ContractWorks - Detailed Review
Legal Tools
ContractWorks - Product Overview
ContractWorks Overview
ContractWorks is a comprehensive contract management software that simplifies and streamlines the process of managing contracts for various organizations. Here’s a brief overview of its primary function, target audience, and key features:
Primary Function
ContractWorks is designed to help companies take control of their contracts by providing a centralized, secure, and scalable contract repository. It aims to enhance contract visibility, reduce risks, and minimize costs associated with contract management.
Target Audience
ContractWorks is used by a diverse range of companies, but it is most commonly adopted by organizations with 1000-5000 employees and revenues exceeding $1 billion. The primary industries using ContractWorks include Hospital & Health Care, Information Technology and Services, and Computer Software. It is also utilized by both small firms and large enterprises across various sectors such as consumer goods, telecommunications, and logistics.
Key Features
Central Contract Repository
Allows users to store all agreements in one searchable and secure location, with permission-based user roles to control access.
Contract Visibility
Provides automated reminders for contract renewals and milestones, ensuring that users stay organized and ahead of their obligations.
Smart Contract Generation
Enables quick drafting of contracts by answering preconfigured questions and reusing data across agreements.
Document Management
Includes features like smart document tagging, OCR text search, and annotations for quick review. It also supports built-in electronic signatures.
Custom Reporting and Notifications
Offers customizable reporting and unlimited custom alerts and notifications to keep users informed.
Workflows and Collaboration
Facilitates negotiation in a shared environment with an audit trail of changes and automated workflows to notify the right parties at the right time.
Overall, ContractWorks is known for its ease of use, intuitive user interface, and strong support, making it a top choice for contract management according to user satisfaction ratings.
ContractWorks - User Interface and Experience
User Interface Overview
The user interface of ContractWorks is highly praised for its simplicity and ease of use, making it an attractive option for legal and business professionals managing contracts.Ease of Use
ContractWorks boasts a user-friendly interface that is easy to learn and use, even for new users. The system features a drag-and-drop function, which simplifies the process of uploading and managing contracts. This intuitive design ensures that user adoption is not a challenge, allowing teams to quickly get started with the software.Interface Features
The interface is equipped with several key features that enhance the user experience:Google-style Search
Users can search through their contract database using a search filter similar to Google, making it easy to find specific contracts or folders.Smart Document Tagging and OCR
ContractWorks includes AI-powered smart document tagging and Optical Character Recognition (OCR) capabilities, which enable users to customize and filter their search based on important document fields and data points.Permission-Based Access
The system offers permission-based user roles, ensuring that contracts are well-guarded from unauthorized access and providing peace of mind for users.Ready-to-Use Contract Templates
ContractWorks comes with standard contract templates (such as NDAs) that users can fill in and send out for signature, saving time and effort.Reporting and Alerts
The reporting interface is interactive and easy to use, allowing users to generate custom reports based on specific criteria. Users can preview contracts within reports, download them, and view associated attachments. The system also provides alerts for expiring contracts and upcoming renewal dates, keeping users informed and on track.Electronic Signatures
ContractWorks includes native e-sign functionality, which is highly valued by users for its convenience and efficiency in managing contracts electronically.Customer Support
The software is supported by a dedicated and responsive customer support team available 24/7, which is consistently praised by users for their knowledge and assistance.Conclusion
Overall, ContractWorks offers a seamless and efficient user experience, making contract management more accessible and manageable for teams of all sizes. Its intuitive interface, combined with advanced features like AI-powered tagging and OCR, ensures that users can execute, store, and track corporate agreements with ease. ContractWorks - Key Features and Functionality
ContractWorks Overview
ContractWorks is a comprehensive contract management system that leverages advanced technologies, including artificial intelligence (AI), to streamline and optimize the contract management process. Here are the key features and functionalities of ContractWorks:Secure Contract Repository
