Contract management is the process of managing the contracts from their drafting to termination. A contract management system helps you create a proper system of record for contracts, thereby mitigating operational risks. Furthermore, it provides you with the much-needed insights to evaluate your team’s performance and identify areas of improvement.
20 Best Contract Management Software in 2023
Choosing the best contract management software is vital for IT teams to manage their contracts efficiently and effectively. We’ve handpicked the best contract management systems based on features, prices, and customer reviews. Let’s take a look at them.
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1. Icertis Suite
Icertis Contract Intelligence is a cloud-based contract management software that helps streamline contracts, drive compliance, and minimize risk with continuous monitoring and intelligent rules.
Powered by AI, this contract management solution helps IT teams adapt to ever-changing business dynamics. It also supports flexible, rule-based contract generation and self-service contracting, making it easier for you to manage the entire contract lifecycle efficiently.
Key Features of Icertis Suite:
- API
- Activity dashboard
- Workflow management
- Team collaboration
- Reporting and analytics
- E-sign
- Compliance tracking
- Alerts
- Contract drafting
- Contract lifecycle management
- Intelligent contract negotiation
Lacks: Access control and permissions, audit trails, data import and export
Pricing: Available on request
Suitable for: Large enterprises
Ratings on G2: 4.3/5, Capterra: 4.4/5
2. Symfact
Symfact is one of the most powerful and feature-rich contract management software that helps you automate and streamline your contracting process. It also makes it easier for you to assess risks, evaluate contracts, renew contracts, and offboard clients. Furthermore, it is packed with a library of terms and clauses (the most time-consuming task of contract management), helping you quickly design contracts.
Symfact even has a central contract repository that ensures secure storage of contracts and streamlines the entire documentation process. In addition, since everything is stored in one place, it reduces the risk of losing crucial documents that might affect your business’s reputation.
Key Features of Symfact:
- API
- Access control and permissions
- Collaboration between different parties
- Compliance with data and privacy regulations
- Drag-and-drop interface to add documents directly to the software
- Due date tracking
- Digital signature
- Data visualization
- Standardized library of terms and clauses
- Pre-approved, customizable contract templates
- License management
Lacks: Risk management and HIPAA compliance
Pricing: Available on request
Suitable for: Small, medium, and large enterprises
Ratings on G2: 4.1/5, Capterra: 4.3/5
3. 2Agree
2Agree is a cost-effective contract management system that helps create and manage contracts during their lifecycle. IT teams can create new contracts, manage them, assign tasks to employees, and track the deadlines. It also helps you monitor tasks assigned to your team members so everything goes smoothly.
It gives you a complete overview of contracts in the pipeline, enabling you to find the ones that need immediate attention. Furthermore, its extensive reporting helps you better understand and manage the contracts. This assists in organizing your work, staying in control, and reducing your risks.
Key Features Of 2Agree:
- Agreements management
- Task management
- Authorization setup
- Import and export data
- Customizable fields and templates
- Multi-language support
- Approval workflow
- Digital signature
- KPI management
Lacks: API, corrective and preventive actions, and task management
Pricing: Starts from €15 per month per user
Suitable for: Small, medium, and large enterprises
Ratings on G2: NA, Capterra: NA
4. Freshservice
If you’re looking for the most intuitive and intelligent contract management solution, Freshservice is what you need. It provides better visibility into your contracts and ensures compliance with necessary regulatory requirements. Moreover, you can build your own contracts, edit them, and more throughout their lifecycle.
Freshservice’s robust analytics help you govern and reduce IT costs by keeping you atop the contract expiry timelines and general cost trends. In addition, since it is based on the cloud, you can view and manage contracts from anywhere using any internet-connected device.
Key Features of Freshservice:
- Unified view of all assets and resources
- Integrates with existing asset inventory systems
- Automatically discover and track Software asset information
- Insight-driven optimization efforts
- Curated reports and analytics
- Renewals and expiry reminder
Lacks: Workflow functionality and limited customization.
