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Your Guide to the 16 Best Contract Lifecycle Management Software Platforms

Contracts provide the foundation for nearly every business process. From nondisclosure agreements and employee contracts to partnership agreements and property leases, your business likely deals with a range of contracts.

And while well-executed contract processes have the power to mitigate against risk, poor contract management can lead to wasted resources and, ultimately, irreversible reputational damage. 

Contract lifecycle management software is your one-way ticket to reaping the benefits of business contracts. By implementing the best contract lifecycle management software on the market, you can benefit from increased operational efficiencies across your organisation. 

👉 Here you’ll find everything you need to know about contract lifecycle automation.

What is contract lifecycle management software?

In a nutshell, contract lifecycle management is the end-to-end management of all activities related to the creation, execution and management of contracts. It was born out of a need to upgrade and automate contract processes that for so long had been conducted manually. 

Esignature was one of the first big breakthroughs in contract management’s digitization, eliminating the need to physically locate signatories. It dramatically reduced costs and slashed waiting times from days and months to minutes. Research indicates that in today’s market, the time difference between traditional and eSignatures is 5 days vs. 37 minutes with an 80% reduction in turnaround time using eSignature.

This was then followed by other contract lifecycle upgrades, which have improved the speed of contract generation.

Today’s contract lifecycle management software features cutting edge technology, AI capabilities and advanced analytics for even greater efficiency, cost and time savings. Some of the benefits of automated contract processes include a 25% reduction in administrative costs, a 50% reduction in the length of contracting cycles and the potential to increase compliance by 55%.

Should I invest in enterprise contract lifecycle management software?

If you’re looking to streamline your processes, increase productivity, cut costs and ensure compliance, then the simple answer is a big — yes!

Firstly, without automated contract processes in place, you’re missing out on opportunities that your competitors might be making the most of. According to World Commerce & Contracting research, the average company is losing 9% of revenue annually because of contract-related issues. 

But effective contract management isn’t all about creating growth — it also helps to mitigate against financial, legal and security risks. In other words, what might happen to your business if you don’t effectively manage your contracts? 

The effects could be disastrous:

  • Increased costs (and lost revenue)
  • Ruined business relationships
  • Reputational damage
  • Underperforming projects
  • Security breaches

To stop these (and more) from happening, we’re going to run down 16 of the top contract lifecycle management software options. You’ll get an overview of various platforms to help you choose the best contract lifecycle solutions to suit your business needs!

Avokaado

Avokaado lets you create contracts easily and collaborate on one central platform at every stage of the contract lifecycle — from smart drafting through to final approval and e-signature.

Key features:
– Create complex documents quickly with an automated template library, a clause library and intuitive UX design
– A suite of advanced collaboration tools including document sharing, in-document discussion, reminders and dynamic approval processes

– Track and visualise all collaboration steps on a mobile-responsive dashboard
– Manage processes, access rights and data in your document database

Contract lifecycle management software — Avokaado

Pricing:

When it comes to pricing, Avokaado has a number of options to suit all business needs. Plans are dependent on the number of users and can be paid on a monthly or annual (-20%) basis:

  • Freemium: One user and access to 100+ free pre-lawyered templates
  • Starter: One user can draft, sign and manage documents
  • Standard: Up to 15 users enjoy all Starter features plus collaborative drafting and user roles
  • Premium: Automation and personalization for teams with a legal department (minimum of 10 users)
  • Custom: Fully customizable plans for large teams and API users. 

Suitable for:

Businesses operating in heavily regulated industries that use different agreements and process a high volume of internal and external documents that need quick approval and signatures from many parties.

                    

“The team at Avokaado has a very clear understanding of the challenges of working with legal documents. The solution offers a very relevant and easy to use environment for handling either large or small volumes of precedent documentation” (Scott Levy, Bedford Row Capital)

Pros

  • Access to a global pre-lawyered template ecosystem
  • Unlimited external collaborators and online signatures
  • Integrated eSignature functionality means you don’t need to pay for external digital signature providers
  • Customizable pricing allows small businesses without lawyers to have the same legal quality as businesses with dedicated legal teams
  • Free contract lifecycle management software with the Freemium option

Cons

  • With such a comprehensive library of automated templates, you’ll have too much choice on your hands!
  • You’ll need to spend time getting used to the tool to get the most out of it. But luckily, Avokaado’s Contract Clinic and team of legal engineers are on hand to support you every step of the way

Evisort

An end-to-end contract management platform that automatically creates new contracts and streamlines workflows to empower your legal, procurement, and business teams.

