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3 Types of Business Contracts Your Company Must Manage

September 4, 2020 3 min read

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It doesn’t matter if you’re in tech, manufacturing, retail or another industry. From NDAs to sales and service agreements, contracts touch every aspect of business life. 

Better managing, streamlining and optimizing these types of business contracts can reap huge rewards. To start, your in-house legal team can “do more with less,” mitigate business risk for your company, and even negotiate better deals. But it can also empower business users outside Legal in Marketing, Sales and Operations to contract self-serve, freeing Legal to focus on legal work rather than paperwork. 

The catalyst to unlocking all this efficiency? Contract management and, specifically, digital contracting, which connects the people, processes and data involved in business contracts so companies can execute smarter agreements, faster. 

Here are a few examples. 

Put your best foot forward by driving sales agreements

Customer engagement often starts with sales agreements. By helping businesses manage and fast track these contracts, digital contracting can help in-house legal teams and business users save time and money as well as make faster, better informed decisions. 

Imagine being able to:

  • Cut down on deal closing time by enabling sales team members to generate their own contracts — within guardrails set by Legal. This is a great way to kick start sales deals.
  • Predict deal pipeline more accurately by having all discussions and contract details easily accessible and reviewable. Bonus: sales leaders can stay up on deal status.
  • Drive sales decisions by having all completed sales agreements automatically populated in a CRM like Salesforce. Result? You have a single source of truth for key data, such as renewal dates and payment terms.

Secure proprietary information with defensible non-disclosure agreements

NDAs are essential for everything from candidate interviews to sales demos.

By removing the guesswork from these high-volume contracts, digital contracting helps companies protect their key assets, reputation and business.

Imagine being able to:

  • Make NDAs quick and easy so you ensure the security of all intellectual property — without bogging down Legal.
  • Set and maintain high standards by baking in company compliance standards via standardized confidentiality, permitted use and agreement term. Result? Employees follow all regulatory and company standards.
  • Maintain a single source of truth by storing completed NDAs in a searchable archive or repository. Ongoing, this provides easy and organized access to the records and necessary data.

Ensure engagements with consultants and contractors protect business through sound service agreements 

By optimizing service agreements, digital contracting helps businesses move quickly and — more importantly —  responsibly. 

In the process, Legal can reduce company risk by creating standardized provisions, such as intellectual property rights, data handling and liability to protect the business and maintain compliance.

Imagine being able to:

  • Onboard contractors quickly by setting up convenient contract workflows within Legal-approved guardrails that guide business users through all aspects of creating an agreement. It’s a great way to cut down turnaround time.
  • Prioritize compliance and reduce company risk by creating standardized provisions such as intellectual property rights, data handling and liability. This helps ensure employees follow all regulatory and company standards.
  • Leverage contract data to find and monitor performance of key contract terms, including scope of work, billing schedule, performance milestones and deliverables. Result? You maintain better contractor relationships.

Next steps

Learn more about the benefits of contract management and digital contracting, how they fast-track all contract types and what goes into evaluating a contracting platform. Download our Evaluating Contract Management manual. Then see how easy it is to launch an NDA with Ironclad Digital Contracting

More about Ironclad

Ironclad is the leading digital contracting platform for legal teams. By streamlining contract workflows, from creation and approvals to compliance and insights, Ironclad frees legal to be the strategic advisors they’re meant to be. Ironclad is used by modern General Counsels and their teams at companies like Dropbox, AppDynamics and Fitbit to unlock the power of their contracts data. Ironclad was named one of the 20 Rising Stars as part of the Forbes 2019 Cloud 100 list, the definitive list of the top 100 private cloud companies in the world. The company is backed by investors like Accel, Sequoia, Y Combinator and Emergence Capital. To learn more, visit our homepage.

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