Contract Management Software Features
Key features of the most advanced contract management solution in the market
Find out how iContract' Contract Management Software Features can help your team
Request a Contract
Centralized Request Intake Portal
iContract provides a single centralized setup to create, track, manage and act on contract requests. Reducing the reliance on email and other traditional contract request methods allows users to streamline and standardize the request process and the data requirements for such contracts which helps make the process faster and error-free.
Customizable Request Forms
Quickly create request forms for different business requirements or a different set of users with a few simple clicks. No Word or Excel forms required.
Setting up the request forms in such a manner helps users make sure they have all the relevant information required to create a contract in the first go rather than going through a to-and-fro cycle with the requester.
Author a Contract
Flip Requests to Contracts
Flip the contract request to an actual contract with just a few clicks. Once you have the request in the system, all you need to do is select a template and assign internal parties who need to review the contract. iContract automatically populates the template text with data from the request form and gets you a first draft in seconds.
Template Library
The entire legal playbook can be automated with iContract. The solution helps users create an exhaustive template library which can be utilized to suggest the right templates to business users. iContract automatically suggests templates when a new contract comes to pass based on the details shared in the contract request, in effect directing users to the right template.
AI-Powered Risk Review
Merlin Insta Review
Merlin Insta Review instantly scans through the draft contract and matches the contract language to the legal approved playbook to determine how risky the contract is. The solution calculates risk based on a configurable scoring system that takes into account how important any clause is and helps answer a few questions wrt that clause.
When Merlin scans through the contract, it uses Natural Language Processing to understand the language in entirety and answers the said questions automatically creating a clause level and an overall risk score.
The score automatically updates when the language is changed by the user or a risk is ignored.
Merlin Template Comparator
Merlin Template Comparator does a complete risk analysis of an incoming 3rd party contract by comparing it to a relevant template from the template library.
It uses artificial intelligence to match every clause in the 3rd party contract to the relevant approved template to determine a clause level risk and an overall risk score for the contract.
When the language changes or a risk is ignored, both scores are automatically updated.
Review & Negotiation
Serial Reviews
Send the contract through for a sequential review to reviewers based on a pre-set approval workflow. The contract automatically moves to the next reviewer once the review is complete at a user’s desk.
Contract creators and admins can view the review journey every step of the way and can nudge reviewers if it gets stuck. They can also delegate the review to another user in case a particular reviewer is not able to complete it.
Parallel Reviews
Assign particular clauses to specific experts to review and send out the document to multiple such reviewers parallelly. The users will be able to redline only the sections allotted to them and the rest of the document will be locked for them.
Contract creators and admins can view the review journey every step of the way and can nudge reviewers if it gets stuck. They can also delegate the review to another user in case a particular reviewer is not able to complete it.
WordConnect - MS Word Integration
Review contract drafts from the comfort of MS Word with Zycus’ integration adapter – WordConnect. Users can view a list of contracts awaiting their review in MS Word and can make the changes within the Word interface.
Once saved, iContract automatically creates a new version of the document within the system for users to refer to.
Version Tracking & Comparison
All versions of the contract created during the review process are recorded within the system, keeping the legal team audit ready at all times.
Reviewers can also compare different versions in a side-by-side view to help find changes quickly.
Approval Workflows
No-code low-code approval workflow builder allows contract admins to create condition-based workflows on the fly with a simple graphical drag-and-drop interface.
Workflows can be built for any stage as per the contracting process requirements.
Approval & Sign-off
eSign Integration
Send the contract for signing from within the system and track the activity at every stage. iContract has its own native eSignature solution Certinal and it also integrates with most prevalent eSign solutions including DocuSign, Adobe Sign among others.
Digitize & Store Contracts
Contract Repository
The iContract repository houses recently executed contracts as well as legacy contracts. A contract once executed flows directly to the repository.
The iContract repository becomes a single source of truth for the enterprise to refer to maintaining all the details associated with a contract while making the data within the contract actionable.
Merlin Contract Discovery
Digitize any contract in any format with Merlin Contract Discovery. The solution uses artificial intelligence to scan the document and identify key data points and related values from the contract in seconds.
Users are also presented with a confidence score from the solution and the capability to edit any data point and value which they feel should be differently mapped.
The solution can take your MS Word, PDF or even scanned documents and make them actionable. The data extracted is then stored against that contract and can be used to set up alerts and reminders, track utilization or do analysis.
Alerts & Reminders
The iContract repository automatically sets up alerts for important dates such as expiry / renewal dates etc. It also allows users to set up alerts and reminders for key stages in the contract’s lifecycle such as expiry, renewals, advance notice for auto-renewals, periodic compliance checks etc.
Search Contracts
Advanced Search
Search any word or term across your contract repository using iContract’s advanced search functionality. You can look for a single word term or even a phrase and get all the contracts containing that particular term pr phrase without having to scan through the hundreds or thousands of contracts you may have.
You can further use advanced filters such as team or agreement type or time period to name a few, to further narrow down your search results from the initial search results.
Reporting & Analytics
Insight Studio
Access advanced out-of-the-box reports for all kinds of contract analysis or create customizable reports based on how you prefer to work in just a few clicks. Utilize any of the hundreds of parameters that are part of a contracting process.
All reports can be easily changed to graphical representations with a single click. You can easily export any report to a format of your choice and share it with your team without thinking of brushing it up. Lastly, users can share and subscribe to specific reports to have them delivered to their inbox periodically.
Insight Studio also allows users to create dashboards which are extremely customizable based on the reports the user would like to see.
Obligations & Compliance Management
Obligations & Compliance Management
Users can easily track and act on obligations associated with a contract. iContract allows setting up of milestones throughout the contract lifecycle to allow for specific alerts to be triggered when obligations are due or when they reach a certain goal.
iContract allows users to sync their systems with other systems of record such as ERPs or invoicing systems to allow tracking of contract utilization.
Amendment & Renewal Tracking
Document Hierarchy
iContract allows users to attach amendments to the parent contract to create a single source of truth for that particular contract.
Multiple users across geographies can easily view all the documents related to a contract in a single location without having to check emails or maintain shared drive repositories for the same.
Renewal Tracking
When a contract is executed or is set up in iContract, it automatically sets up a reminder for the expiration date of the contract. Users don’t run the risk of getting into autorenewals without the capability to act on them.
Any of these renewal alerts take the form of an alarm within iContract, an email alert to all members of a team or even a calendar invite in their mailboxes. This way, users always stay ahead of their contracts that are about to expire.
