DocMinder® Contract Lifecycle Management
DocMinder® CLM is designed to manage the lifecycle of a typical contract. It can be customized to follow your organization's processes and track meta-data related to your contracts. DocMinder® Video
First
First, you must manage all the inbound Contract requests, and set the life cycle process for each one in motion.
Second
Then there’s tracking the negotiations with a markup and approval process for managing the tasks related to this contract.
Third
Once the contract is signed the final phase is managing all the obligations throughout the contract’s life.
Stage 1 – Contract Request
Let's say that you have an agreement that requires approval by your legal department. We'll start the process by filling out a New Contract Request web-form with the required data.
After you select the type of request, responsible parties are identified for routing and additional questions appear on the form.
By identifying the counterparty the system can later require their approval.
Any supporting documents can be uploaded to the web form and can be automatically profiled in iManage.
Stage 2 – Contract Mark-up and Approval Workflow
Once the form is submitted, an automated workflow is initiated. This workflow will move the contract through the life cycle, collecting information and automatically notifying the proper people when their part of the project becomes active.
Starting the Workflow (with optional iManage integration)
The workflow can begin with the profiling of the document in iManage. The employee responsible for profiling this contract will be notified by email. They search for the document within iManage. Then by dragging and dropping the contract into the right folder it will inherit all the proper metadata.
As the legal team and the requestor revise the contract, the workflow goes back and forth between the parties throughout the negotiation. This in turn captures the full chronology of comments made about this project.
Final Approval (with optional DocuSign integration)
Once all parties are in agreement - they can submit their approval. If you're ready for signatures, DocMinder® can automatically start a DocuSign process.
Select a contract that requires a signature;
Multiple or any number of the contracts can be sent at the same time;
DocuSign will then notify the responsible person, via email, to collect the required signatures;
DocMinder® will then file the signed contracts into the corresponding iManage Workspace and folder;
Stage 3 - Contract Summary and Ongoing Obligations
Finally, the workflow moves on to the final step, post-signing obligation management. An email is sent with a link to the Obligations Page, and you can view all the meta-data related to this contract.
The DocMinder® Contract Summary page, you’ll notice we have picked up important metadata information from iManage throughout the workflow. The Summary Page is a living web form, so as facts surrounding this contract change we’ve made it easy to update and edit.
Nested on the page is the obligation option, here you can set automatic reminders for all contract obligations that need to be managed for years to come. Each obligation only needs a few points of data to be defined before it is activated.
Select a contract that requires a signature;
Multiple or any number of the contracts can be sent at the same time;
DocuSign will then notify the responsible person, via email, to collect the required signatures;
DocMinder® will then file the signed contracts into the corresponding iManage Workspace and folder;
Contract Search Tool
All the information in the world is useless if you can’t easily find what you need, when you need it.
The DocMinder® contract search tool allows you to do just that - it gives you the ability to search contracts using your metadata, and a search can be as wide or as narrow as desired.
Description of Results
Each row represents a different contract that meets your search criteria. Important metadata is displayed here for quick review.
Click the summary button to view the summary page.
Or you can click on the workflow button to see the steps associated with this contract.
Customizable at Every Stage
This entire process can be customized to fit your unique meta-data and use case. This is just an example of the default settings for end to end contract management. All of this is supported by DocMinder’s full suite of Management features. Including the Homepage, Calendar, Dashboard, and Reporting.
Now your process can have automated workflow that is synchronized with iManage, and all your contract data can be searchable in one place.