10 Top Contract Management Software: A Complete Guide

Controlling contracts may be a demanding task for any business. Sometimes, papers are lost, time is lost by missing deadlines, and teams lose time by searching for papers. Contract management software comes in at this point. These technology tools facilitate easier, quicker, and safer management of contracts. In this paper, we will discuss the top 10 contract management software that can be used today. Be it a small startup or a big company, you will be able to find useful information on deciding on the ideal tool to use regarding the needs of your business.

What is Contract Management Software?

Contract management software refers to a computer-based software useful in assisting any business to create, store, track, and manage all its contracts. This software stores all information online as opposed to storing papers in the file cabinet system or in scattered email boxes that are scattered.

Consider it as a smart filing system, which does not simply store the documents. It is able to remind you of key dates, it can quickly write your new contracts, and it can even find a specific piece of information in your contract with the help of artificial intelligence. Business contract management software saves time, minimizes mistakes, and keeps your company in shape.

Benefits of Using Contract Management Software

1. Better Organization: Effortlessly, all the contracts are kept in one place, which makes locating documents very quick at all times.

2. Cost Reduction: Research indicates that businesses can reduce the contract cost by half substantially.

3. Enhanced Security: Secure access prevents unauthorised individuals from accessing sensitive information regarding a contract.

4. Faster Contract Approvals: Automated workflow processes accelerate the review and signing of documents enormously.

5. Compliance Assurance: Tracking features will make sure that your business complies with all the requirements of the law at any given time.

Top 10 Contract Management Software

1. HyperStart CLM

HyperStart CLM is an end-to-end contract management software, which assists the business to create, find, and contract 80% quicker. It uses HyperVerge AI to perform 95 percent accurate automated manual recipes such as contract retrieval, redlining, and metadata extraction. Implementation on the platform is smooth in under one month, and hence is ideal for firms that would prefer to see returns as fast as possible.

HyperStart is compatible with all types of businesses, both small and large. A customer, LeadSquared, took 60 percent less time to create contracts and 92 percent less time to improve reporting following the introduction of HyperStart CLM.

Key Features

• Contracts are made within two minutes on dynamic templates.
• Metadata extractor of 95 percent accuracy rate assured.
• Inbuilt eSignature features with OTP secure signing.

Pros

• Powerful intelligence capacities with fewer mistakes.
• ISO 27001 and SOC Type 2 certified
• A price that is not exorbitant and full of hidden charges.

Cons

• At this point, there are only 15 integration options.
• A recent platform with increasing functionality.
• May demands some preliminary training of teams.

Best For: All businesses

Pricing: Custom pricing based on business needs

Website: https://www.hyperstart.com 

2. Ironclad

Ironclad is an artificial intelligence-based software deployed to manage contracts, which makes your overall contracting process efficient. This platform automatically mines the metadata of contracts of more than 194 pre-defined properties, and managing data becomes very easy. Ironclad gives extraordinarily adaptive tagging, removing, and reporting features of contracting with an alluring visualization dashboard display.

The program is compatible with the most commonly used applications, such as Salesforce and Slack, but users claim that integration configuration may be time-consuming. Enterprise contract management software, such as Ironclad, is recommended in the middle range and in large companies that have complicated contracting requirements.

Key Features

• Automatic manual data tagging of contracts is a time saver.
• Data visualization tools as part of custom reporting dashboards.
• Salesforce/ Slack better workflow integration.

Pros

• Automated requests increase speed in execution.
• An excellent workflow tracking is an ingredient of accountability.
• Version history keeps track of transparency.

Cons

• The setup of the integration requires a lot of time.
• Poorer prices than most competitors.
• Miscellaneous available self-care facilities.

Best For: Enterprises

Pricing: Contact for custom enterprise pricing

Website: https://www.ironcladapp.com 

3. SpotDraft

SpotDraft is a complete contract management software that is ideal for business that requires speed and accuracy. This tool assists in the construction and delivery of contracts within minutes, rather than hours and days. SpotDraft is an AI-based automation that will make the redlining take much less time, making it possible to close deals much faster than usual.

The platform has custom report filters and views that provide a precise idea of the contract performance. SpotDraft is compatible with legal, sales, finance, and HR departments, and it can be recommended to those companies that require cross-functional collaboration and management of contracts.

Key Features

• Report filters can be customized, giving easy contract insights.
• High-volume contract distributions by way of bulk-share.
• Single click in consent is contacted by clicking.

Pros

• Pay as you pay-as-you-use model minimizes initial expenditures.
• The approval functionality allows for improved collaboration.
• The speedy contract execution will save time.

Cons

• Is not able to create templates on demand.
• Artificial intelligence needs a lot of human input occasionally.
• Messing format can be done by a contract editor.

