ContractWorks product overview
ContractWorks is cloud-based contract management software that streamlines executing, storing, and tracking corporate agreements. The software creates a central repository to store corporate agreements. Users sign, tag, track, and report on any data point they choose from inside their accounts. Accompanying calendar and email alerts help keep approved users aware of key milestones, ensuring that no negotiation opportunity or expiration date is missed. The e-signature feature complies with the ESIGN Act and individual state regulations. ContractWorks utilizes certified AWS data centers and features permission-based user roles, custom contract watermarks, and audit trail reporting allowing administrators to see every click registered in the system. When searching for a specific term or clause the cloud-based solution utilizes optical character recognition to scan every element of any file providing a user with their requested search results in seconds.
Pros of ContractWorks
ContractWorks offer a simple, easy-to-implement solution that allows companies to get up and running immediately. Implementation is included within every plan as well as 24/7 support from a ContractWorks team member. The total monthly cost is also competitive and includes unlimited users.
Cons of ContractWorks
ContractWorks purposefully avoided what they term the “everything but the kitchen sink” approach to create streamlined, easy-to-use software. That also means that some features, like robust automated reporting and multi-document bundles in e-signing, are not included. Most users still find they prefer the ease of use of ContractWorks, however.
Breakdown of core features
Smart Document Tagging
Smart Document Taggging, powered by AI, allows users to bulk drag and drop contracts into the system. The software then processes the agreements and automatically tag key information, reducing your initial setup time. Optical Character Recognition reads the contents of documents and creates a linear outline, so you can easily find key terms and clauses and jump to specific sections of an agreement.
Custom Reporting and Milestone Alerts
With contracts automatically tagged by agreement type, parties, effective date, termination date, initial term, renewal term, and termination notice window, users can run reports to understand the contents of their contract portfolio. Set notifications on any milestone date you choose and receive email alerts reminding you of the deadline, or review alerts on a calendar.
Built-in Electronic Signature
With the simple signature flow, recipients receive an email with a link to the signature document and clear instructions on how to sign- no emailing, faxing, or printing involved.
(Last updated on 02/13/2020 by Marshall Bright)