Zoho Contracts 2.0 is live! Robust CLM, now supercharged by AI.Explore What’s New

x
Skip to main content
close
EXPLORE ALL PRODUCTS

Sales

CRM

Comprehensive CRM platform for customer-facing teams.

CRM
Voice

Cloud Contact Center Software for businesses.

Voice
Sign

Digital signature app for businesses.

Sign
Forms

Build online forms for every business need.

Forms
Bigin

Simple CRM for small businesses moving from spreadsheets.

Bigin
SalesIQ

Live chat app to engage and convert website visitors.

SalesIQ
Bookings

Appointment scheduling app for consultations with customers.

Bookings
RouteIQ

Comprehensive sales map visualization and optimal route planning solution.

RouteIQ
Thrive

Complete loyalty and affiliate management platform.

Thrive
Suites
CRM Plus

Unified platform to deliver top-notch customer experience.

CRM Plus

Marketing

Campaigns

Create, send, and track targeted email campaigns that drive sales.

Campaigns
Voice

Cloud Contact Center Software for businesses.

Voice
Sign

Digital signature app for businesses.

Sign
Forms

Build online forms for every business need.

Forms
Social

All-in-one social media management software.

Social
Survey

Design surveys to reach and interact with your audience.

Survey
SalesIQ

Live chat app to engage and convert website visitors.

SalesIQ
Sites

Online website builder with extensive customisation options.

Sites
Backstage

End-to-end event management software.

Backstage
PageSense

Website conversion optimization and personalisation platform.

PageSense
Marketing Automation

All-in-one marketing automation software.

Marketing Automation
LandingPage

Smart landing page builder to increase conversion rates

LandingPage
Webinar

Webinar platform for webcasting online webinars.

Webinar
NEW
LeadChain

Sync, manage, and convert leads across channels seamlessly.

LeadChain
NEW
Domains

Easy domain registration, transfer, and secured DNS management.

Domains
NEW
CommunitySpaces

Online community platform for individuals and businesses to grow their network and brand.

CommunitySpaces
Thrive

Complete loyalty and affiliate management platform.

Thrive
Publish

Manage all your local business listings on a single platform.

Publish
Suites
Marketing Plus

Unified marketing platform for marketing teams.

Marketing Plus

Commerce and POS

Commerce

eCommerce platform to manage and market your online store.

Commerce

Service

Desk

Helpdesk software to deliver great customer support.

Desk
Assist

Remote support and unattended remote access software.

Assist
Voice

Cloud Contact Center Software for businesses.

Voice
SalesIQ

Live chat app to engage and convert website visitors.

SalesIQ
Bookings

Appointment scheduling app for consultations with customers.

Bookings
FSM

End-to-end field service management platform for service businesses.

FSM
Lens

Interactive remote assistance software with augmented reality.

Lens
Solo

The all-in-one toolkit for solopreneurs.

Solo
Suites
Service Plus

Unified platform for customer service and support teams.

Service Plus

Finance

Books

Powerful accounting platform for growing businesses.

Books
Expense

Effortless expense reporting platform.

Expense
Sign

Digital signature app for businesses.

Sign
Inventory

Powerful stock management and inventory control software.

Inventory
FREE
Invoice

100% Free invoicing solution.

Invoice
Billing

End-to-end billing solution for your business.

Billing
NEW
Payroll

Payroll software with automated tax payments and filing.

Payroll
Commerce

eCommerce platform to manage and market your online store.

Commerce
Checkout

Collect payments online with custom branded pages.

Checkout
Practice

Practice management software for accounting firms.

Practice
Solo

The all-in-one toolkit for solopreneurs.

Solo
NEW
Payments

Unified payment solution built for all businesses.

Payments
Suites
Finance Plus

All-in-one suite to manage your operations and finances.

Finance Plus

Email, Storage, and Collaboration

Mail

Secure email service for teams of all sizes.

Mail
Voice

Cloud Contact Center Software for businesses.

Voice
Sign

Digital signature app for businesses.

Sign
WorkDrive

Online file management for teams.

WorkDrive
Bookings

Appointment scheduling app for consultations with customers.

Bookings
Cliq

Stay in touch with teams no matter where you are.

Cliq
Notebook

Beautiful home for all your notes.

Notebook
Meeting

Online meeting software for all your video conferencing & webinar needs.

Meeting
Connect

Employee experience platform to communicate, engage, and build positive employee relations.

Connect
Learn

Knowledge and learning management platform.

Learn
Office Integrator

Built in document editors for web apps.

Office Integrator
Writer

Word processor for focused writing and discussions.

Writer
TeamInbox

Shared inboxes for teams.

TeamInbox
ZeptoMail

Secure and reliable transactional email sending service.

ZeptoMail
Show

Create, edit, and share slides with a sleek presentation app.

