Free Contract management Software 2023/2024: Best 10 You Must Have

This article is all about contract Management software! Are you a contract manager, or do you have anything to do with contract management? If yes, then this post is for you.

Contract management software is a must-have for modern companies and businesses globally.

An Overview of Contract Management software

Using these tools (free contract management software), organizations or companies can easily create, store, edit, and track their contracts without stress. Hence, it helps to eliminate the need for manual paperwork and manual data entry which can be time consuming and stressful.

Upon that, contract management software allows organizations to collaborate better with staff members in different locations, thereby helping them stay organized while managing contracts quickly and efficiently.

However, choosing the Best free contract management software Option for Signing and Organizing Documents can be challenging sometimes and sometimes difficult.

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Contract creation, negotiation, and management are critical components of any organization, regardless of size. However, each step takes time and is prone to common data entry errors. But, Contract management software, sometimes referred to as contract lifecycle management (CLM), speeds up the process while lowering financial and audit risks.

Companies from all industries benefits from using contract management Software. For example, FineMark Bank, spent 4 to 5 hours to creating each paper manually. However, the organization decreased this to 30 minutes after implementing DocuSign – a contract management software.

To find the best free contract management software solutions, we at ustravelhubs, evaluated more than three dozen providers based on key features, including customization and automation. Additionally, we looked at pricing plans, security, and compliance measures, together with some popular integrations.

Let’s take a closer look at some of the best free contract management softwares available for use in 2023/2024. But before then, it is important for us to know what contract management software is all about.

What is Contract Management Software?

Simply put, Contract management software is a program that brings together all parties, contracts, and versions involved in contract discussion and creation.

A trusted medium that allows all parties to observe changes and track contract deadlines from inception to signature is a contract management solution.

The best contract lifecycle management solution mirrors rich reporting and analytics, as well as a plethora of ongoing management and workflow automation tools, as well as intelligent notifications.

Many of the software solutions in this review roundup have all or some of these features mentioned above.

However, the complexity of contract management software alternatives varies according to organizational needs.

While some platforms can be entirely customized and have greater applicability, others are built for simplicity, serving a limited number of contract management use cases and business verticals.

Features of Contract Management softwares

Contract management software is built on four key functions:

1. Contract creation: This is the capacity to swiftly produce and personalize contracts, generally using templates or automated technologies.
2. Contract collaboration: contract management softwares assist negotiators in efficiently parsing contract provisions, negotiating details, and reaching quick settlements options.
3. Contract management: It is an easy-to-use system for managing contracts based on specified criteria such as forthcoming expirations (for renewals), signers, or business partners.
4. Contract storage: This refers to the capacity to safely store contracts within the system for a specified (or indefinite) period of time.

Note: conntract management systems are often distinguished by their primary functionalities and other contract management solution choices.

11 Best Contract Management Software for 2023:  Features, Pros and Cons

Let’s take a closer look at some of the best free contract management software available for use in 2023/24.

1. PandaDoc

PandaDoc is an affordable, all-in-one software solution with a robust contract and document management platform.

Founded in the year 2011, PandaDoc helps you to oversee the entire lifecycle of your contracts using its intuitive software.This affordable and feature-rich contract management software stands out from the competition, making it the best overall choice for companies regardless of the size.

Quickly get up and running by using this browser-based program or downloading PandaDoc’s mobile app for Android and iOS.

Pros

Some of the advantages of pandaDoc are as follows:

• 24/7 customer support on paid plans
• 14-day free trial
• Unlimited documents, e-signatures, and users

Cons

It’s shortfalls includes but not limited to:

• The content library is only available with Business or company plans
• Sending bulk feature costs extra money
• It’s Free plan has Limited integrations

2. ContractWorks

Features:

1. Centralized contract repository
2. OCR and advanced search capabilities
3. Customizable alerts and notifications
4. Role-based access control
5. Reporting and analytics

Pros:

• User-friendly interface
• Robust security features
• Quick implementation
• Excellent customer support

Cons:

• Limited workflow automation
• Some users reported occasional performance issues

3. Concord

Features:

1. Collaboration tools for contract negotiation
2. Version control and audit trails
3. Electronic signatures
4. Advanced reporting
5. Integration with popular tools like Salesforce and Dropbox

Pros:

• Intuitive interface
• Simplified contract creation
• Seamless document collaboration
• Efficient negotiation features

Cons:

• Limited customization options
• Some users found the pricing structure complex

4. Agiloft:

Features:

1. Configurable contract templates
2. Custom approval workflows
3. AI-powered contract analysis
4. Risk and compliance management
5. Integrations with CRM and ERP systems

Pros:

