10 Free and Paid Contract Management Software That Deliver Results in 2021

Vũ Khôi

Author at Wotech Electronics Blog

Contract management software is one of the latest digital transformation trends today. It not only makes storage easier, but also shortens the time spent searching and organizing, while giving you a clear grasp of each contract's details.

However, contract management software has many more advantages and features you may not know about. Join SimERP to learn what contract management software is and discover the top 10 free contract management solutions widely used by businesses today!

What Is Contract Management Software?

Contract management software is a tool that provides powerful, effective support for management, sales, and HR departments. Managing contract progress and tasks for each specific customer is done automatically, ensuring high accuracy at the fastest pace required.

When used, contract management software can deliver a comprehensive management solution for every business. Once adopted, it can manage and track a contract's implementation progress, delivering high accuracy and ideal efficiency — helping you complete work and projects in the best way possible.

Benefits of Contract Management Software

Using contract management software has become extremely common today. It has become a useful tool supporting a business's work.

Benefits for the Business

From the business perspective, using contract management software brings many values and benefits. The most practical ones include:

• Supports establishing a single system applied across all of the company's contract management.

• Contract lifecycle management is handled effectively — from creation and approval through execution, renewal, audit, and termination or liquidation — smoothly and accurately.

• The ability to standardize the contract creation and review process, making work faster.

• Completing a specific contract proceeds rigorously, ensuring no errors or delays occur that could affect the overall work.

• Every risk and difficulty that arises in traditional contract management is comprehensively overcome, delivering contract performance as required.

• Easy management of contracts across multiple tiers and levels, with rapid interaction between staff and managers on contract-related matters.

• For each business model, different approval workflows can be set up for each type of contract.

Benefits for Contract Management Staff

An ideal contract management software, once adopted, also brings value and benefits to the staff responsible for managing contracts. The greatest, most highly rated benefits are:

• Automatic task creation and reminders based on each contract's key time milestones — re-signing dates, renewal dates, contract end dates, expiration dates, and more — so management staff can be more proactive in their work.

• Executing tasks or tracking contract progress is carried out accurately and on time according to plan.

• Quickly, proactively, and promptly find and handle the contracts you need without laborious, time-consuming searching.

Benefits for Contract Creators and Approvers

Suitable contract management software, when applied to a business, also brings value to those who create and review contracts because:

• Contract management software helps create contracts from templates standardized across the whole company, bringing convenience and speed.

• It supports reminder emails, helping staff proactively identify the tasks to carry out. Managing and executing each contract then becomes fast, accurate, and highly effective.

Key Features of Contract Management Software

Growing demand means contract management software is being developed and deployed in ever more diverse and varied forms.

Among countless options, weighing real-world needs helps a business make the most accurate decision. Learning about and evaluating the features a contract management tool offers makes it easy to choose the most suitable one. Specifically, the features a contract management solution needs when put into use include:

Managing General Contract Information

This is one of the most basic features of contract management software. Managing all contract-related information — name, signing partner, start and end dates, who the contract involves, who the approver is, and so on — makes all work efficient and gives you the necessary proactivity.

In addition, managing contract value must also be well supported, so that overall contract value, acceptance value, advances, payments, and contract liquidation are tracked in detail and specifically.

Beyond that, all related information and documents must be clearly and thoroughly identified. With the contract information management feature, the software helps you control all information proactively and effectively.

Contract Information Lookup and Search

When contracts are stored in detail, specifically, and completely, smart search and lookup features raise the application's effectiveness even further. With a contract management solution that meets the standard, its features can support the work of every employee and every business comprehensively and effectively.

Whenever you need to find or look up any contract information, the lookup and search features come into play, helping users find information quickly without wasting effort and time.

Project-Based Contract Management

When searching for and selecting contract management software, project-based management is another feature businesses should consider. Classifying and managing contracts by specific project makes implementation smoother, more complete, and more effective.

Project-based contract management is a useful feature that ensures every document and paper for a specific project can be managed. All contracts arising for that project are managed and controlled effectively, making searching and lookup simpler and more convenient.

Contract Alert Display

This feature helps manage alerts based on a contract's progress. Information on contracts nearing expiration or needing renewal is proactively updated in detail, completely, and accurately.

Beyond that, this feature also lets users manage alerts based on the work performed, and issues notifications about the tasks to be done related to the company's contracts.

Report Export

Contract management software put into use needs a report export feature. Whenever you need a report on a specific contract, or on multiple contracts at once related to the company's work, this feature proves its value. It ensures the business can keep operating effectively and steadily, completing reports quickly while still delivering ideal results.

Top 10 Free Contract Management Software Widely Used by Businesses Today

Mona Contract

Mona Contract contract management software is a contract management system supporting the real-world needs of businesses across many different fields.

Contracts are among the most important documents of any business, so managing them fully and in detail is a mandatory requirement — it helps each project be executed effectively and on schedule.

With Mona Contract's strong support, users can easily avoid avoidable errors and mix-ups. Moreover, users can flexibly customize the software's features to deliver maximum value for each company.

Advantages:

• All customer information, contract terms, and key contract milestones are clearly recorded and stored.

• Contract management and storage for each project is kept separate and clear.

• Errors and mix-ups that affect the work have no chance of occurring thanks to Mona Contract's helpful support.