Best For: Mid-sized companies

Pricing: Pay-as-you-use pricing model available

Website: https://www.spotdraft.com 

4. LinkSquares

LinkSquares is an end-to-end contract management software that facilitates the process of writing to signing with no hassle. Contract obligatory tracking has been made simple and reliable through the software, which automatically singles out contract terms through your old contracts. Such AI contract management programs as LinkSquares are compatible with the most popular software as Salesforce and Microsoft Word, and can help teams do their work using the apps they are more comfortable with.

This leads to each of the teams concerned in the contracting process being updated and linked to the entire process of work. LinkSquares provides effective interfaces and AI controls that can efficiently scan, label, and prepare contracts.

Key Features

• Smart tagging AI-based contract repository.
• Microsoft Word application to add impeccable editing.
• Identification of the terms of any contract through automatically identifying the terms on old documents.

Pros

• Simple and user-friendly interface.
• AI performs perfectly with uploads.
• Integration of words is very convenient.

Cons

• Complex features are consumptive of data.
• Tag entries were sometimes done manually.
• No title structure of organization.

Best For: Mid-sized companies

Pricing: Contact for custom pricing quotes

Website: https://www.linksquares.com 

5. Juro

Juro is an AI-based contract management software that more than 6,000 companies across the world adore because of its flexibility and collaboration capabilities. All the contracts are gathered in a single place, and handling them turns out to be extremely easy and effective. Juro AI assists with contract writing, summarizing, and reviewing to accelerate the signing and processing of the contracts.

The platform works with more than 5,000 tools that will guarantee that you centralise your entire business ecosystem in terms of contract management. Business solutions, such as contract management solutions, such as Jur, provide no-code workflow creators that are simple and fast to set up by non-technical users.

Key Features

• AI chatbot assistant for contract drafting support
• No-code workflow creator simplifies approval processes
• Integration with 5,000+ tools for connectivity

Pros

• Quick and hassle-free implementation process
• Wide array of growing features
• Enhanced visibility for stakeholders

Cons

• Email notifications sometimes fail to deliver
• No bulk sending contract option
• Limited Google Drive and Adobe integration

Best For: Mid-sized companies

Pricing: Contact for pricing information

Website: https://www.juro.com 

Also Read: Best Financial Management Tools

6. Docusign CLM

DocuSign CLM is an innovative technology of contract management that eases the contract processes with high automation capability across the contract lifecycle. This software is equipped with AI integrations and powerful features that can be used to manage all the stages efficiently and effectively.

DocuSignCLM is considered to be a leader in the Gartner Magic Quadrant of CLM solutions that demonstrate its excellence in the industry. Its platform has a variety of integration solutions, quality customer service, and easy upgradability to support businesses in their growth. Even non-technical users may find it easy and quick to develop and maintain professional contracts with the drag-and-drop contract editors.

Key Features

• Contract drafting chatbot assistant based on AI.
• No-code workflow generator facilitates the approval procedures.
• Connectivity with 5,000+ tools.

Pros

• Fast and user-friendly implementation process.
• Huge variety of expanding features.
• Better shareholder transparency.

Cons

• Email messages fail to deliver at times.
• None of the bulk sending contract alternatives.
• Poor Google Drive and Adobe integration.

Best For: Enterprises

Pricing: Contact for enterprise pricing details

Website: https://www.docusign.com 

7. Agiloft

Agiloft provides unmatched contract management software, where configuring the software does not require any technical skills, which can be done by anyone. Agiloft is highly flexible, user-friendly, and scalable, and the best fit for any business regardless of its size or industry. The platform is connected with more than 1,000 systems and facilitates the coordination and communication across inter-departmental activities of your whole organization.

Agiloft has one of the highest customer satisfaction rates (nearly 100 percent) and should be on the list of prospective companies that are interested in getting automation solutions that are simple and efficient. Enterprise contract management software such as Agiloft has the benefit of configuring every subfield, rule, and integration to fit the organizational requirements.

Key Features

• Drag and drop the contract editor to make it easy.
• Contract data are analyzed by 100+ pre-trained AI models.
• Workflow processes are automated with 100+ steps.

Pros

• The user interface is intuitive to all.
• Considerable implementation and usage support.
• Training and adoption of employees is easy.

Cons

• The platform is buggy in some cases.
• The tagging option does not always work.
• Priced on the higher end

Best For: Enterprises

Pricing: Contact for custom pricing options

Website: https://www.agiloft.com 

8. Conga Contracts

Conga Contracts provides contract management software that is aimed at legal and procurement departments, intending to derive efficiency and control. This software is compatible with nearly every CRM, but it is highly integrated with Salesforce to provide a smooth exchange of data. Conga Contracts offers all the facilities to procurement companiesswhether it is drafting, negotiating, signing,g orpost-signingg execution.

