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ContractWorks (which begins at $500 per thirty days, billed yearly) is targeted on the monitoring, storage, signing, and reporting parts of the contract administration life cycle. Owned by the doc administration supplier SecureDocs, ContractWorks does not deal with contract authoring or back-and-forth authorized negotiations and there is no built-in collaboration. It is a easy system by design, geared towards giving companies a clear, customizable, and centralized course of by which to categorize, monitor, and approve contracts. The focused scope of what ContractWorks can do means it could actually’t function an all-in-one resolution on your full contract administration life cycle, like Editors’ Alternative Agiloft can. Nonetheless, as a dynamic, digital file cupboard and execution pipeline for your entire group’s authorized contracts, ContractWorks is a robust and complete platform.

Pricing and Plans

In contrast to Agiloft and a lot of the distributors within the contract administration house, ContractWorks doesn’t worth by person licenses. The product begins at $500 per thirty days, billed yearly, for its 12-month plan. The opposite pricing choice is $600 per thirty days for the Three-month plan, billed quarterly. You can begin on the quarterly plan and transfer to an annual subscription relying in your wants. Each plans include a free trial and offer you limitless customers, doc storage, help, and coaching plus free implementation. You additionally get customizable alerts, stories, permissions, audit logs, doc migration and setup, customized branding, and a number of different options, together with the platform’s doc tagging and template options.

The one factor ContractWorks does allot a person restrict on is digital signatures, for which the corporate rolled out a local eSignature function in March 2017. Organizations get 5 free digital signature customers at no extra cost, however extra customers are available in packs of 5 digital signature customers for $1,200 per yr. ContractWorks does not combine with Adobe Signal, DocuSign, or different third-party eSignature distributors, preferring to centralize that inside its platform as a local function. ContractWorks additionally presents a reduction for non-profit organizations in addition to quantity packages for regulation companies or skilled companies companies seeking to provide contract administration by ContractWorks as a billable service.

Managing the Contract Lifecycle

ContractWorks retains its person interface (UI) easy. The expertise is icon-based and simple to navigate, and the highest menu solely has six tabs: Paperwork, Tags/Templates, Customers, Stories, Signal, and Settings, and a common search bar. There are 5 default roles with personalized views of the options you are given entry to: Administrator, Full Entry, Obtain Solely, View Solely, and No Entry. However you may add your personal personalized roles with entry to particular paperwork, folders, rooms, and many others. In contrast to Agiloft and Onit Contract Administration and Contract Evaluate & Approval, once you log in, you do not see a customized dashboard with real-time widgets and stories. ContractWorks takes you straight to your doc repository to get all the way down to enterprise.

The Paperwork web page is laid out like an electronic mail inbox. There’s the principle inbox within the center, a customized folder construction on the left-hand facet for organizing your paperwork, and buttons on the highest for importing contract in bulk, creating new folders, copying, downloading, and including attachments to paperwork. You can too use drag-and-drop to maneuver paperwork into the inbox with out the necessity to use the Add button. The attachment function is beneficial for including change order or addendums to a grasp contract, and that entry within the inbox will present the connected paperwork.

When you cannot truly edit contracts in ContractWorks, clicking on a doc will open the native PDF viewer, which reveals a dynamic watermark personalized to the person as an added safety function to protect contract confidentiality. One other nifty safety function is two-factor authentication, which prompted me to enter a code despatched to my cellular system each time I logged in.

ContractWorks Tag Setup

Essentially the most distinctive options in ContractWorks revolve round tags, templating, and search. Tags within the system will be any area you need to make searchable or recordable in your contract. It is an especially versatile categorization function that may embody textual content, dates, numbers, percentages, or a sure/no response. For instance, you can create an “Auto Renew?” or a “Confidentiality?” tag to shortly flip that setting on or off for a contract. Tags feed into the extra versatile categorization construction that defines how ContractWorks approaches contract administration.