Key features:
– Uses stored data to establish new contracts with the right terms upfront
– Manages the entire workflow from one place
– Organises data from across your business with automatic ERP and CMS syncing

 Contract lifecycle management software — Evisort  


Pricing: 

Contact the vendor for a pricing request.

Suitable for:

Enterprises of all sizes and for Legal, Procurement, Finance, IT, Sales, and Operations departments.

Pros

  • Create self-service contracts in seconds
  • Automatically aggregate contracts from across the business 
  • Use AI to increase the speed and accuracy of contract review

Cons

  • Users noted that the platform’s features are complex and can take a long time to learn and get used to

Conga

Conga offers a suite of the best contract lifecycle solutions to help automate key contracting processes and tasks. 

Key features:
– Streamlines the production of long and complex contracts with zero errors
– Increases approval process efficiency with Conga Approvals
– A central repository to handle all contracts in one place

Contract lifecycle management software — Conga

Pricing:

Conga’s pricing starts at $20 per user per month with a packaged option available for up to 10 users. 

Suitable for:

A range of industries, including business & finance, education, energy, healthcare, manufacturing and retail. 

Pros

  • Quickly create complex, error-free contracts
  • End-to-end product range covering commerce, contracts, revenue and documents
  • Easy integration with CPQ, ERP and more

Cons

  • Users reported that the Conga template contracts are difficult to design and customize, and require knowledge of HTML

ContractpodAI

AI-powered, end-to-end contract lifecycle management software system featuring templates and automated workflows.

Key features:
– Quickly creates simplified templates using the integrated clause library
– Negotiate, update and finalize contracts in one place without having to leave the platform
– ContractPodAi’s CLM system features a centralized digital contract database to efficiently manage every agreement

Contract lifecycle management software — ContractPodAI


Pricing:

Contact the vendor for a pricing request.

Suitable for:

ContractpodAI is targeted at legal team leads in large corporations who want to maximise their legal tech potential and their competitive advantage.

Pros

  • Unify your organization and empower staff with complete contract lifecycle management software 
  • Legally minded dashboards and advance legal automation tools to extend your influence
  • Legal teams have comprehensive technology and ongoing support to oversee the entire contract lifecycle management process

Cons

  • Users said that given the platform’s extensive functionality, it can be difficult to navigate and get used to
  • Only suitable for larger corporations with legal teams in place — not so for sole traders or those without dedicated legal resources

Onit

A cloud-based contract management system with automated functionality that supports and streamlines the contract lifecycle from capture to post-execution management. 

Key features:
– Automatically generates contracts with appropriate clauses based on a robust rules engine
– Provides partners and clients with an easy to use portal to request, submit, or create contracts
– Automatic version control as well as simple and easy to use check-in, check out functionality

Contract lifecycle management software — On it


Pricing:

Prices start at $3,000 per month according to various sources, but specific packages will require an Onit quote. 

Suitable for:

Individuals or departments that manage contracts as part of their daily business lives.

                    

“This has been an exceptional process improvement for our client communications, reporting metrics and speed in which we can turn around contracts. Our clients have embraced this new process and use it daily.” (Senior Manager, The Home Depot)

Pros

  • Unlimited users and a user-friendly interface
  • Achieve maximum performance, reliability, and scalability with Amazon AWS
  • Access Onit software and real-time contract lifecycle management data on all major web browsers and devices

Cons

  • Given that Onit’s contract lifecycle management is one part of a larger ecosystem of products, the cost may not be viable for SMBs

Contract Logix

A data-driven contract management platform that’s configurable to meet your needs throughout all phases of the contract lifecycle both pre- and post-execution. 

Key features:

– Use out-of-the-box forms to get up and running quickly
– Automates contract processes using configurable workflows based on your dynamic business rules and compliance requirements
– Holistic view of every contract detail with stage, status and progress reporting

Contract lifecycle management software — Contract Logix


Pricing:

Contract Logix pricing starts at $59.00 per feature, per month with two versions of its data-driven contract lifecycle management software: Premium CLM and Express CMS.