ContractWorks provides a centralized, cloud-based repository to store contracts securely. This repository is accessible from anywhere and features robust security measures to protect your data, ensuring it remains safe, organized, and accessible.Intuitive Folder-Based Structure
The system allows users to upload files and folders using a drag-and-drop interface, enabling easy customization of how contracts are organized within the system. This intuitive structure helps in maintaining a well-organized contract repository.Granular Roles & Permissions
ContractWorks offers administrator-controlled access to folders and documents, allowing colleagues to self-serve the contract data they need while ensuring that access is restricted to authorized personnel. This feature enhances security and compliance.AI-Powered Smart Document Tagging
One of the standout features is the AI-powered Smart Document Tagging. This feature automatically tags key contract details such as agreement type, parties involved, effective date, termination date, and renewal terms. Users can review, adjust, or add additional custom tags as needed. This automation significantly speeds up the contract management process and makes the contract repository immediately searchable and reportable.Custom Tags and Reporting
ContractWorks allows users to create custom tags to track any data point they choose. This flexibility enables the creation of tag-based custom reports, which can be saved, scheduled, and shared with stakeholders. Custom reporting provides valuable insights into agreements and helps in making informed decisions.Milestone Alerts
The system sends alerts to users about upcoming milestones, such as contract expirations or renewal dates, ensuring that they stay ahead of their obligations and can make timely decisions.OCR and Advanced Search
ContractWorks features Optical Character Recognition (OCR) and advanced search capabilities, enabling quick searches through scanned or digital documents to find specific language and clauses. This is particularly useful for locating risky clauses and contract details before issues arise.Smart Contract Outline and Snippet View
The AI-powered features include a Smart Contract Outline, which automatically creates a linear outline based on the contract’s section headers, and a Snippet View, which allows users to review tagged information in context across multiple agreements quickly.Contract Highlighter
Users can highlight key details of an agreement using various colors and add comments to these highlights, serving as digital “sticky notes” for further review.Built-in Electronic Signature
ContractWorks includes a built-in electronic signature feature, allowing users to send contracts for signature directly from the platform. This feature reduces the time and expenses associated with traditional paper-based or third-party electronic signature methods.User Training and 24/7 Support
The platform is supported by a knowledgeable customer success team available 24/7 to assist users with any questions or training needs, ensuring smooth adoption and ongoing support.Google-Style Search
ContractWorks features a Google-style search function that allows users to browse through their database using filters that react to both contract and folder names, making it easy to find information quickly.Permission-Based Access and Security
The system emphasizes security with permission-based user roles, ensuring that access to contracts is limited to authorized personnel. This feature provides peace of mind, knowing that contracts are well-guarded from unwanted access.Conclusion
In summary, ContractWorks integrates AI and other advanced technologies to provide a comprehensive, user-friendly, and secure contract management solution that streamlines contract organization, search, reporting, and compliance. ContractWorks - Performance and Accuracy
Performance
ContractWorks is effective for post-signature contract management, offering a secure contract repository, AI-powered search and review functions, and custom tags to track important contract data. This makes it easier to track how well an organization adheres to the obligations outlined in its contracts, including service level agreements (SLAs) and other performance metrics like uptime, availability, and incident response. The platform also helps in collecting and analyzing data to measure consistency and performance over time, which is crucial for assessing contract effectiveness and identifying areas for improvement. It provides insights into trends, cycle times, and supply line issues, aiding in better contract negotiations and management.Accuracy
ContractWorks benefits from AI-driven features that enhance accuracy. For instance, AI can standardize the interpretation of contract clauses, ensuring consistency in contract analysis and reducing the variability that human reviewers might introduce. However, there are some limitations that affect the overall accuracy and performance of ContractWorks:Limitations