Pricing: Starts from $19 per month per user
Suitable for: Small, medium, and large enterprises
Ratings on G2: 4.6/5, Capterra: 4.5/5
5. ContractWorks
ContractWorks is a comprehensive contract management software that increases contract visibility, minimizes risk, and ensures you never miss renewal dates. It offers a secure and searchable contract repository to help you find necessary documents instantly. In addition, it comes with permission-based user access, mitigating the risk of data theft.
You can create custom reports that give you insight into metrics that matter the most to your business. What sets ContractWorks apart from other contract management tools on this list is that it does not have per-user pricing. Instead, it offers unlimited users with every pricing plan, making it the go-to solution for small and large businesses.
Key Features of ContractWorks:
- Contract repository
- Reporting and analytics
- Search and review
- Electronic signature
- Smart document tagging
- Smart contract outline
- Custom document tagging
- Annotations
- Permission-based user roles
- Date alerts
- Audit log report
Lacks: Activity dashboard, contract drafting, team collaboration, and workflow management
Pricing: Starts from $600 per month per user
Suitable for: Small, medium, and large enterprises
Ratings on G2: 4.8/5, Capterra: 4.9/5
6. Concord
Concord is an easy-to-use contract management platform that allows you to create, get e-signature, and store contracts. It is also one of the highest-rated contract management tools across third-party review sites (G2, Capterra, Software Advice, and SoftwareSuggest).
Concord has everything you need to manage contracts throughout their lifecycle, from drafting to internal approval and negotiation to reporting. All Concord plans come with unlimited e-signatures. Besides, you can edit, comment, and chat directly on Concord, including with your customers and vendors.
Key Features of Concord:
- Unlimited free viewers and guests
- Collaboration and negotiation tools
- Deadline reminders
- Unlimited digital signatures
- Automatically route documents to the right person for faster approval
- Automated email alerts and reporting
- Compare fields from across your documents (e.g., amounts, terms, or conditions)
- API
- Amendment management
- Unlimited templates
- Approval workflows
Lacks: Task management, contract drafting, and role-based access
Pricing: Starts from $17 per month per user
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4.2/5, Capterra: 4.5/5
7. Linksquares
This AI-powered contract management tool helps you create legally better contracts, close deals faster, and understand every aspect of your agreement effortlessly. Except for writing contracts, you can automate every part of contract management using Linksquares. However, it does allow you to build standardized contract templates and automate drafting.
Its artificial intelligence reads, analyzes, and extracts structured data from every contract, giving everyone involved an overview of the agreement. You can also extract critical information from each contract as and when required. In addition, it has an in-built e-signature option that allows you to get signatures faster on every contract.
Key Features of Linksquares:
- Compliance management
- Compliance tracking
- Contract management lifecycle
- SaaS License management
- Customizable report
- Real-time data
- E-signature
- Team collaboration
- Role-based access
- Workflow management
Lacks: API, task management, activity dashboard, and corrective and preventive actions
Pricing: Available on request
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4.7/5, Capterra: 4.3/5
8. Conga Contracts
Conga Contracts is a comprehensive contract management system that provides an end-to-end contract lifecycle management solution. It improves contract visibility, ensures contract compliance, and automates complex contractual tasks.
Furthermore, it helps you with real-time collaboration and tracking to improve negotiations and mitigate risks. You can even extract key terms from the contract for strategic insights, better planning, and accurate reporting using artificial intelligence. This contract management software integrates with other business applications, including Salesforce and Microsoft Office.
Key Features of Conga Contracts:
- API
- Access control and permissions
- Alerts and notifications
- Audit trail
- Workflow management
- Team collaboration
- Data extraction
- Data import and export
- Contract monitoring
- Digital signature
- Contract management lifecycle
- Contract drafting
- Compliance tracking and management
Lacks: No activity dashboard
Pricing: Starts from $35 per month per user
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4.2/5, Capterra: 4.3/5
9. Trackado
Trackado is yet another powerful contract management software that keeps all your contracts in one place and allows you to access them from anywhere. It also helps decipher insights into the financial health of your contracts. You can easily see and manage your financial terms, payment obligations, and revenue potential for each contract.