Suitable for:

Contract Logix can help Legal, Supply Chain, IT, Sales, HR and Facilities departments across a range of industries.

                    

”We love how easy the Contract Logix platform makes managing all our contracts. It’s user-friendly and gives us the insights we need into the performance of our fundraising contracts.” (Paige Orth, Food for the Hungry

Pros

  • Start using Contract Logix’s easy and intuitive interface immediately
  • Send documents for electronic signature and automate the routing and receiving of the final executed agreements
  • Hosted on Microsoft’s Azure Cloud for complete security and accessibility
  • Express CMS and Premium CLM options depending on business requirements

Cons

  • Users report that though customization options exist, these typically take a long time and require extra technical assistance

ContractWorks

Easy-to-use, affordable contract management software for businesses who need a quick way to understand and manage contract obligations.

Key features:
– ContractWorks’ Smart Document Tagging feature automatically identifies various parameters, so you can get the data you need, faster
– Automates contract processes using configurable workflows based on your dynamic business rules and compliance requirements
– Holistic view of every contract detail with stage, status and progress reporting

Contract lifecycle management software — ContractWorks

Pricing:

ContractWorks has three pricing schedule each featuring a different number of allowed documents and electronic signature licenses (all billed annually):

  • Standard: $600 per month
  • Professional: $800 per month
  • Enterprise: $1000 per month

Suitable for:

Contractworks helps small-to-medium sized companies across all industries and can function as a departmental solution in large organizations.

Pros

  • Built-in digital contract signing functionality for quick sign-off
  • AI capabilities make the contract review process easier and more efficient
  • Creates a single system of truth for your contracts with unlimited document capacity

Cons

  • No content creation or contract authoring
  • A lack of in-built collaboration features make back and forth contract negotiation difficult 

Icertis

Icertis’ AI-powered Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting critical contract information.

Key features:

– Self-service contracts that have templating safeguards set by legal professionals
– Intelligent negotiation and seamless contract execution, supported by powerful collaboration tools
– Enterprise-grade security and administration to manage highly sensitive confidential contracts

Contract lifecycle management software — Icertis


Pricing:

Contact the vendor for a pricing request.

Suitable for:

Icertis supports companies in the automotive, banking, consulting, engineering, healthcare and technology industries. 

                    

“The Icertis platform’s ease of use and intelligent insights will help us optimize the value of our commercial relationships, increase contracting efficiencies, and help reduce contractual risk.” (Matthew Lepore, BASF)

Pros

  • Drive compliance and minimize risk with continuous monitoring and smart rules
  • Advanced analytics and real-time contract intelligence
  • Create, approve, and collaborate on contracts within third-party software tools

Cons

  • Users noted that contract negotiations often have to happen outside of the software

Precisely

Precisely is a digital contracting platform that automates and reduces manual tasks, while ensuring compliance.

Key features:

– Set rules mean anyone can create contracts, regardless of legal experience
– Review, approve, negotiate, and e-sign in one place
– Smart notifications to help you stay on top of all contract lifecycle events

Contract lifecycle management software — Precisely

Pricing:
Precisely has three pricing schedules depending on your business size and what features your business requires:

  • Starter: $44/user per month
  • Professional: $62/user per month
  • Enterprise: $89/user per month

Suitable for:

Precisely helps Finance, HR, Legal, IT, Sales and Procurement teams across a wide range of industries.

Pros

  • One digital touchpoint for all contract related matters
  • All contracts in one place and instant access to any contract
  • Legally binding electronic signatures

Cons

  • More expensive pricing options needed if you want more than 1 automated template

Legito 

Advanced document drafting automation including workflows, approvals, secure sharing and eSignatures.

Key features:

– Out-of-the-box and ready-to-use deep contract automation
– Leverage dozens of unique workflow features to create bespoke automated process flows for accurate routing and overall document lifecycle management
– Document automation and management under one roof

Pricing:
Legito has three licence plans, two of which (Single User and Small Business) include a 30-day free trial:

Contract lifecycle management software — Legito

  • Single User: $1,200 per year (with the ability to add extra users)
  • Small Business: $9,500 per year for ten users
  • Customer: The exact price depends on your requirements, but this option is for 20+ users and includes the services of a client success manager

Suitable for:

Legito offers solutions for early-stage, midsize and enterprise businesses for various departments across a host of industries. 