1. Limited Contract Workflows
ContractWorks has very limited contract workflow capabilities. It restricts the number of approvers and makes it challenging to configure them, which can disrupt the contract creation, negotiation, review, and approval process.2. External Negotiation and Editing
Negotiations and contract edits must be done externally, as ContractWorks lacks an in-platform editor. This forces users to use multiple tools, which can lead to errors and inefficiencies.3. Difficulty with Legacy Contracts
Users have reported difficulties in uploading and managing legacy contracts due to a complex user interface, which can hinder the comprehensive management of all contracts within the system.4. Lack of Specialist Features
While ContractWorks is well-reviewed, it lacks the specialist features required by in-house legal teams. This includes the absence of extensive contract workflow functionality and in-platform negotiation capabilities.Areas for Improvement
To improve its performance and accuracy, ContractWorks could benefit from several enhancements:• Integrated Workflow Engine
Developing a more comprehensive contract workflow engine would streamline the contract creation, negotiation, review, and approval process, reducing the need for external tools.• In-Platform Editing
Adding an in-platform editor would allow users to create, edit, and negotiate contracts within a single workspace, enhancing efficiency and reducing errors.• Simplified Legacy Contract Upload
Improving the user interface to make it easier to upload and manage legacy contracts would ensure that all contracts are seamlessly integrated into the system.• Specialist Legal Features
Incorporating more features tailored to the needs of in-house legal teams, such as advanced contract analysis and compliance tools, would make ContractWorks more versatile and appealing to a broader range of users. In summary, while ContractWorks offers valuable features for contract management, particularly in post-signature tracking and AI-powered search, it has significant limitations that impact its overall performance and accuracy. Addressing these limitations could significantly enhance its utility and user satisfaction. ContractWorks - Pricing and Plans
ContractWorks Pricing Overview
ContractWorks, an AI-driven contract management software, offers a clear and transparent pricing structure with three main plans to cater to different business needs. Here’s a detailed breakdown of each plan:
Standard Plan
- Starting Price: $700 per month, with a one-year commitment.
- Key Features:
- Unlimited users
- Management of up to 2,500 documents
- 5 electronic signature licenses
- Smart document tagging
- Customizable reporting
- OCR capabilities
- Ideal For: Startups and small businesses looking for an affordable entry into contract management without compromising on essential features.
Professional Plan
- Starting Price: $900 per month, with a one-year commitment.
- Key Features:
- Unlimited users
- Management of up to 10,000 documents
- 10 electronic signature licenses
- Enhanced collaboration features
- Smart document tagging
- Customizable reporting
- Ideal For: Mid-sized businesses that need to manage a growing volume of contracts while maintaining ease of use and affordability.
Premium Plan
- Starting Price: $2,000 per month, with a one-year commitment.
- Key Features:
- Unlimited users
- Unlimited document management
- 20 electronic signature licenses
- Advanced features like contract drafting, redlining, and smart workflows
- Bulk document creation and conditional logic in drafting
- Integration with third-party software like Salesforce
- Ideal For: Enterprises and large teams requiring full-scale contract management with advanced collaboration, automation, and drafting capabilities.
Additional Features and Options
- Contract Tagging Service: An in-house service administered by legal engineers and licensed attorneys to extract valuable insights from contracts.
- Partner Program: Referral options for software advisors.
- Nonprofit Discount: Available for eligible nonprofit organizations.
Free Trial
ContractWorks offers a 14-day free trial period, allowing you to sample the platform’s features before committing to a paid subscription. This trial account will automatically convert to the standard license and pricing if you decide to subscribe, ensuring a seamless transition without duplicating work.
Payment Options
ContractWorks accepts major credit cards, and for those who cannot use credit cards, payment options include ACH or wire transfers. International clients can also subscribe, with payments accepted via credit card or wire transfer in US dollars for annual terms.
This structure ensures that businesses of all sizes can find a plan that fits their budget and contract management needs.