The platform will save companies up to 1,000 man-hours a year on tasks that involve handling contracts and administrative activities. The characteristics of contract compliance management can guarantee the fulfillment of the full range of obligations during the whole process of contract management.

Key Features

• None of the code configuration is programmatic.
• Connection to 1,000+ systems.
• Metadata mining accuracy with AI automation.

Pros

• One-stop solution to the lifecycle.
• All areas can be customized to a great deal.
• Intensive compliance and security functions.

Cons

• An initial time is required for configuration knowledge.
• UI might have been simplified more.
• To adopt, needs additional training.

Best For: Mid-sized companies

Pricing: Contact for pricing information

Website: https://www.conga.com 

9. CobbleStone Software

CobbleStone Contract Insight Enterprise is commercial contract management software that addresses the business needs of large corporations with complex needs. It employs CobbleStones VIS wisdom to interpret the negotiated contracts by the internal team as well as foreign teams effectively.

The site is connected with major CRM and ERP, and other departmental systems, to be fully connected to the business. CobbleStone has assisted thousands of companies, including some of the Fortune 500 companies, in automating their contract management processes. The software provides in-depth training programs and end-to-end implementation services to enable businesses to take advantage of all abilities.

Key Features

• The portal of negotiations invites the cooperation of participants with great ease.
• Intelligent central storage AI metadata retrieval.
• High-tech business intelligence data displays.

Pros

• Integration into Salesforce is easy.
• Changes are automatically synchronized in reference documents.
• Efficient approval procedures retain accountability.

Cons

• High user steep learning curve.
• No option of changing tracks.
• It can be challenging to adopt

Best For: Enterprises

Pricing: Contact for enterprise pricing

Website: https://www.cobblestonesoftware.com 

10. ContractWorks

ContractWorks is a contract management system for mid-sized companies who want to get more done and have more control over their processes. Auto-extraction, intelligent work-saving, and robust QuickSearch features are offered to find contracts in seconds. Custom reporting assists in transforming contract data into insights that can be acted upon.

Training programs, customizable fields, and easy onboarding are all advantages for the users. On the other hand, long communication through email, poor mobile responsiveness, and some challenge in on-premises technical support may lower the usability.

Key Features

• Auto extract and intelligent worksaving are time-saving.
• QuickSearch searches volumes of contracts in a matter of seconds.
• Personalized reporting creates factual intelligence.

Pros

• Thorough training programs are delivered on a regular basis.
• Extremely customizable needs fields.
• The team provides a great experience in onboarding.

Cons

• Long and badly structured email messages.
• Limited and unresponsive Mobile UI.
• On-premises establishes technical difficulties.

Best For: Mid-sized companies

Pricing: Contact for pricing details

Website: https://www.contractworks.com 

How to Choose the Contract Management Software Tools

1. Consult Your Legal Team: Get suggestions from users who will use the software on a daily basis.

2. Check AI Capabilities: Improved AI capabilities imply the management of the contract lifecycle more efficiently.

3. Analyze Possible Integration: Make sure that it is compatible with your current system and tools in business.

4. Take Implementation Time into account: Consider setting up and training of staff.

5. Review Security Standards: Select suppliers that have the right methods of certification, such as the ISO and SOC.

Also Read: Polar Bear Franchise Cost, Profit, Contact & ROI Guide

Conclusion

This decision is essential when choosing the appropriate contract management software that is right for your business and efficient. The 10 options that we have discussed have various features, prices, and capabilities that suit different business requirements and needs perfectly. Contract management software will save time, minimize mistakes, enhance compliance, and ensure your staff is properly organized. Regardless of the type of small startup or large enterprise, nowadays, there is a perfect solution that will suit you best.

Begin by defining your particular needs and speaking with your team, as well as trying several demos with various providers. The correct contract management software will also change the way your business manages its contracts; the whole process will become quicker, simpler, a nd safer than ever.

Frequently Asked Questions

1. What is contract management software?

The contract management software assists companies in creating, storing, monitoring, and managing all their contracts in a single place, effectively and digitally.

2. What would the cost of contract management software be?

The pricing is very diverse depending on features, users, and contracts. There are some that provide the pay-as-you-use models, and others that provide the fixed enterprise charges.

3. Is contract management software useful to small businesses?

Yes, the small business contract management solutions are focused on small businesses that can buy low-priced options, and thus with simple features.

4. Is there a sense of security with the contract management software?

The majority of the acceptable contract management software solutions possess high-security certifications, such as ISO 27001 and SOC 2 Type 2 certification.

5. What is the time of implementation?

Depending on the complexity of the system, the number of integrations required, and the team training required, implementation can take anywhere between 24 hours and several months.