• Highly customizable to fit specific business needs
• Strong contract automation capabilities
• Great customer support

Cons:

• Steeper learning curve for complex configurations
• Higher pricing compared to some competitors

5. DocuSign

Features:

1. Electronic signature capabilities
2. Workflow automation
3. Contract templates and clause libraries
4. Document storage and collaboration
5. Mobile app for contract management on the go

Pros:

• Easy to use and implement
• Widely recognized and trusted platform
• Seamless integration with other tools

Cons:

• Limited advanced contract management features
• Can be expensive for organizations with complex needs

6. Icertis Contract Management Software

Features:

1. AI-driven contract analytics
2. Compliance tracking
3. Contract workflow automation
4. Customizable templates
5. Vendor and supplier management

Pros:

• Powerful contract analytics and insights
• Scalable for enterprise-level needs
• Robust contract authoring and collaboration tools

Cons:

• Some users found the interface not as intuitive as other platforms
• Higher cost for smaller businesses

7. SpringCM Contract Management Software (now part of DocuSign)

Features:

1. Contract drafting and assembly tools
2. Workflow automation
3. Advanced reporting and analytics
4. Integration with Salesforce and other CRM systems
5. Content management capabilities

Pros:

• Strong Salesforce integration
• Good workflow automation features
• Well-suited for document-centric industries

Cons:

• Some users reported performance issues
• Limited configurability for complex workflows

8. CobbleStone Contract Insight

Features:

1. Contract lifecycle management
2. Intelligent contract authoring
3. Compliance tracking and risk management
4. Vendor and supplier management
5. Advanced reporting and analytics

Pros:

• Customizable to meet specific business needs
• Strong compliance and risk management features
• Good support for contract analytics

Cons:

• Steeper learning curve for customization
• Some users found the interface dated

9. ContractSafe Contract Management Software

Features:

1. AI-powered contract organization
2. OCR and advanced search capabilities
3. Customizable alerts and reminders
4. Role-based permissions
5. Contract analytics and reporting

Pros:

• Easy to use and navigate
• Quick setup and implementation
• Affordable pricing for small and medium-sized businesses

Cons:

• May lack advanced features for larger enterprises
• Some users desired more robust reporting options

10. Gatekeeper:

Features:

1. Contract creation and automation
2. Approval workflows
3. Vendor and supplier management
4. Contract compliance tracking
5. Customizable reporting and analytics

Pros:

• User-friendly interface
• Good collaboration and approval features
• Customizable to match specific processes

Cons:

• Some users reported integration challenges
• May require additional configuration for complex workflows

11. Onit Contract Management:

Features:

1. Customizable contract templates
2. Workflow automation
3. Advanced reporting and analytics
4. Vendor and supplier management
5. Integration with other business systems

Pros:

• Strong workflow automation capabilities
• Good contract approval and tracking features
• Suitable for legal and procurement teams

Cons:

• Pricing may be higher for certain configurations
• Interface may not be as intuitive for some users

Remember, the contract management software landscape is continuously evolving. It’s essential to research the latest offerings, read user reviews, and consider your organization’s specific requirements before making a decision.

Best way to Manage Contracts

What is the best and most efficient way to manage contracts now?

The best way to manage contracts depends on several factors, including the size and complexity of your company, the number of contracts you handle, and the specific requirements of your industry.

However, here are some general best practices for effective contract management using the best free contract management software:

Best practices for effective contract management using the best free contract management software

1. Centralized Repository

Maintain a centralized and secure repository for all contracts. This can be a physical filing system or a digital contract management platform. Having all contracts in one place makes it easier to access, track, and update them.

2. Standardized Templates:

Develop standardized contract templates that include all necessary terms and conditions. This ensures consistency and reduces the risk of errors or omissions in contracts.

3. Contract Review and Approval Process:

Implement a clear review and approval process for new contracts. Assign responsibility to specific individuals or teams to review contracts for legal, financial, and business considerations before approval.

4. Contract Tracking and Reminders:

Use a contract management system or software that allows you to set reminders for important dates, such as contract expirations, renewal dates, or milestones. This helps prevent missed deadlines and ensures timely action.

5. Version Control:

Maintain a version control system for contracts, so you can easily track changes, revisions, and updates over time. This helps avoid confusion and disputes arising from outdated contract versions.

6. Contract Renewal and Termination:

Proactively monitor contract renewal dates and termination clauses. Start the negotiation process in advance to avoid contract lapses and to take advantage of potential renegotiation opportunities.

7. Document Security:

Ensure that contracts are protected and accessible only to authorized personnel. Implement encryption and access controls to safeguard sensitive contract information at all times.