Pros

  • Out-of-the-box features ready to use straight away with zero programming experience
  • Integrates with company registers in over 80 countries and states, plus CRM and DMS systems.
  • Easily build multiple option Workflows using Legito’s coding-free Workflow Editor

Cons

  • Mainly focused on automated document generation and not the whole length of the contract lifecycle
  • Lacking features for collaboration and signing

DocuSign CLM 

A suite of applications and integrations for automating and connecting the entire agreement process.

Key features:

– Send and sign agreements at any time, on a variety of devices from nearly anywhere
– Streamline the agreement lifecycle from end-to-end with DocuSign CLM
– Advanced AI contract analytics to support your negotiating process

Pricing:
Three standard plans depending on your business scope with options to buy more users:

Contract lifecycle management software — DocuSign CLM

  • Personal: $120 annually 
  • Standard: $300 annually
  • Business Pro: $480 annually

Suitable for:

DocuSign CLM offers solutions for early stage, midsize and enterprise businesses for various departments across a host of industries. 

Pros

  • Consistently delivers 99.99% availability with no maintenance downtime
  • Sign agreements in 44 languages and send them in 14
  • Meets or exceeds stringent global security standards including the highest level of global information security assurance available today

Cons

  • No functionality for contract creation and authoring 

Concord

A suite of applications and integrations for automating and connecting the entire agreement process.

Key features:

– Quickly create templates for any contract type and automate approvals
– Smart document approval workflows to guarantee compliance at all stages
– Unlimited document storage and the ability to send signed documents to tools like Box, Dropbox or Google Drive

Contract lifecycle management software — Concord

Pricing:
Four pricing plans depending on your required functionality:

  • Free: $0 — create, edit and design documents in one location
  • Standard: $17 per user per month — control access across your organization and bulk send documents for eSignature
  • Pro: $34 per user per month — connect Salesforce and other applications, plus automate approvals and reporting
  • Enterprise: $TBC depending on requirements — boost efficiency with a clause library, subsidiary management, and SSO

Suitable for:

Legal, Sales, Procurement and HR teams in small, medium, and enterprise businesses.

Pros

  • Quickly set-up all your teams and start enjoying Concord’s familiar inbox-like interface
  • Work with the tools that are best for you, your team, and your third party — Concord, Word, or even Google Docs
  • Collaborate with anyone in your company and negotiate with any third party, saving you time and ensuring compliance

Cons

  • Users have reported that after uploading documents, they’ve had formatting issues which have wasted time.

Agiloft

Agiloft offers pre-built and custom modules for commerce and contract lifecycle management.

Key features:

– Instant contract creation using standardized approved language with contract templates
– Contract reviews with automated redlining and version control including built-in Adobe Sign and DocuSign integration
– Custom dashboards that track KPIs and issue alerts by department, individual, customer or any other variable

Contract lifecycle management software — Agiloft

Pricing:
In addition to a free trial, Agiloft offers four pricing plans starting at $65 per user/month (exact amounts are quote specific) which offer different integrations and custom modules:

  • Professional: Standard support and integrations
  • Professional Extended: Multi-language support, pre-built integrations and portals for vendors, employees and customers
  • Enterprise: Open integration APIs and scripting, pre-built AI modules, in-house deployment options
  • Enterprise Extended: Unlimited custom modules, extendable AI platform, 24/7 support

Suitable for:

Agiloft is used by leading mid to large companies across a wide range of vertical industries.

                    

“Agiloft’s openness and flexibility really helped us become a process driven company. We can now resolve problems in less than half the time.” (Peter Charlton, Condé Nast)

Pros

  • Extensive customization without the need for coding
  • Comprehensive dashboard, analytics and reporting features
  • Free trial available
  • 99.9% uptime service level agreement 

Cons

  • Unlimited customization options can be confusing

Ironclad

Ironclad’s contract management software tackles the complexity of clause-level collaboration and lets companies deploy their own contracts at speed.