Show
Tables

Work management tool to connect people, processes, and information.

Tables
Sheet

Spreadsheet software for collaborative teams.

Sheet
Office Suite

Powerful collaborative work platform for teams.

Office Suite
Calendar

Online business calendar to manage events and schedule appointments.

Calendar
ToDo

Collaborative task management for individuals and teams.

ToDo
FREE
PDF Editor

Collaborative online PDF editing tool.

PDF Editor
Suites
Workplace

Application suite built to improve team productivity and collaboration.

Workplace

Human Resources

Expense

Effortless expense reporting platform.

Expense
Recruit

Intuitive recruiting platform built to provide hiring solutions.

Recruit
People

Organize, automate, and simplify your HR processes.

People
Sign

Digital signature app for businesses.

Sign
NEW
Payroll

Payroll software with automated tax payments and filing.

Payroll
Shifts

Employee scheduling and time tracking app.

Shifts
Workerly

Manage temporary staffing with an employee scheduling solution.

Workerly
Suites
People Plus

Comprehensive HR platform for seamless employee experiences.

People Plus

Security and IT Management

Creator

Build custom apps to simplify business processes.

Creator
Assist

Remote support and unattended remote access software.

Assist
Vault

Online password manager for teams.

Vault
Directory

Workforce identity and access management solution for cloud businesses.

Directory
Lens

Interactive remote assistance software with augmented reality.

Lens
QEngine

Test automation software to build, manage, execute, and report testcases.

QEngine
Catalyst

Pro-code platform to build and deploy your apps.

Catalyst
RPA

Automate manual, tedious, and repetitive tasks easily.

RPA
NEW
eProtect

Comprehensive email security and archiving for every business.

eProtect
FREE
OneAuth

Secure multi-factor authenticator (MFA) for all your online accounts.

OneAuth
Toolkit

Complete resource for any admin-related lookup queries.

Toolkit

BI and Analytics

Analytics

Modern self-service BI and analytics platform.

Analytics
DataPrep

AI-powered data preparation service for your data-driven organization.

DataPrep
NEW
IoT

Harnessing IoT analytics for real-time operational intelligence.

IoT
Embedded BI

Embedded analytics and white label BI solutions, tailored for your needs.

Embedded BI

Project Management

Projects

Manage, track, and collaborate on projects with teams.

Projects
Sprints

Planning and tracking tool for scrum teams.

Sprints
BugTracker

Automatic bug tracking software for managing bugs.

BugTracker
Solo

The all-in-one toolkit for solopreneurs.

Solo
Suites
Projects Plus

Unified project management platform for intelligent, data-driven work.

Projects Plus

Developer Platforms

Creator

Build custom apps to simplify business processes.

Creator
Flow

Automate business workflows by creating smart integrations.

Flow
Office Integrator

Built in document editors for web apps.

Office Integrator
DataPrep

AI-powered data preparation service for your data-driven organization.

DataPrep
ZeptoMail

Secure and reliable transactional email sending service.

ZeptoMail
Tables

Work management tool to connect people, processes, and information.

Tables
QEngine

Test automation software to build, manage, execute, and report testcases.

QEngine
Catalyst

Pro-code platform to build and deploy your apps.

Catalyst
RPA

Automate manual, tedious, and repetitive tasks easily.

RPA
NEW
IoT

Build, deploy, and scale IoT solutions for connected businesses.

IoT
Apptics

Application analytics for all apps.

Apptics
Embedded BI

Embedded analytics and white label BI solutions, tailored for your needs.

Embedded BI

IoT

NEW
IoT

Low-code IoT platform and solutions for connected businesses.

IoT
CRM Plus

Unified platform to deliver top-notch customer experience.

Try now
CRM Plus
Service Plus

Unified platform for customer service and support teams.

Try now
Service Plus
Finance Plus

All-in-one suite to manage your operations and finances.

Try now
Finance Plus
People Plus

Comprehensive HR platform for seamless employee experiences.

Try now
People Plus
Workplace

Application suite built to improve team productivity and collaboration.

Try now
Workplace
Marketing Plus

Unified marketing platform for marketing teams.

Try now
Marketing Plus
Projects Plus

Unified project management platform for intelligent, data-driven work.

Try now
Projects Plus
All-in-one suite

Zoho One

The Operating System for Business

Run your entire business on Zoho with our unified cloud software, designed to help you break down silos between departments and increase organizational efficiency.

TRY ZOHO ONE
Zoho Marketplace

With over 2000 ready-to-use extensions across 40+ categories, connect your favorite business tools with the Zoho products you already use.

EXPLORE MARKETPLACE

Contract post-execution: Stage 5 of contract lifecycle management

  • Last Updated : November 9, 2023
  • 670 Views
  • 4 Min Read
Contract post-execution - Stage 5

Welcome to our blog series on the stages of contract lifecycle management (CLM)! This blog series aims to guide you through the stages of CLM, highlighting key elements, challenges, and effective practices for managing each stage.