ContractWorks - Integration and Compatibility
Integrations with Other Systems
ContractWorks can be integrated with a wide range of systems, thanks to services like ApiX-Drive. Once integrated, you can link ContractWorks to over 294 different systems, a process that typically takes between 5 to 30 minutes, with an average setup time of 10-15 minutes. This integration allows for automatic data transfer between systems without the need for programming expertise.Specific Integrations
One notable integration is with Salesforce, available through the Salesforce AppExchange. This integration enables users to send documents or contracts directly from Salesforce to their ContractWorks repository with a single click. This feature streamlines the process of managing contracts and ensures that milestone dates are met without the need to switch between programs.Single-Sign-On (SSO)
ContractWorks also supports Single-Sign-On (SSO) using the SAML 2.0 standard, which integrates with identity providers such as Microsoft Active Directory, OneLogin, or Okta. This enhances security and convenience by allowing users to access the platform without multiple logins.Compatibility and Collaboration Tools
The platform is highly compatible with popular document editing tools. For instance, ContractWorks features a native contract editor that preserves the formatting of documents, including complex tables, images, and multi-level lists, even when transferred between systems like MS Word or Google Docs. This ensures seamless collaboration without the need for third-party software.Cross-Platform Access
ContractWorks is cloud-based, providing a single system of truth that is accessible from anywhere. This cloud-based repository ensures that users can manage and access contracts on various devices, whether they are using desktops, laptops, or mobile devices, as long as they have an internet connection.AI-Driven Features
ContractWorks has also incorporated AI-driven features, such as those powered by GPT-3, which include the “Clause Creator” and “Simplify” tools. These features enhance the contract management process by automating certain tasks and improving the efficiency of legal teams.Conclusion
In summary, ContractWorks offers extensive integration capabilities, compatibility with major platforms, and advanced collaboration tools, making it a versatile and efficient solution for contract lifecycle management. ContractWorks - Customer Support and Resources
Comprehensive Customer Support Options
When using ContractWorks, you have several comprehensive customer support options and additional resources at your disposal, ensuring you can effectively manage your contracts and resolve any issues promptly.
ContractWorks Help Center
The Help Center is a valuable resource that contains video tutorials, user guides, and past webinars. You can access it directly through the ContractWorks website or from within your account. Simply hover over the ‘Help’ option at the top right of your account, and select ‘Visit our Help Center’ from the dropdown menu.
FAQs Section
Within your account, you’ll find a blue question mark icon at the top right of the page. Clicking on this icon will display frequently asked questions related to the page you are currently on. If you need more information, clicking on a question will open a popup with detailed answers.
Contacting the Support Team
For direct support, you can reach out to the ContractWorks support team through the ‘Help’ dropdown menu. Select ‘Contact Support’ and enter your message in the provided box. You also have the option to send an email directly from your personal inbox or call the support team using the provided phone number.
24/7 Support
ContractWorks offers 24/7 support with every subscription, ensuring that you can get help at any time. This dedicated support team is there to address any questions or issues you might have.
Additional Resources
Contract Lifecycle Management Guides
ContractWorks provides detailed information on contract lifecycle management, including features like contract drafting, execution, storage, tracking, and reporting. This helps you streamline and automate various contract management tasks.
AI-Driven Features
ContractWorks integrates AI technology, such as GPT-3, to simplify tasks like contract drafting and redlining. Resources are available to explain how these features work and how they can benefit your legal operations.
By leveraging these support options and resources, you can ensure a smooth and efficient experience with ContractWorks, addressing any needs or issues that arise during your contract management process.
ContractWorks - Pros and Cons
Advantages
Ease of Use
ContractWorks is highly praised for its intuitive and user-friendly interface, making it easy for non-tech-savvy users to manage contracts efficiently.
Contract Repository and Storage
It offers a secure, centralized contract repository with unlimited document storage, allowing users to store and access all their agreements in one place. This includes features like drag-and-drop file uploads and permission-based user roles.
E-Signature Capabilities
The software includes e-signature features, which streamline the signing process and make it easier to manage contracts electronically.
Custom Reporting and Notifications
ContractWorks provides customizable reporting and notification features, helping users stay organized and compliant by tracking key contract details, milestones, and renewal dates.
Smart Document Tagging
Users can tag documents to identify types, involved parties, effective and termination dates, and more, which enhances contract visibility and management.
Customer Support
The software is known for its exceptional customer service, which is responsive and supportive to any questions or issues users may have.
Disadvantages
Limited Contract Management Functions
ContractWorks primarily serves as a contract repository rather than a full-fledged contract management platform. It lacks advanced features for contract creation, negotiation, and approval processes.
No In-Platform Editing
Users cannot edit contracts within the platform; instead, they must create and edit contracts offline using other tools, which can be disjointed and inefficient.
External Negotiation
Contract negotiations must be conducted outside of the platform, as there is no in-platform negotiation functionality. This requires downloading contracts and using external tools, which can be cumbersome.
Difficulty with Legacy Contracts
Users often experience difficulties when uploading and managing legacy contracts due to a complex user interface.
Limited Workflow Capabilities
The contract workflows in ContractWorks are limited, with restrictions on the number of approvers and challenges in configuring approvers.