WPRO CONTRACT

Managing business contracts is always a concern for leaders. In business, economic contract management means controlling and monitoring the cooperation between the company and its partners, thereby driving the company's growth and development. If you need a business contract management solution that is simple to build and easy to use, WPRO Contract is a sensible choice.

WPRO offers you two options:

– The free version: suited to organizations with basic needs and a limited number of users.

– The paid version: you get more data, plus warranty and support from the provider.

Advantages:

• You don't need to worry about getting used to different software, as with other economic or construction contract management tools.

• WPRO Contract offers a simple, friendly interface that lets users get going from the very first use.

• Data entry windows are optimized to limit errors compared to entering data in a regular Excel spreadsheet.

Disadvantages:

• Only one person can enter data at a time.

• WPRO Contract is developed on the Office platform with the VBA programming language. Therefore, you cannot upload it to Google Sheets to share with multiple people working together.

VT Contract

VT Contract is a free contract management solution whose standout trait is being built on the SharePoint platform, delivering a comprehensive, quality solution for managing a company's contracts.

VT Contract brings many values and practical benefits tailored to each business's requirements and real needs. Its easy-to-use interface, polished with many useful features, has earned VT Contract high marks from many users. Creating, reviewing, managing, and executing contract-based work all become easy, with a professional, accurate, automated process. The VT Contract support community helps each business significantly improve work efficiency as desired.

In addition, VT Contract also integrates multi-level organizational structure management, providing a solution that meets the needs of organizations of different sizes, large and small. Especially for businesses with many offices and branches, VT Contract becomes one of the ideal solutions, well able to meet real-world demands.

Advantages:

• User-friendly interface.

• A large and strong support community.

• Integrated multi-level organizational structure management, offering a comprehensive solution for companies with many offices and branches.

DocEye

DocEye is a free contract management solution used to capture, manage, distribute, and store all of a company's contract information — delivering it to users, to other applications, or to that organization's business processes.

DocEye can also be flexibly customized to each user's management needs, with data storage and information extraction that is almost fully automatic.

Its standout technology characteristics include: smart, fast, easy storage and management; integration of multiple form-based automatic information extraction systems; and high security and accuracy.

Advantages:

• Smart storage, with recovery possible in case of loss of data.

• High security.

• Easy, fast tracking and execution of project work; quickly find and share the contracts you need.

• Easy, smart contract creation from templates standardized across the whole company.

ECRM

ECRM software is one of the most powerful tools supporting departments from management to sales and HR in easily managing work progress for each customer, ensuring task accuracy and contract execution timelines.

Contract management is one of the features of the ECRM customer management and care software, providing the most comprehensive solution that lets businesses easily manage all their contracts. ECRM also integrates multi-level organizational structure management — a solution that meets the needs of many businesses, large or small, and is especially suitable for large companies and organizations with many offices and branches, such as banks and multinational corporations.

Advantages:

• Establishes a comprehensive system applied to contract management.

• Manages the entire lifecycle of a contract — from creation, the approval process, execution, signing, renewal, and audit through to termination and liquidation.

• Standardizes the contract creation and review process to speed up contract creation.

• Ensures rigorous execution and completion of each contract.

• Creates contracts from templates standardized across the whole company.

• Executes and tracks contract processing displayed in calendar or To Do list form.

PandaDoc

With just a computer or laptop with an internet connection, users can use PandaDoc anytime, anywhere they need. PandaDoc offers a wide range of features for creating professional, high-quality contract templates. Management is carried out effectively and comprehensively according to the demands of the work.

PandaDoc helps users import and export data from their computers to sync with the software quickly and accurately. This further improves document management efficiency, especially for the company's important documents.

Agiloft Free Edition Contract Management Platform

Agiloft Free Edition is a platform that offers excellent management features with ideal support for administrators. Managing and organizing contracts, or checking and controlling organizational issues, can all be carried out with Agiloft Free Edition.

Self-service processes, customer service, and many other tasks are all handled well by this quality software. Thanks to its flexible, adaptable feature development, Agiloft Free Edition is a highly rated platform, trusted by many businesses and organizations of every scale and type.

Accelo

Accelo is cloud-based software where all information is stored and accessible anytime, anywhere the user needs. Users only need to log in and connect to the internet to quickly store or search for information in Accelo.

Comprehensive contract management features are developed with high quality at Accelo. In addition, users get many other necessary features such as plan management, project management, reporting, and more — helping improve work efficiency and save the maximum amount of time.

Contractbook Contract Management Tool

With the Contractbook online contract management tool, your company's contracts are managed effectively and ideally as required. Contractbook provides key features such as sending, signing, and storing contracts, with a simple, friendly interface that ensures the best experience for each individual and business. Developed as dedicated software for businesses with standard contract templates, it simplifies the work of many employees within a given organization.

Conclusion

A business in operation has many tasks that deserve special attention, study, and execution. Only when each task is completed fully and accurately does business efficiency improve and success follow. Among these, managing contracts scientifically, rationally, and safely is the most basic requirement.

We hope this article has given you a comprehensive view of contract management software and the features and benefits it brings to users. The arrival of contract management software keeps these important documents well protected and supports work that is smooth, accurate, and effective.

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