and critical dates in the form of tags, also known as metadata.
Imagine hundreds and thousands of documents on your network’s drive, and within each document, multiple columns displaying keywords extracted from your documents.
Now, imagine having the capability to filter data based on those keywords (tags) and quickly retrieving the desired information.
Imagine a system that can also trigger notifications and alerts based on that key data. Well, let’s stop imagining, because this is a reality with Legal Track!
You no longer need to work with a standalone document management system. Legal Track’s document management functionality comes with the ability to check-in and check out files.
Maintain version history, share documents online, utilize OneDrive integration, and much more.
We have eliminated the need for multiple software systems in order to run your legal department.
Legal Track provides its users with automated workflows, helping them save time. We also offer an approval process, where in-house personnel can collaborate on a file as a team.
Additionally, the redline and contract negotiation process is handled using the same methodology.
Legal Track is compatible with both Adobe Sign and DocuSign for e-signatures.
Last, but not least, our business intelligence engine provides drill down reporting capability. This means our reports are not static. Users can select data from a variety of filters and view reports from several different angles, using the drill down functionality. Please click on the button below to schedule a demo.