No Redlining Capability
The software does not allow users to share redlines or make edits to documents within the platform, which is a significant limitation for legal teams.
Conclusion
In summary, while ContractWorks excels in providing a secure and user-friendly contract repository with e-signature capabilities and custom reporting, it falls short in offering the comprehensive contract management features that in-house legal teams often require.
ContractWorks - Comparison with Competitors
Unique Features of ContractWorks
- Clause Creator and Simplification: ContractWorks uses ChatGPT and AI technology to draft legal clauses quickly and simplify legal language, making it easier for non-legal teams to understand contract contents.
- AI-Powered Search and Review: The platform offers advanced search with OCR, smart contract outlines, and smart document tagging, which help in locating key contract details and risky clauses efficiently.
- Contract Repository and Reporting: ContractWorks provides a secure, cloud-based contract repository and custom reporting features, including milestone alerts and snippet views to track important contract data.
Limitations of ContractWorks
- Lack of In-Platform Editor: ContractWorks does not have an in-platform editor, which means users must create and edit contracts offline using multiple tools, leading to a disjointed contract creation, negotiation, review, and approval process.
- No Contract Negotiation Functionality: The platform lacks in-platform contract negotiation features and extensive contract workflows, requiring users to rely on multiple tools.
Potential Alternatives
Lexis AI (LexisNexis)
- Document Drafting and Compliance: Lexis AI offers an AI-powered document drafting assistant that ensures compliance with jurisdiction-specific requirements, which is a feature ContractWorks lacks.
- Brief Analysis and Judicial Analytics: It includes tools like Brief Analysis and Judicial Analytics, which review legal documents, identify missing precedents, and provide insights into judges’ ruling patterns.
Harvey
- Contract Analysis and Drafting: Harvey is particularly strong in contract analysis, due diligence, and legal research across multiple jurisdictions. It can analyze complex legal documents, extract key provisions, and draft responses to legal questions.
- Collaborative Features: Harvey allows multiple attorneys to work on the same project simultaneously, maintaining version control and audit trails.
Juro
- All-in-One Contract Automation: Juro offers a more comprehensive contract automation platform that includes in-platform editing, negotiation, review, and approval features, which ContractWorks lacks. This makes the contract management process more unified and efficient.
- Workflow Engine: Juro has a built-in workflow engine that supports extensive contract workflows, unlike ContractWorks.
CoCounsel (Thomson Reuters)
- Legal Research and Document Review: CoCounsel is an AI-powered legal assistant that supports attorneys with research, drafting, and document review. It analyzes thousands of cases to identify relevant precedents and legal arguments, and also provides real-time updates on new cases and regulatory changes.
- Personalized Learning: CoCounsel’s AI adapts to attorneys’ interactions, refining its suggestions over time.
Each of these alternatives addresses some of the limitations of ContractWorks, offering more comprehensive features for contract management, legal research, and document drafting. Depending on the specific needs of your legal team, one of these tools might be a better fit.
ContractWorks - Frequently Asked Questions
Frequently Asked Questions about ContractWorks
What are the different pricing plans offered by ContractWorks?
ContractWorks offers three main pricing plans: Standard, Professional, and Premium. Here’s a brief overview of each plan:- Standard Plan: Starts at $700 per month, includes 2,500 documents, 5 electronic signature licenses, and unlimited users. It is ideal for small teams and startups.
- Professional Plan: Starts at $900 per month, includes 10,000 documents, 10 electronic signature licenses, and unlimited users. This plan is suitable for mid-sized businesses.
- Premium Plan: Starts at $2,000 per month, includes unlimited documents, 20 electronic signature licenses, and advanced features like drafting, redlining, and smart workflows. This plan is best for large enterprises and teams requiring full-scale contract management.
What features are included in each ContractWorks pricing plan?
Each plan includes different sets of features:- Standard Plan: Includes 2,500 documents, 5 electronic signature licenses, unlimited users, smart document tagging, OCR, and customizable reporting.
- Professional Plan: Includes 10,000 documents, 10 electronic signature licenses, unlimited users, enhanced collaboration features, smart document tagging, and customizable reporting.