Additionally, it sends automatic reminders of dates and contract milestones, streamlining your entire workflow. Furthermore, you can assign tasks and events to users and even send automated reminders to them. It also allows you to create workflows from scratch or use a predefined template to use them.
Key Features of Trackado:
- Unlimited reminders
- Unlimited events
- Different authorization profiles
- Simple yet powerful reports and dashboards
- Search and filter functionality
- Custom fields
- Workflows and workflow templates
- Digital signature
Lacks: Alerts & notifications, audit management, compliance management, compliance tracking, and dashboard
Pricing: Has a forever-free version. Paid plans start from $39 per month.
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4/5, Capterra: 4.5/5
10. ContractSafe:
Built specifically for small and mid-sized companies, ContractSafe has excellent organizing, reporting, and sharing capabilities, making contract management easy. It is SOC2 certified and saves your data in Amazon’s ISO 2700 I Certified Data Centers with encryption to eliminate the chances of data theft or leaks.
Whether you want to store your contracts, search them, or send email reminders, ContractSafe can do everything. It also allows you to collaborate with your team and create contracts with terms and conditions that meet the organization’s vision.
Key Features of ContractSafe
- Unlimited users
- Unlimited reminders
- Contract speed search with automatic OCR
- Bank-level security and SOC2
- Bulk edits
- Unlimited archive
- Amendment tracking
- Generate redlines
- DocuSign integration
Lacks: Compliance management
Pricing: Starts from $299 per month
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4.5/5, Capterra: 4.8/5
11. Outlaw:
Outlaw helps you speed up contract cycles and streamline negotiations by providing complete transparency into contracts. You can use its predefined templates to draft contracts, leverage real-time negotiation, and mobile eSigning to close deals quickly.
In fact, Outlaw lets you automate the entire process using no-code integrations, saving you time and effort.
Key Features of Outlaw
- Template creation
- Team management
- User permission settings
- Customized workflows
- Robust reporting
- Clause library
- No-code conditional logic
- Template layout styling
- Native digital signature
- Approval workflows
- Full-text OCR search
Lacks: Compliance management, activity dashboard, corrective and preventive measures
Pricing: Available on request
Suitable for: Small, medium, and large enterprises
Ratings on G2: 4.6/5, Capterra: 4.5/5
12. Complinity
Complinity is more of a compliance management tool than contract management software. It helps meet necessary regulatory requirements by tracking and monitoring your contract’s statutory, regulatory, central, state, and legal compliances. You can use Complinity to centrally track and organize your regulatory compliance documents and audit your existing contracts.
It comes with an intelligent scheduler that automatically creates compliance schedules for the entire year, eliminating the need for manual intervention. Furthermore, its in-built automated alerts notify you of upcoming compliance due dates.
Key Features of Complinity:
- Access control and permission
- Activity dashboard and tracking
- Escalation
- Audit management
- Audit trail
- Compliance management
- Compliance tracking
- Data visualization
- Document management
- Environmental compliance
- HIPAA compliance
- ISO compliance
- OSHA compliance
- Real-time compliance monitoring
- Task management
Lacks: Reporting analytics, workflow management, and alerts & notifications.
Pricing: Available on request
Suitable for: Small, medium, and large businesses
Ratings on G2: NA, Capterra: 5/5
13. Contract IQ by Intellect
No matter how complex your contracts are, Contract IQ is designed to shorten your contract processing time and eliminate bottlenecks. This contract management tool automatically sends reminders for important dates, such as contract expiration and renewal.
Additionally, Contract IQ provides real-time insights into your contract’s status, empowering you to complete tasks quickly and efficiently. It also comes with customizable approval standards, contract status tracking capabilities, and industry-leading security capabilities.
Key Features of Contract IQ:
- Centralized repository
- Automated workflow and reminders
- Real-time reports and executive dashboards
- Calendar management
- Contract lifecycle management
- Contract drafting
- API
- Escalation
- HIPAA compliance
- ISO compliance
Lacks: Task progress tracking and task assignment
Pricing: Available on request
Suitable for: Small, medium, and large companies
Ratings on G2: 4.6/5, Capterra: 4.5/5
14. Contractbook
Contractbook is an easy-to-use, intuitive contract management system that promotes collaboration among parties involved. Apart from managing all your contracts in one place, you can also get a complete picture of your tasks and obligations.
