The Importance of Contract Lifecycle Management

All businesses need to balance multiple contracts simultaneously, each with different timelines and terms. It can be difficult to stay on top of competing demands and ensure both your company and the other party meet all their contractual obligations. Contract lifecycle management is a comprehensive approach to overseeing contracts at each step to ensure you get the most for your money. Learn more from QuisLex.

Understanding Contract Lifecycles

From the simplest service agreement to the most complex deals, all contracts follow a similar path from start to finish. The typical steps in a contract’s lifecycle are:

1. Request: Two or more parties agree they need a contract to formalize the provision of business services.
2. Drafting: The initial terms are written, including the scope of work, timeline, milestones, and goals.
3. Negotiation: The involved parties go through one or more rounds of revisions to come to a set of agreed-upon terms.
4. Approval: All parties give their consent to the final version of the contract.
5. Execution: Key stakeholders must sign off on the contract with handwritten signatures or e-signatures.
6. Obligation: Each party is responsible for fulfilling its commitments as outlined in the contract. There is typically an established timeline for meeting contract obligations.
7. Compliance: The parties monitor the ongoing contract administration to ensure milestones are being met on time.

Once a contract reaches its end date, it may be renewed, extended, or terminated. At the end of a contract lifecycle, both parties need to archive the contract information for future reference.

End-to-End Contract Management

Even if you have an in-house legal team, ongoing contract management can be a significant burden. As an alternative legal services provider, QuisLex can help your company successfully draft, execute, and administer contracts. Founded in 2004, QuisLex works with corporations all over the world in a range of industries to provide effective managed legal services. Our contract lifecycle management capabilities include:

• Designing contract templates
• Creating and managing template repositories
• Generating turnkey nondisclosure agreements
• Revising agreements to conform to client standards
• Procuring approvals and signatures
• Managing legal and business unit interactions
• Negotiating with third parties
• Providing detailed reporting
• Archiving executed contracts
• Ongoing helpdesk support

QuisLex’s comprehensive services help to streamline workflows throughout the contract lifecycle. With time-tested, replicable processes based on Lean and Six Sigma disciplines, we can create more predictable outcomes and reduce a client’s risk exposure. More information is available in our contract lifecycle management brochure.

QuisLex’s Approach to Contract Management

At QuisLex, we draw on our technological expertise to enable efficient contracting processes from initial negotiations to the end of the contract term. QuisLex blends the capabilities of a powerful law firm with cutting-edge technology and artificial intelligence. With over 1,000 permanent employees, QuisLex supports clients with cross-functional teams of attorneys, project managers, technologists, and data scientists.

The benefits of using a contract lifecycle management system include:

• Fewer contract disputes: Standardized processes for contract development and execution help ensure regulatory compliance and preempt disputes between parties.
• More predictable revenue: Managed services lower administrative costs and ensure timely completion of contract obligations.
• Complete visibility: Clients enjoy better visibility into corporate spending and can easily track their obligations through effective contract abstraction.

We know companies are faced with a host of choices when it comes to choosing legal software. With expertise in multiple platforms, QuisLex can implement the best technology for specific clients, tailoring our services to your needs and industry. Plus, QuisLex holds ISO certifications for information security and quality management and is HITRUST CSF certified to ensure client data is protected.

Improve Your Contract Lifecycle Management Today

With our headquarters in Hyderabad, India, and New York City, as well as satellite offices around the globe, QuisLex is well-positioned to support clients with best-in-class managed legal services. By leveraging our background in contract lifecycle management, our clients can spend more time focusing on their business strategy and goals while remaining confident in their contract compliance. QuisLex is a minority business enterprise (MBE), and has received several acknowledgments for contract services, including a Band 1 Ranking in Chambers and Partners’ Alternative Legal Service Providers Guide. To learn more about improving your contracting process with support from QuisLex, contact us today.