Keeping track of contracts from its conception until its termination is one of the primary responsibilities of contract management. Businesses should be able to monitor and coordinate the drafting, negotiation, execution, and termination/renewal of every contract they agree to partake. There are two ways on how contract managers can keep track of the contracts signed by the company. First is through manual file storing, which keeps hard copies of the contracts in a secure location. The second one is through a contract management software that offers a centralized data repository and automated inventory.


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How do you track a contract?

Keep a database of all signed and active contracts, including a detailed summary of all important information about your contracts. Key information includes start date, end date, type of renewal, duties and obligations, notices, payment dates, etc. Track contract compliance and measure the quantifiable gains and losses associated with it.


What makes a good contract?

In general, a good contract is easy to understand and has every detail of the terms. A contract that goes into detail with the agreed terms and the scope of the services offered will perform better if there is ever a disagreement between involved parties. There are clear terms and conditions set and agreed by both parties to prevent any misunderstandings, reducing the chances of potential disputes.


What does good contract management look like?

A successful contract management strategy should improve business benefits, efficiencies and value for money delivered. The other party should be cooperative and responsive. All parties understand its obligations under the contract and there are lesser risks of disputes or loss.


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What is the best way to keep track of the terms of agreement?

The best way to keep track of the terms of the contract is using a post-award contract management solution that offers a centralized data repository with automated alerts or notifications for every milestone in the contract lifecycle. 


What is the best contract management software?

Naming the best contract management software can be difficult because different softwares provides different solutions. When it comes to the contract management system for post-award, Zendoc is the leading software available in the market. Zendoc’s automated notification setting, called Zenalert, can send alerts to businesses about deadlines, clauses, and more. 


How do you keep track of various versions and updates of contracts?

Keeping track of various versions and updates in the contract during negotiations, as well as the duration of the agreement period, can be quite tedious. In order not to miss out on any revisions made in the draft or in the contract, it is important to have a system that can track any changes made. Here are some tips contract managers can use to help track various versions of the same contract.

First, delegate a person who will be keeping a copy of the original contract and making sure that all revisions made are incorporated into it. Next, decide what constitutes a new version or update. Changing some things in the contract doesn’t necessarily mean that it became a newer version. Finally, set up a system for saving versions and incorporating comments in the official document.


Zendoc is the solution

Zendoc’s powerful Zendiscover AI system can help businesses be informed of new documents added to their platforms. It automatically finds and gathers all contracts after the initial setup, which means the AI will continuously comb through the business’ cloud and email and import new legal documents or contract revisions. This makes tracking various versions and updates in the contract easier and more efficient. 


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How do you organize contracts?

Having well-organized contract management can greatly help a business in making decisions and deals. While maintaining a manual setup of contract management is good, automating everything is more efficient for the business. Creating an online or cloud-based data repository for all contracts is the first step in the organizational process. Imported contracts can then be sorted out using a proper naming scheme and folder system. To keep the database clean and more effective, contract managers should keep secure sharing access to parties involved and discard any obsolete documents.


Why is it important to store signed contracts securely?

It is important to keep a signed contract secure in case of legal disputes. However, it is also crucial that the staff responsible for the implementation of the terms of the contract have access to the documents so that they can ensure that all rights are enforced and obligations are respected.


Zengo to find all your contracts automatically

The Zengo feature of Zendoc has a powerful AI that is able to find legal documents in the business’ cloud and email services, then import them all quickly. Imported documents are also analyzed and tagged to make organization easier. Businesses only need to set up the platform once, and Zendoc’s AI will handle the rest of the automation process.


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How do you track a contract change?

Tracking changes in the contract can be quite tedious, especially if the contract is being edited and revised in the same document by various parties involved. To make tracking any changes in contract management easier and more efficient, contract managers may observe the following practices. 

While it is important for a contract to contain every detail regarding the terms, it is also equally essential to keep confidential information out of the eyes of possible onlookers. Using a role-based viewing, commenting, and editing permissions can help in controlling changes in the contract. Using centralized templates, clauses, and language can also help in properly keeping track of changes made in the contract. The use of redlining can also help in tracking any revisions in the contract.                  

What does a redlined document look like?

In the document management and collaboration process, a redlined document refers to the marking phrases or sentences that have been edited. The added text can typically be displayed in bold, double underline surrounded by square brackets while deleted text may appear strikethrough surrounded by curly brackets. Redlining is usually done when there are two or more individuals working on a single document. 


Why is tracking changes important to use?

When two or more parties are editing the same document, it can be difficult to see where changes are made. As such, it is important to use proper redlining techniques to note the revisions incorporated in the contract. Tracking any changes in the contract can make the drafting and negotiations easier and smoother, preventing potential misunderstandings of the terms that may lead to disputes. 


Zensearch to find key information instantly

With the powerful AI of Zendoc’s Zensearch process, businesses can easily track and monitor their contracts based on actionable tags. Zensearch can find any kind of key information in the contracts without the need of manually browsing through the documents one by one. Transforming simple text to actionable tags can also help in increasing the efficiency and productivity of the business. Unleash Zendoc’s true potential by combining their different solutions to get a fully automated contract management system that has top-tier sorting ability and smart notifications.


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About Zendoc

Zendoc is a full-service AI-powered document automation system that not only organizes all of your agreements into a single database but keeps you up-to-date on what you need to do to extract as much value from your documents as possible. You don’t have to worry about forgetting your obligations because you don’t have to remember them in the first place.

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