Furthermore, it has a dynamic dataform that allows you to build automated workflows with self-executing contracts. You can even automate your tasks, reminders, and obligations. It also lets share templates to standardize your legal work and collaborate with your team members to create contracts together.
Key Features of Contractbook:
- Contract lifecycle management
- Contract drafting
- Compliance management
- Compliance tracking
- License management
- Collaboration tools
- Activity dashboard
- Access control and permissions
- API
- Alerts and reminders
- Email management
- E-signature
- Workflow management
Lacks: Real-time data, document classifications, file conversion, and data extraction.
Pricing: Starts from $400 per month
Suitable for: Freelancers, small, medium, and large businesses
Ratings on G2: 4.8/5, Capterra: 4.7/5
15. A1 Contract Management
A1 Contract Management Built for businesses of all sizes, this powerful contract management software lets you manage contracts with both vendors and customers. It facilitates the management of the entire contract lifecycle, including planning, approval, negotiation, and execution.
It also comes with dashboard analytics and budget control that empowers you to deal with contractual complexities by reducing the time and amount spent on contract management.
Key Features of A1 Contract Management:
- Contract drafting
- Contract lifecycle management
- License management
- Corrective and preventive actions
- Compliance tracking
- Legal risk management
- OSHA compliance
- Workflow management
- Access control and permissions
- Activity dashboard
- Alerts and notifications
Lacks: Data management and custom modules
Pricing: Starts from $800 per month
Suitable for: Medium and large businesses
Ratings on G2: 4.8/5, Capterra: 4.9/5
16. Cobblestone Contract Insight
If you’re looking for a user-friendly and easy to set up contract management system, Cobblestone is the right choice for you. Powered by AI, it can help you with data extraction, field mapping, and clause matching.
It can also automate the entire contract lifecycle management process and centralize documents (contracts, agreements, committals, risk documents, and obligation records). You can also send automated reminders to your team members of upcoming contracts, high-risk vendors, or compliance reports.
Key Features of Cobblestone Contract Insight:
- Compliance management
- Collaboration tools
- Activity dashboard
- API
- Access control
- Contract lifecycle management
- Contract drafting
- License management
- Data import and export
- Extractions
- 3rd party integrations
- Workflow management
- Task progress tracking and contract clause library
Pricing: Starts from $60 per month
Suitable for: Freelancers, small, medium, and large businesses
Ratings on G2: 4.7/5, Capterra: 4.8/5
17. Ironclad
Ironclad makes the contract management process faster, more collaborative, and efficient. In fact, it claims to cut your contract processing time by 80% on its website by bringing everything to one place (contracts, updated copy, signed copy, etc.).
Furthermore, it tracks and notifies you of any changes in relevant laws and regulations, helping you stay compliant with everything. Ironclad is designed to handle all types of contracts, including sales agreements, employee agreements, and NDA. It comes with dynamic workflows that change automatically based on contract-specific conditions.
Key Features of Ironclad:
- Collaboration tools
- Compliance management
- Compliance tracking
- License management
- API
- Alerts and notifications
- Workflow management
- Self-service workflow designer
- Auto-updating, high-fidelity repository
- Compliant with GDPR
Lacks: Customizable dashboards, customizable reports, and 3rd party integrations
Pricing: Available on request
Suitable for: Small, medium, and large enterprises
Ratings on G2: 4.3/5, Capterra: 4.1/5
18. Gatekeeper
Gatekeeper is a robust contract management software for growing businesses. It allows you to monitor risk, track processes, and save critical documents on the cloud storage. It has an in-built messaging tool that makes collaboration seamless and more efficient.
Moreover, it sends automated reminders for contract renewals. You can then renew, negotiate, or cancel the contract. It also has a Kanban workflow engine that lets you build scalable and fully-compliant processes to speed up the entire process.
