Product Overview of ContractWorks
ContractWorks is a comprehensive contract management software designed to streamline and optimize the entire contract lifecycle for businesses of various sizes. Here’s a detailed look at what the product does and its key features:
What ContractWorks Does
ContractWorks is an AI-powered contract management solution that enables organizations to efficiently manage their contracts from initiation to execution and beyond. It centralizes contract storage, automates key processes, and enhances visibility and compliance across all contract-related activities.
Key Features and Functionality
Contract Repository
ContractWorks provides a cloud-based, centralized repository where all contracts can be stored, accessed, and managed securely. This repository is scalable, searchable, and accessible from anywhere, with user permission-based controls to ensure data security.
Advanced Search and Review
The software features advanced search capabilities powered by Optical Character Recognition (OCR) and AI, allowing users to quickly find specific language and clauses within contracts. The Smart Contract Outline and Smart Document Tagging features automatically create a linear outline of contract sections and add key tags such as effective dates, renewal dates, and termination dates.
Contract Drafting and Automation
ContractWorks includes contract drafting automation, enabling the creation of contracts of any size and complexity in minutes. It offers pre-approved legal templates, conditional logic for tailoring documents, and the ability to invite third parties to fill in contract data without needing to sign up. The system also leverages GPT-3 technology to simplify complex legal language.
Collaboration and Approval Workflows
The platform facilitates seamless collaboration through features like counterparty collaboration, automated notifications, and approval workflows. Users can negotiate contracts in a shared environment with an audit trail of all changes, and automated workflows ensure that the right parties are notified at the right time.
Custom Reporting and Alerts
ContractWorks allows users to create custom reports on any data point they need and set up milestone alerts to stay ahead of contract obligations. This includes tracking renewal dates, termination dates, and other critical contract milestones.
E-Signature and Execution
The software supports e-signature capabilities, enabling the execution of contracts electronically. This streamlines the signing process and reduces the time needed to finalize agreements.
Integrations
ContractWorks integrates with various CRM, eBilling, and collaboration software, allowing for the automatic pull of data into contracts and synchronization of records across integrated systems.
Annotations and Highlighting
Users can highlight key details of agreements using different colors and add comments for further review. The Snippet View feature allows for the quick review of tagged information in context across multiple agreements.
Additional Benefits
- Accessibility: ContractWorks is accessible from anywhere, allowing users to draft, review, and sign documents on any device.
- Customization: The software is highly customizable, enabling users to set up efficient workflows and pay only for the features they need.
- Ease of Use: Known for its ease of use, ContractWorks is designed to be intuitive, even for non-tech-savvy users, and includes support from a dedicated Implementation Manager to ensure a smooth onboarding process.
Overall, ContractWorks is a robust contract management solution that simplifies the contract lifecycle, enhances compliance, and improves the efficiency of contract-related processes for businesses.