8. Contract Performance Tracking:

Regularly assess contract performance to ensure compliance and to evaluate the effectiveness of the agreements. This involves tracking deliverables, service levels, and key performance indicators (KPIs).

9. Communication and Collaboration:

Foster effective communication and collaboration among relevant stakeholders, such as legal, finance, procurement, and operations teams. Clear communication ensures that all parties understand their roles and responsibilities under the contract.

10. Legal Compliance:

Ensure that all contracts adhere to relevant laws and regulations. This may involve consulting legal experts to review specific clauses and language.

11. Training and Awareness:

Provide training to employees involved in the contract management process to enhance their understanding of the organization’s contract policies and procedures.

12. Auditing and Reporting:

Regularly conduct contract audits to identify any potential risks or non-compliance issues. Generate reports to track contract performance and identify areas for improvement.

However, it’s important o remember that each organization’s contract management needs are unique, so it’s essential to tailor these best practices to suit your specific requirements. Additionally, using contract management software or platforms can significantly streamline the entire process and increase overall efficiency.

Cost of Contract Management Software

How much does contract management softwares cost?

Most contract management software is available on a monthly or annual basis, with discounts available for yearly payments, high contract volume, or a big number of users. Because you may upload your own agreement or use a common template, then email it for an e-signature, the free and low-cost plans are ideal for small firms with conventional contracts.

However, Paid options with basic contract management tools begin at $25 per user per month. Lower-priced plans, on the other hand, frequently do not have advanced customization, reporting, or branding choices. On the other hand, AI technology, automation, and ultimate customization will cost you more than $100 per user every month.

Conclusion

Whatever platform or toolset you pick to handle your contracts, begin with a thorough review of your team’s functionality, integrations, and user experience requirements.

It will then be much easier to discover the ideal contract management solution because you will be able to objectively analyze each one.

Don’t be afraid to try out numerous tool demos and compare them before saying “yes” to the proper one.

Frequently Asked Questions About Free Contract Management Software

Contract management software is a powerful tool that can streamline the contract lifecycle and improve efficiency in handling contracts. As such, many people have questions about its features, benefits, and implementation. Here are some frequently asked questions about contract management software:

What is contract management software?

Contract management software is a digital solution designed to facilitate the creation, storage, organization, and management of contracts throughout their lifecycle. It helps users draft, negotiate, sign, store, and track contracts, making the process more efficient and reducing the risk of errors.

What are the key features of contract management software?

Contract management software typically includes features such as centralized contract repositories, contract templates, version control, electronic signature capabilities, automated alerts and reminders, reporting and analytics, contract search and retrieval, and role-based access control.

How does contract management software improve contract efficiency?

Contract management software streamlines the entire contract lifecycle by automating various tasks, such as contract creation, approval workflows, and notifications. It reduces manual efforts, minimizes errors, and accelerates the contract review and approval process, leading to improved efficiency.

Is contract management software secure?

Yes, reputable contract management software providers prioritize data security. They employ encryption, secure access controls, and other measures to protect sensitive contract information from unauthorized access and breaches.

Can contract management software integrate with other business systems?

Many contract management software solutions offer integration capabilities, allowing seamless connections with other business systems like CRM, ERP, or document management tools. Integrations improve data flow, enhance collaboration, and ensure consistency across various platforms.

Is contract management software scalable for different business sizes?

Yes, contract management software solutions are available for businesses of all sizes. They offer various plans and pricing options to cater to the needs of small, medium, and large enterprises.

How difficult is it to implement contract management software?

The ease of implementation depends on the specific software and your organization’s requirements. Some solutions offer quick and straightforward setup, while others may require more extensive configuration. Reputable providers often offer training and customer support to ensure a smooth implementation process.

Can free contract management software track contract performance and key dates?

Yes, contract management software can track key dates, such as contract expiration, renewal, and milestone dates. It can also help monitor contract performance against predefined KPIs and ensure compliance with contractual obligations.

Is contract management software beneficial for remote teams?

Yes, contract management software is especially useful for remote teams. It allows team members to collaborate on contracts, access documents from anywhere with an internet connection, and facilitates electronic signatures to expedite the contract signing process.

What are the potential cost savings with contract management software?

By reducing manual tasks, minimizing contract errors, and improving contract lifecycle efficiency, contract management software can result in cost savings related to time, labor, and risk mitigation. Additionally, it can help identify opportunities for contract renegotiation and prevent missed deadlines that could lead to financial penalties.

Remember that when choosing contract management software, it’s essential to assess your organization’s specific needs, conduct thorough research, and consider factors like security, scalability, and integration capabilities to find the best fit for your requirements.