Contract Management Software allows an organization to efficiently manage efforts related to contract work. This software helps to save money and time and allow for a central location for information access. Document management is a big part of contract management and this software should allow for the automatic generation of documents and contracts and the ability upload documents such as signed contracts. Due to the time-sensitivity of contracts, date management and reminder functions are important features of this software. Many industries use contract management software such as real estate, government, and construction. Updated for 2012!

Real estate contracts vary greatly depending on the specifics of the transaction. Contract management software for real estate should allow for such functions as ensuring specifics such as names and property locations appear consistently through all portions of the contract. Also the ability to choose which addendum should be included in the contract package is important. The wording in standard real estate contracts is updated often and this software must ensure the most current contract versions are used for each transaction.

Federal and local governments must manage many contracts simultaneously. A central location for contract management information is important so that all authorized members of the organization can access the most current information. Date management is important so that the organization can record and track dates contracts are approved by different divisions such as legal, finance, and risk management. Other important dates are contract advertised, date executed, notice to proceed, and scheduled completion.

This software must work with all of the contract types an organization uses such design, construction, and work order. Some organizations also use cost participation agreements and annual services contracts. Reminder functions are useful to alert organization members to perform timely actions such as performing a warranty ending inspection before the warranty period expires.

Construction contract management must provide subcontractor contract management and change order management. This software should help manage the approval of contract change orders and timely billing. Date management, reminder functions, document management, and invoice tracking are important features of this software for the construction industry.

Contract management software is a vital tool for many organizations to operate as efficiently as possible with the least amount of errors and omissions. This software should also provide useful reports for high level management and drill-down functions when details are needed.