Contract management software is a must-have for modern companies and businesses globally.
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, eliminating the need for manual paperwork and manual data entry.
Upon that, contract management software allows organizations to collaborate better with staff members in different locations, 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.
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. 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. FineMark Bank, for example, spent four to five hours manually creating each paper. The organization decreased this to 30 minutes after implementing DocuSign – a contract management software.
To find the best free contract management software solutions, we 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 popular integrations.
Let’s take a closer look at some of the best free contract management software available for use in 2023.
What is Contract Management Software?
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.
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.
Best free Contract Management Software
Contract management software is built on four key functions:
Contract creation: The capacity to swiftly produce and personalize contracts, generally using templates or automated technologies.
Contract collaboration: this tools assist negotiators in efficiently parsing contract provisions, negotiating details, and reaching quick settlements.
Contract management: An easy-to-use system for managing contracts based on specified criteria such as forthcoming expirations (for renewals), signers, or business partners.
Contract storage: This refers to the capacity to safely store contracts within the system for a specified (or indefinite) period of time.
Contract management systems are often distinguished by their primary functionalities and other contract management solution choices.
11 Best Contract Management Software for 2023, with Features, Pros and Cons
Let’s take a closer look at some of the best free contract management software available for use in 2023.
1. PandaDoc
PandaDoc is an affordable, all-in-one software solution with a robust contract and document management platform.
Pros
24/7 customer support on paid plans
14-day free trial
Unlimited documents, e-signatures, and users
Cons
The content library is only available with Business or company plans
Sending bulk feature costs extra
Free plan has Limited integrations
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 of any size.
Quickly get up and running by using this browser-based program or downloading PandaDoc’s mobile app for Android and iOS.
2. ContractWorks
Features:
Centralized contract repository
OCR and advanced search capabilities
Customizable alerts and notifications
Role-based access control
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:
Collaboration tools for contract negotiation
Version control and audit trails
Electronic signatures
Advanced reporting
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:
Configurable contract templates
Custom approval workflows
AI-powered contract analysis
Risk and compliance management
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:
Electronic signature capabilities
Workflow automation
Contract templates and clause libraries
Document storage and collaboration
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:
AI-driven contract analytics
Compliance tracking
Contract workflow automation
Customizable templates
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:
Contract drafting and assembly tools
Workflow automation
Advanced reporting and analytics
Integration with Salesforce and other CRM systems
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:
Contract lifecycle management
Intelligent contract authoring
Compliance tracking and risk management
Vendor and supplier management
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:
AI-powered contract organization
OCR and advanced search capabilities
Customizable alerts and reminders
Role-based permissions
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:
Contract creation and automation
Approval workflows
Vendor and supplier management
Contract compliance tracking
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:
Customizable contract templates
Workflow automation
Advanced reporting and analytics
Vendor and supplier management
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.
What is the Best way to Manage Contracts?
The best way to manage contracts depends on several factors, including the size and complexity of your organization, 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:
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.
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.
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.
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.
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.
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.
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.
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).
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.
Legal Compliance: Ensure that all contracts adhere to relevant laws and regulations. This may involve consulting legal experts to review specific clauses and language.
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.
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.
Best Contract Management Software
How Much Does Contract Management Software 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.
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.