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Contract Lifecycle Management Desired Functionality (part II): Contract Wizard

Hi Everyone. Continuing the posts about the desired functionalities one would like to see in his/hers CLM application...

Today we will shortly talk about Contract Wizard.

When evaluating this topic I believe that one should consider the following:

  • Templates Control - the ability to create, update and store contracts templates. The document creation, part of the amazing Authoring Process, in opensourceCM enables users to create within seconds a draft from a variety of predetermined document templates designed by the organization. Once created, a workflow can be activated for the relevant document insuring its correct management and control.

  • Clause Library - the ability to add, store, edit and extract special clauses for various agreements, such as Residuals; Compliance with GLBA/laws; Security Safeguards; Inventions, etc. Allow authors to add (or compare) our requirements to vendors' terms. opensourceCM offers users a clause library whereby they can create a document from predetermined clauses designed by the organization. Again, once created a workflow can be activated for the relevant document insuring its correct management and control.

  • Tracking Features - the ability to track milestones, renewal dates, audit/compliance reminders. Using the event field in opensourceCM which can contain any type of category such ad date, value, text or any other type of milestone users can track anything they wish. Furthermore, an event can not only create a reminder but also enables management to associate tasks to the relevant event.

  • Ability to trigger and view checklists for desired terms. One can design in opensourceCM any checklist related to any type of contract which is viewed in the "Term-Sheet" view in the system. Any number of views can be designed based on the needs of the stockholders involved. Reports can be generated on the data populated in the term sheets and can be sent to relevant stockholders.

  • Self-service agreements - allow business users to create pre-approved contracts; NDA, independent contractor agreements, etc. opensourceCM allow users to access pre-approved contract based on their Access-Rights ability imbedded in the system.

opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also provides the ability to find words, values, phrases, terms of art or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents. Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign on) and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library with office365, BOX.COM, SalesForce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.

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