Zoho Contracts Overview
Zoho Contracts Overview
Zoho Contracts is an advanced Contract Lifecycle Management (CLM) software to simplify the contract lifecycle for businesses of all sizes. With its intuitive interface and powerful features, Zoho Contracts streamlines the entire contract lifecycle management process, from creation and internal approval to negotiation, signature, and renewal. Whether you are a small startup or a large enterprise, Zoho Contracts helps you to manage your contracts efficiently and effectively.
Key Features
Contract Repository
Zoho Contracts provides a centralized and secure Contract Repository where you can store, organize, and manage all your contracts in one place. Accessible anytime, anywhere, the repository ensures that you have instant access to your contracts, making it easy to search, retrieve, and manage contracts whenever needed.
Contract Templates
Select, customize, and create contracts using 14 built-in contract types with predefined contract templates. You can also create new contract types and build custom contract templates from scratch or by uploading a Word document.
Contract Authoring, Sharing, and Collaboration
Create contracts with the built-in document editor, use the Document Assembly feature to assemble clauses, and collaborate by sharing the contracts. Contract owners can invite multiple team members to co-author or get a peer review within the organization by sharing it with other members. Contract owners can designate the members as collaborators in the contract with necessary permissions. For more information, see Creating and authoring a contract.
Approval Workflows
Zoho Contracts provides the Approval Workflow feature to help streamline the contract approval process. Administrators can create custom approval workflows tailored to different contract types. When a contract owner submits a contract for approval, the approvers will get a notification based on the selected workflow. They can add comments and approve or reject the contract. This feature helps maintain compliance, reduce errors, and accelerate the contract lifecycle. For more information, see Approval Overview.
Negotiation and Redlining
The Negotiation and Redlining feature in Zoho Contracts allows contract owners to initiate a negotiation with their counterparty. The counterparty will be notified via email and can access the contract through a password-protected link sent in the email. They can subsequently collaborate on the contract by making changes or adding comments and then submit their reviewed version.
This process is significantly faster than the traditional email attachment-based negotiation process. Moreover, this feature tracks and documents the changes made in each revised version, giving both parties a clear understanding of the progress made in the negotiation. This feature provides a streamlined and efficient way to negotiate contracts. For more information, see Negotiation Overview.
Note: The negotiators will not require a Zoho Contracts account or user license for the negotiation process.
eSignature
Zoho Contracts subscription includes Zoho Sign, an integrated eSignature feature that offers a convenient and legally compliant eSignature to help streamline the contract signing process. With this feature, the contract owner can quickly initiate the signing process, which will trigger an automatic signature request email to the signers of both the parties involved in the contract. This allows all the signers to sign the contract digitally, leading to faster contract execution, reduced turnaround time and enhanced overall contracting experience for all parties involved. For more information, see Signature Overview.
Note: The signers representing the counterparty will not require a Zoho account or user license for the signing process.
Obligation Management
Obligations represent the duties each party must fulfill within a contractual agreement. As contracts are binding, managing obligations is crucial to ensure compliance and mitigate risks. Within the platform, users can easily track and manage obligations in the dedicated Obligations tab for each contract. Contract owners can create, assign, and set reminders for obligations, while obligation owners can update the status of their obligations. Obligation-related reports provide a real-time overview of obligation progress across multiple contracts.
Change Management
Zoho Contracts provides amendments, renewals, extensions, and terminations features to accelerate the change management process. The built-in letter templates capture the changes made to the existing contract and highlight them using the Whereas and Therefore clauses.
Zoho Contracts further prioritizes compliance and risk mitigation through activity tracking, offering a centralized audit system for secure and accountable contract management. This makes it easier to amend, renew, and extend a contract without having to create a new contract from scratch. For more information, see Amendments, Renewals and Extensions, and Terminating a Contract.
Renewal Reminders
Zoho Contracts' renewal reminder feature sends you reminders before contract expirations, allowing you to choose the dates when you would like to get reminders. These alerts, sent via email and in-app notifications, prevent business disruptions or loss of opportunities by prompting timely contract renewals. By enabling proactive management, Zoho Contracts ensures smooth operations and positive client relationships.
Analytics and Reporting
Zoho Contracts has over 30 standard reports supporting various aspects of contract management. These reports cover general contract attributes, activities or milestones, performance metrics, clauses, obligations, counterparties, and user performance. Administrators, especially those with an Admin role in Standard, Professional, and Premium plans, can filter data in reports, download, and print them for informed decision-making. For more information, see Reports Overview.
Integration Capabilities
Integrate Zoho Contracts with other Zoho applications and third-party software to enhance functionality, productivity, and collaboration. These integrations ensure data consistency, streamline communication and improve collaboration across your organization.
Data Protection
Zoho Contracts complies with the EU General Data Protection Regulation (GDPR) and other similar data protection laws. Users have the option to enable personal data protection for contacts of counterparties, allowing them to manage requests related to data subjects, such as stopping the processing of the counterparty contact data or anonymizing their personally identifiable information upon deletion.
Zoho Contracts allows users to define personal data fields, including Email Address, Job Title, and Phone Number, while the Full Name field is automatically considered personal data. To enhance security, Admin users can restrict the non-admin users from exporting details of counterparties, providing an extra layer of protection for sensitive information. Zoho Contracts' data protection settings offer a comprehensive solution to address privacy concerns and meet legal requirements, ensuring a secure and compliant contract management process. For more information, see Data Security and Privacy.
Benefits
- Increased Efficiency: Streamline contract processes, reduce manual errors, and improve overall efficiency in managing contracts.
- Time and Cost Savings: Save time spent on manual contract management tasks, allowing your team to focus on more strategic activities. Additionally, reduces costs associated with paper-based processes and errors.
- Improved Collaboration: Foster collaboration among team members, clients, and stakeholders, leading to better communication and faster contract finalization.
- Enhanced Security: Ensure the security of your contracts with encryption, access controls, and audit trails, providing peace of mind when dealing with sensitive business agreements.
- Better Decision-Making: Access to real-time contract data and analytics enables informed decision-making, helping you identify trends, optimize processes, and negotiate better terms.
- Scalability: Zoho Contracts scales with your business, accommodating growing contract volumes and evolving needs without compromising performance or user experience.
With its extensive features, Zoho Contracts streamlines the entire contract lifecycle by offering a centralized repository, efficient approval workflows, and robust negotiation features. The eSignature functionality ensures legal compliance, while obligation management and renewal reminders enhance contract oversight. With analytics, integration capabilities, and stringent data protection measures, Zoho Contracts provides a comprehensive solution for businesses seeking increased efficiency, cost savings, and secure contract management.
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