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An electronic contract, often referred to as an e-contract, is a contract created, signed, and stored in digital form, without the use of traditional paper documents. These contracts utilize electronic means for various stages of the contract lifecycle, from creation and negotiation to execution and storage. Overall, electronic contracts offer efficiency, convenience, and cost savings compared to traditional paper-based contracts.
With a Word plugin for CLM, users can create, edit, and manage contracts seamlessly without leaving the Word application. This integration includes features such as template management, clause libraries, version control, and direct access to the CLM system’s repository of contracts. It aims to improve user efficiency by providing a unified experience within the word
Workflow automation in CLM brings several benefits, including improved efficiency, reduced errors, better collaboration among team members, and increased visibility into the status of contracts. It also helps organizations enforce compliance with internal policies and regulatory requirements throughout the entire contract lifecycle.
Workflows refer to predefined, systematic processes that guide and automate the flow of tasks and actions associated with the lifecycle of a contract. These workflows help streamline and standardize the contract management process, ensuring that each contract undergoes a consistent series of steps from initiation to completion.
