Can Education Platforms, school and school districts benefit from A CLM?
UNLIMITED use of a solid Contract Lifecycle Management platform at fraction of the cost.
Like any other business, schools prove no exception to using contracts with contractors, employees and vendors.
We understand that schools are complex departmental entities that require an organized process for managing contracts, among other business documents; otherwise, a process that shouldn’t be inconvenient becomes just that and more.
As administrative or district staff of your schools or educational institutions, you don’t want to get bogged down in menial paperwork. You want to enrich your students with the supplies, teachers, tools and facilities they need (and deserve) to succeed.
Contract management software enables just that. It saves you time, stress and money.
What Is Contract Management Software?
Contract management software is a tool used by businesses that are limited by time and resources, to adaptively account for all contracts planned, created, and under review, or ready for renewal, in an easy to access way.
Furthermore, this software is used to automate the tracking of contract lifecycles.
When two parties are in the midst of agreeing upon a larger contract, contract management software helps enable visibility of the soon-to-be contract’s activity, define financial oversight of and minimize the potential risk of the contract.
A CLM with the implementation of contract management software can support the world’s largest private educational testing and measurement organizations, serving over 180 countries at 9,000 locations, the CLM is able to streamline the visibility of thousands of otherwise unsorted contracts globally, making evaluation and testing a click away and a non-issue.
With this type of software for your institution, you can effectively manage contract terms, dates, events, and milestones.
Benefits of Contract Management Software for Schools
In our blog, How Contract Management Systems Streamline Non-Profits and School Districts, we went over a few benefits and advantages school districts see when using contract management software. These include:
Increased operational efficiency
Full control over contract terms, legalities, and conditions for institutional heads
Greater cost-effectiveness (some schools can use opensourceCM for FREE)
Adaptability with automation
Furthermore, benefits that weren’t covered previously will be covered here.
With contract lifecycle management (CLM - another word for the goal of this type of software), you can:
Avoid legal issues when one party breaks the contract’s terms
A well-written contract can mitigate any legal issue before it comes to fruition. With strict legal language developed by AI and experts working within a contract management system alongside your team, your institution can discern the terms of the agreement between your party and the business, or individual, you choose to partner with.
Use competitive leverage to analyze other schools’ pricing data with suppliers
Negotiate and finalize contracts with suppliers, based on other schools’ competitive pricing data to ensure you get the best deal for your institution, though this may be the research you have to complete independently. This is especially true if suppliers are limited in your area and their demand is high.
Track, analyze and manage the terms of agreement with longer contracts
For instance, if your school requires construction on a new facility to be done, you and the partnering party can negotiate new terms of the agreement in instances of road bumps or misunderstandings, such as time, personnel, or supply constraints.
What Should Schools Include in Contracts with Vendors and New Hires?
When negotiating a contract with another party, depending on who the secondary party is, your school should include the following:
If the second party is an entity
Beginning and end dates of the entity’s employment or services
The detailed schedule of service enactment, such as phases of a facility’s construction
Details of both parties signing the contract agreement
Explanation of compensation and services exchanged between parties
The legal binding purpose of the contract
A breach of contract resolution clause
A nondisclosure clause if applicable
The issue of an entity’s competency to perform the contracted task
A termination provision clause with explicit language describing how it would be enacted
If the second party is an individual
Beginning and end dates of the individual’s employment
Details of both parties signing the contract agreement
Details of job information, such as title and department they will belong to as well as the expectation of how they will be evaluated
Details of how the individual accumulates time off and sick days, and an explanation of vacation policy
Explanation of compensation and services exchanged between parties
The legal binding purpose of the contract
A breach of contract resolution clause
A nondisclosure clause if applicable
The issue of an individual’s competency to perform the contracted task
A termination provision clause with explicit language describing how it would be enacted
Albeit this information may be cumbersome to have to include in any contract write-up, it is necessary.
However, CLM quickly solves this problem.
OpenSourceCM Features and DEMO
Our contract management system, opensourceCM, offers three levels of state-of-the-art solutions to your contract managing needs.
Let’s get into the features of each.
Basic OSCM for small to medium-sized businesses
Basic OSCM offers fundamental features required from small and medium-sized businesses to operate at a larger scale with a centralized contract management system.
Some of the most essential features Basic OSCM grants you include:
Access rights and security for contracts you create
Monitoring and alerts in order to track changes made to contracts
Unlimited contract profiles and users
Comparisons for past, present and future contracts
Contract templates to make setup quick and easy
Best of all: Unlimited training and support from our team
Pro OSCM for agency-level businesses
Pro OSCM expands on the basic option, including all that is above and more, enabling agency-level businesses to operate at a higher standard.
These additional features include:
Authoring and clauses
Workflows
Listed advanced APIs libraries
Enterprise OSCM for enterprise-sized businesses
The Enterprise OSCM option blows the boat out of the water with enterprise-level features, including everything listed above and:
ALL listed advanced API libraries
Bidding, Requesting for Proposal (RFP), and Requesting for Quotation (RFQ)
A deal-room
Branding and customization
Before you jump to our pricing page, we would first like to inform you that both non-profits and school districts have FREE access (no economical cost) to OpenSourceCM’s advanced contract management system. All you need to do is schedule a DEMO.
This software will save you time, money, and stress with its innovative ability to streamline your school district’s contract management.
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API (application processes interface) uses to connect to company applications, added a secured Deal-Room/Data-room, bidding system, and allow external users to log in to their dedicated data-room.
Now the company can have (BI) Business Intelligence processes with Reports and AI (artificial Intelligence) integration for document analysis and data extraction processes.
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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 has the capacity 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 like office 365, BOX.COM, Salesforce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.
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