- Premium Plan: Includes unlimited documents, 20 electronic signature licenses, unlimited users, advanced features like drafting, redlining, smart workflows, and integration with third-party software like Salesforce.
Does ContractWorks offer any AI-driven features?
Yes, ContractWorks incorporates AI technology through features like Clause Creator and Simplify, which are powered by GPT-3. These features help in drafting legal clauses quickly, simplifying legal language, and fostering collaboration by automating contract review and drafting processes.How does ContractWorks handle contract storage and management?
ContractWorks provides a centralized, searchable repository for managing contracts. This includes features like smart document tagging, customizable reporting, and automated reminders and alerts to enhance visibility and organization. The number of documents you can manage varies by plan, from 2,500 in the Standard plan to unlimited in the Premium plan.Can multiple users access ContractWorks, and are there any user limits?
Yes, all ContractWorks plans come with unlimited users, allowing any team member to access and collaborate on contract management tasks.Does ContractWorks offer electronic signature capabilities?
Yes, ContractWorks includes electronic signature licenses in all its plans. The number of licenses varies: 5 in the Standard plan, 10 in the Professional plan, and 20 in the Premium plan.How does ContractWorks support contract drafting and redlining?
The Premium plan of ContractWorks includes advanced features like contract drafting and redlining. These features enable teams to create and review contracts more efficiently, including bulk document creation and conditional logic in drafting.Is ContractWorks compatible with other software and systems?
Yes, ContractWorks, especially the Premium plan, offers integration with third-party software such as Salesforce. This integration helps in streamlining contract workflows and ensuring seamless collaboration across different systems.What kind of support does ContractWorks offer for contract tagging and analysis?
ContractWorks provides an in-house contract tagging service administered by legal engineers and licensed attorneys. This service helps in unlocking insights hidden in contracts by tagging and analyzing contract data.Can ContractWorks be used by businesses of all sizes?
Yes, ContractWorks is designed to be accessible to businesses and teams of all sizes. The different pricing plans cater to various needs, from startups and small businesses to mid-sized companies and large enterprises. ContractWorks - Conclusion and Recommendation
Final Assessment of ContractWorks
ContractWorks is a comprehensive and user-friendly contract lifecycle management (CLM) solution that leverages AI and automation to streamline contract management processes. Here’s a detailed assessment of its benefits and who would most benefit from using it.Key Benefits
User-Friendly Interface
ContractWorks boasts an intuitive UI with drag-and-drop functions, making it easy for new users to adopt and use the system without extensive training.
AI-Powered Features
The platform includes AI-driven smart document tagging, which automatically tags vital details such as agreement types, dates, and parties involved, saving time and effort.
Automation and Efficiency
ContractWorks automates routine tasks like contract drafting, approval workflows, and execution, significantly reducing the time spent on these activities. It also allows users to draft contracts quickly by answering preconfigured questions and reusing data across agreements.
Security and Compliance
The system ensures high levels of security with permission-based user roles, SOC 2®, Type 2 compliance, and a centralized, searchable contract repository. This helps in maintaining confidentiality and controlling access to sensitive documents.
Cost-Effective
ContractWorks offers transparent and low pricing, starting at $600 per month (billed annually), which includes unlimited users and access to all features. This can lead to significant cost savings compared to traditional contract management methods.
Reporting and Alerts
The platform provides customizable reporting, automated reminders for contract renewals and expirations, and the ability to export reports as CSV files. This enhances data analytics and ensures that critical dates are never missed.
Who Would Benefit Most
ContractWorks is particularly beneficial for legal, purchasing, operations, and finance professionals across various industries, including government, healthcare, manufacturing, non-profit, and technology. Here are some key groups that would benefit:Legal Teams
By automating contract drafting, approval workflows, and execution, ContractWorks helps legal teams save time and reduce errors. The AI-driven features like clause creation and simplification further enhance their efficiency.
Contract Managers
Those responsible for managing contracts will appreciate the centralized repository, smart document tagging, and automated reminders, which help in staying organized and minimizing risks.
Business Operations
Teams involved in business operations can benefit from the streamlined workflows, electronic signature capabilities, and the ability to generate reports quickly. This helps in maintaining oversight and gaining insights into contract activities.