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Contract management software that uses artificial intelligence (AI) can identify contract types based on pattern recognition. AI contracting software trains its algorithm on a set of contract data to recognize patterns and extract variables such as clauses, dates, and parties. It also offers simple prediction capabilities, by sorting through a ...
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
Ironclad is a software as a service company that makes contract management software. Founded in 2014 and headquartered in San Francisco, California , Ironclad provides a platform for legal and business teams to create, store, and manage contracts online in a process known as contract lifecycle management .
Contractor management implements a system that manages contractors' health and safety information, insurance information, training programs and specific documents that pertain to the contractor and the owner client. Most modern contracts require the effective use of contract management software to aid administration between multiple parties.
The software is licensed to companies through a software-as-a-service model. [ 1 ] [ 11 ] [ 12 ] The company's flagship product, Icertis Contract Intelligence , is a contract lifecycle management platform, [ 13 ] which allows a company to digitize and store all of its contracts in the cloud.
Contract lifecycle management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance and renewal. Implementing CLM can lead to significant improvements in cost savings and efficiency. [1] Understanding CLA and using contract lifecycle management software to automate CLM processes can help to limit ...
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