New Enhancements to the Contract Logix CLM Platform Make Contract Collaboration Even Faster and More Streamlined
Contract Logix, a leading provider of contract management software, announced feature enhancements to its flagship contract lifecycle management (CLM) platform that enable organizations to speed up contract reviews and negotiations even more. Using the company’s existing contract collaboration capability, Collaboration Room, parties can review, approve, mark-up, comment on, and sign contracts in real-time and from any location via a single secure cloud-based destination. The new enhancements complement Collaboration Room by enabling users to convert third-party and other PDF contracts into editable and collaborative Word documents so they can be redlined directly in the software, further streamlining contract negotiations and reviews.
- The average cost of processing and reviewing a negotiated contract can range from $6,900 for a simple contract to more than $49,000USD for complex agreements. This expense is due to the sheer number of people needed to complete the process, lack of visibility into who is involved in the negotiations or what stages have been completed, and inefficiencies in tracking changes. Many contract lifecycle management (CLM) systems allow users to share and redline files, but they are not as sophisticated as common Microsoft tools. Contract Logix’s new feature enhancements allow users to collaborate more efficiently by converting PDF files into Word docs without ever leaving the software.
- The new enhancements from Contract Logix allow all internal and external parties to collaborate with greater speed, ease, and intelligence during contract negotiation. Collaboration Room’s real-time and concurrent editing and messaging, automated versioning, and e-signature integration, coupled with the new PDF to Word conversion option, significantly reduce the friction and inefficiency associated with contract negotiations and reviews. Some customers have sped up reviews and negotiations by up to 90% using Contract Logix’s CLM software.