Key Features of Gatekeeper:
- Contract drafting
- License management
- Contract lifecycle management
- Data import and export
- Data visualization
- API
- Access control and permissions
- Dashboard tracking
- Calendar management
- Compliance management
- Workflow management
- Analytics
- Digital signature
- Integrated credit and risk profiling
Lacks: Prebuilt contract templates and clauses library
Pricing: Starts from $875 per month
Suitable for: Medium, and large enterprises
Ratings on G2: 4.4/5, Capterra: 4.8/5
19. Revv
Revv is an AI-powered contract management platform that allows you to manage and automate the entire contract management lifecycle. It supports cross-system integrations and comes with professional templates to help you get things done quickly and more efficiently.
You can customize the necessary documents required to run day-to-day business operations, automate document workflows, and bridge the gaps via data-driven insights. It also ensures your contract is legally binding by increasing transparency through real-time process tracking and electronic signatures.
Key Features of Revv:
- Drag and drop editor
- Email management
- Flexible form fills
- Kanban dashboard
- Activity tracking
- Tamper proof eSignature
- Document lifecycle management
- Schedule reminders
- Document approvals
- SOC2 compliance
- Performance reports
Lacks: Data import and export and real-time notifications
Pricing: Starts from $15 per month
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4.6/5, Capterra: 4.7/5
20. SpotDraft
SpotDraft is yet another AI-powered end-to-end contract lifecycle management platform that helps you draft, review and keep contracts in one place. It also has in-built collaboration features, enabling you to create contracts faster.
It has an easily searchable repository that lets you search by the counterparty, contract types, dates, and more. Additionally, you can create standardized templates that IT teams can use without any legal intervention.
Key Features of SpotDraft:
- Compliance tracking
- Contract management
- Contract drafting
- Contract lifecycle management
- License management
- Access control and permissions
- Team collaboration
- Real-time notifications
- Workflow management
Lacks: API, corrective and preventive actions, and task management
Pricing: Available on request
Suitable for: Freelancers, small, medium, and large enterprises
Ratings on G2: 4.7/5, Capterra: 4.8/5
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Wrapping Up
Choosing the right contract management software is essential for IT teams to manage their agreements with their clients. It helps prevent litigation issues, provides in-depth insight into their finances, and helps improve as a team.
You can pick one from our list of contract management software as we’ve handpicked the best ones for IT teams. Happy Contract Management!
Contract Management Software FAQ's
Contract management software is a tool that allows you to create, negotiate, renew, and sign legally binding contracts. In addition, it helps automate and streamline the entire contract management process, from drafting to termination.
Contract management software ensures compliance with relevant laws and regulations when signing contracts. In addition, it empowers you to find potential problems in clauses and store legal agreements, including leases and licensing deals.
Typically, contract management is not a part of CRM. A contract management system acts as a repository for contracts as opposed to a CRM that stores customer information.
Six tips for choosing the right contract management software for your business include,
- Ease of use
- Sharing capabilities for collaboration
- Risk and compliance management
- Secure storage options
- End-to-end automation and efficiency
- A searchable, central contract repository
Contract management functions are integrated with ERP, making it easier for businesses to build contracts. However, not every ERP software has contract management features, so it’s better to check them beforehand.
The four steps to creating a contract management system are:
- Evaluate the current contract management process
- Involve the senior leadership
- Engage internal stakeholders, including sales, marketing, and support teams
- Update and maintain the documents related to contract management
The three major types of contract management include:
- Fixed price contracts
- Cost reimbursable contracts
- Time and material contracts (also known as unit price contracts)
The three stages of contract management are:
- Pre-execution: It involves request, negotiation, collaboration, and reviews and approvals.
- Execution: It involves getting the agreement signed by the involved parties.
- Post-execution: It involves adhering to obligations and commitments, auditing and reporting, renewals, expiration, and termination.
The five key challenges in contract management include the following:
- Defining and tracking contract costs
- Limited transparency on claims and service credits
- Risk management plans not put in place
- Unnecessary long legal reviews
- Executing contracts physically via mail
Updated : September 15, 2023
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