While you create a brand new tag, you may add additionally add a drop-down menu that provides the tag to a specific division inside your small business or to a bigger contract template. So, when you’re including tags for employment contracts, then you may add the human assets (HR) division to the drop-down menu whereas, for a non-disclosure settlement (NDA), you may add the authorized division. Tags are simple to create within the Tags/Templates tab, and you’ll then return to the paperwork inbox and affiliate tags with specific contracts. The ContractWorks UI is equally sparse and intuitive to that of Harmony, however far goes deeper into granular contract categorization and search.

Templates are an extension of that concept. They group tags primarily based on contract kind, which helps shoppers monitoring the identical 5-10 provisions on a lease settlement, for instance, to shortly seek for that kind of contract versus a vendor contract, partnership settlement, NDA, or mortgage settlement. Templates aren’t associated to contract creation; they’re extra administration and categorization instruments. Solely admins or full-access customers can apply tags and templates.

ContractWorks Templates

When testing the platform as an admin, I used to be capable of pull a number of tags right into a check template and mark default fields akin to begin and finish dates, time period, and contract worth as required fields. I may then arrange recurring notifications to particular customers in addition to automated updates and auto-renew primarily based on no matter interval I set. That is helpful for subscription contracts renewing on a quarterly or annual foundation. You’ll be able to add a doc to affiliate with a contract template as effectively, although once more, it isn’t a full contract authoring template as you’d discover in instruments akin to Agiloft. That mentioned, ContractWorks tags and templates are extra customizable and simpler to make use of than conventional approaches, plus they’re utterly searchable.

As soon as you have uploaded paperwork and added tags and templates, you may handle signers and digital signatures within the Signal tab. As an admin, you may designate your five-signer or arrange a signature template correlated with specific contract varieties. On this case, you may mark up a doc with the precise areas for which you want a signature and who the signee is, after which save that as a template. For those who’ve already arrange a template, then you may click on the pen icon within the Paperwork tab to right away electronic mail out a safe hyperlink for signing. All signers will get a accomplished PDF copy of the contract despatched to them through electronic mail, and within the Signal tab, you may filter by accomplished, uncompleted, or cancelled signatures.

The eSigning performance is simple, and the native signing functionality will quickly be built-in with Salesforce and accessible within the Salesforce AppExchange, which ContractWorks mentioned will have the ability to ship a doc created in Salesforce straight into ContractWorks for storage and signature in addition to pull Salesforce fields instantly into the platform as tags.

ContractWorks Native eSignature

Stories and Notifications

ContractWorks continues to be within the strategy of constructing out its reporting performance, however there is a stable array of options and analytics with which to work. Underneath the Stories tab, you may handle each stories and associated notifications in a calendar view. When creating a brand new report, I used to be in a position to select from all of my tags and templates as columns to drag in, together with having the ability to filter the info my report pulled in by key phrases or specific template. I then exported the report as a PDF and Microsoft Excel file.

When you create a report, the Notifications Calendar and Notifications Report tabs allow you to configure emails and associated notifications for particular customers. You can too view your entire stories within the Saved Stories tab. Most significantly, ContractWorks provides you an audit log to trace all exercise by person and an entire historical past each contract within the system. Stories in ContractWorks are extra in regards to the motion of paperwork by the system and the actions customers take, monitoring when a doc is uploaded, moved, renamed, and when particulars are modified to make sure traceability and catch errors. In that respect, the audit path, reporting, and notifications calendar do their job. That mentioned, the reporting capabilities aren’t practically as in-depth or garnished with interactive charts and graphs as these in Agiloft and Onit, or the development metrics and suggestions you will discover in stories generated by Coupa Contract Lifecycle Administration.

ContractWorks--Reporting Interface

A Digital File Cupboard for Contracts

ContractWorks is simple to make use of, meticulous in its contract categorization, and among the many greatest experiences we examined for safe storage and monitoring of contract paperwork. The platform additionally shines in terms of fast search by its tagging and template construction. Plus, its native eSigning function works effectively. For those who’re searching for contract authoring, extra in depth reporting, and deeper contract administration life cycle options (akin to workflow automation, model management, and built-in collaboration and activity administration), then Editors’ Alternative Agiloft is a extra highly effective and customizable choice. Nonetheless, for purchasers primarily involved with post-creation doc routing and administration with nice safety and complete auditability, ContractWorks is a well designed and executed resolution for these features of contract administration.

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