Key features:

– Workflow Designer tool features a drag-and-drop user interface letting users generate contract and approval processes in minutes
– Ironclad Editor offers a DOCX-native experience and the ability to collaborate with colleagues on a shared platform
– The Digital Contracting Platform brings in contracts from anywhere and helps to enrich them with agreement metadata

Contract lifecycle management software — Ironclad

Pricing:
Prices start at $500 per month with a free trial available. 

Suitable for:

Developed for in-house Legal, Sales, Procurement, Marketing, Finance and HR teams.

Pros

  • Seamless integrations with different electronic signature systems and cloud storage services
  • Centralized, auto-updating repository that gives you visibility across all your legacy and in-flight contracts
  • Enterprise-level security for all our customers

Cons

  • Users have commented that those with a non-legal background can struggle to get used to the software

Contractbook

Contractbook’s end-to-end contract management platform enables you to manage your contracts throughout the entire lifecycle in a single streamlined flow.

Key features:

Uses simple questionnaires based on contract templates to automate the contract creation process
Collaborate in multiple teams with defined hierarchies
Integration with 2000 other apps to automate the entire contract workflow

Contract lifecycle management software — Contractbook

Pricing:
Contractbook offers four pricing schedules from the basic Freemium option up to Integrate, for companies using large scale technology solutions:

  • Freemium: $0 — access to simple contract management features and 5 custom templates
  • Core: $97 per month — create contracts and manage the entire contract lifecycle in a streamlined flow 
  • Automate: $349 — data-driven document automation, integration with 3000+ apps and a dedicated customer success manager
  • Integrate: $1,200 per month — Customize your workflow and integrate Contractbook with the rest of your tools through a public API

Suitable for:

Sales, HR, Operations, and Legal teams that want to simplify their contract workflows and reduce errors. 

Pros

  • Extensive template gallery and easy-to-use editor
  • Choose between national IDs, two-factor verification or single-click signature
  • Store contracts on a cloud database for easy quick data insights

Cons

  • Weak when it comes to complex legal documents automation and its docx generator
  • Users experienced some problems with Contractbook’s editing capabilities and UX

Juro

Juro is an end-to-end contract management platform that lets users streamline routine contract workflows in one single location.

Key features:

Code-free editor and self-serve templates to create and send contracts quickly
A full audit trail of all collaboration activities include commenting, redlining and eSignature
– One dashboard with all documents and your entire contract pipeline, including powerful search capabilities

Contract lifecycle management software — Juro

Pricing:

Juro has a range of pricing options depending on the number of contracts and users available:

  • Free: $0 — includes 50 contracts and 1 user
  • Light: $450 per month (billed annually) — includes 500 contracts and 5 users
  • Team: $990 per month (billed annually) — unlimited contracts and 10 users
  • Business: $TBC depending on requirements — this plan is designed for businesses with multiple teams

Suitable for:

Legal, sales, HR and operations teams at high-growth tech businesses and marketplaces.

                    

“Juro removes friction from the final yard, ensuring contracts aren’t painful and don’t impede our velocity and growth.” (Edmund Ovington, Unbabel)

Pros

  • The no-code drag-and-drop workflow builder creates a robust approval process that’s live-synced with CRM
  • Native eSignature removes the need for a separate signing tool
  • Instant access to contract data, thanks to a flexible data layer underpinning pre- and post-signature workflow

Cons

  • Users have commented on the inability to send contracts to multiple parties at once
  • Not suited for contract management and storing — users said that the contract template filing system lacked functionality for adding subfolders to organize documents

The Bottom Line

As we’ve seen, the contract lifecycle management software market is booming. Gone are the days of waiting months to create contracts and obtain signatures. You can now streamline your contract processes to cut down on manual errors, time and unnecessary costs. This gives you more resources to focus your efforts on the things that matter the most!

Choosing the best contract lifecycle management software will ultimately depend on your business goals and circumstances. If you already have a large legal team in place, then you’re going to need a different platform than a new business with little legal knowledge, for example. 

Avokaado takes the hassle out of every step of the contract process no matter your level of legal knowledge. And what’s more, you can sign up for a 7–day free trial and start benefiting from Avokaado’s easy-to-use platform immediately. Get started today!

👇 Liked the article? Subscribe to a Monthly Newsletter below to be notified of the next blog update.

26.03.2021

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