A typical CLM process starts from authoring, going through approval and negotiation, all the way to contract renewals and termination. Without a streamlined CLM process, businesses face challenges that cost them time, money, and reputation.

To achieve a seamless CLM process and gain a competitive advantage, businesses need to understand what happens during each phase of CLM, track industry trends, and identify areas for improvement in their existing process. Now, this blog helps to dive deep into the sixth stage of the CLM process, contract post-execution. To learn about the previous stages, please refer to the below links.

  1. Contract authoring
  2. Contract approval
  3. Contract negotiation
  4. Contract execution

What is post-execution contract management? 

The contract post-execution process starts after a contract becomes active. During this phase, contract managers closely monitor contract data and the activities of involved parties to ensure ongoing compliance with the terms and conditions agreed upon in a contract and with the broader regulations. They also maintain accurate records and reminders to manage contract amendments, renewals, and terminations.

Post-execution contract management includes:

  • Change management or contract amendments
  • Contract renewals, extensions, or termination
  • Compliance management

Change management or contract amendments 

Today's business world is in constant flux due to evolving new technologies and unpredictable global events. Regulations are also cropping up more often than ever across all industries. The recent pandemic has made this even more challenging. In such situations, having a solid change management plan for contracts is more important than ever. It helps businesses modify specific contract terms and make necessary alterations to the contract document in response to changing business conditions or regulatory updates. Changes made to an active contract are called contract amendments.

Contract renewals, extensions, and terminations 

Contract renewals occur when the parties of a contract decide to extend their terms beyond the contract's original expiration date. It can happen either by renegotiating the contract terms or by abiding by the same terms for an additional period. Likewise, the parties can also decide on terminating a contract before it expires. Contract renewals are important for strengthening business relationships and revenue growth. Though contract renewals remain low-hanging fruit for recurring deals, many businesses still miss the renewal dates. These missed renewals translate into lost business opportunities and revenue.

Compliance management 

Although contract templates and approvals do mitigate business risks, unfulfilled obligations remain a critical risk factor. Often, businesses overlook obligations when managing contracts manually, leading to revenue leakage, costly litigation, and broken relationships. Manual contract management also presents challenges for tracking contractual obligations and ensuring compliance with industry standards and the broader regulatory frameworks. To address these issues, implementing a digital CLM solution with a single central repository, obligation management section, and audit system offers:

- Better visibility into contract information.
- Granular obligation management.
- Improved compliance through regular audits.

 The importance of post-execution contract management   

Improved compliance

Closely monitoring the obligations of all parties involved in the contract enables businesses to ensure compliance with the terms and conditions agreed upon. This helps to avoid legal disputes or penalties. 

Reduced risk

With regular contract audits, businesses can achieve a mechanism for spotting violations of laws and regulations. This helps to mitigate risks and resolve issues that may arise during the contract's life span.

Long-term relationships

By employing granular obligation management and prioritizing compliance efforts, businesses foster long-term relationships. Additionally, implementing email alerts and reminders for contract milestones and renewals helps businesses stay ahead of upcoming deadlines.

How CLM software simplifies the contract post-execution process 

Using contract management software to handle the post-execution stage can increase efficiency, reduce risk, and improve compliance through the following features and abilities.

Clause-based reports: When regulatory or internal policy changes occur, they may demand alterations to some clause language in multiple contracts within an organization. During these kinds of situations, implementing a CLM solution provides clause-based reports that help you quickly do an impact study of these changes and implement them.

Smart letter templates: Having a CLM platform with smart letter templates simplifies contract amendments. It generates an amendment letter upon editing the contract, capturing all the current and previous changes. Later, the amendment letter can be sent for approval, negotiation, and signature cycles. This ensures all parties stay aware of any contract changes.

Automated reminders: With automated in-app and email alerts, a digital contract management system notifies you of all upcoming deadlines and ensures you never miss contract milestones and renewal opportunities.

Single central repository: A central repository in a CLM solution stores all contract documents in one place. This centralized storage improves visibility and allows easy access to critical contract information through advanced search and filter options. 

Central audit system: Activity tracking within a CLM tool happens at the user level, individual contract level, and across the system, mapped to the corresponding timestamps and users who performed the actions. It also logs information about CLM system access and downloads, which helps to conduct audits. The central audit system empowers admins with better control, improving accountability and compliance.

Wrapping up 

Our next blog post in this series is about obligation management and how a CLM solution helps glean strategic insights from contract data.

If you want to experience Zoho Contracts' features, such as smart letter templates, automated renewal reminders, and central audit system, sign up for a free trial or request a demo.

Related Topics

  • Heleena

    Heleena is a writer based in Chennai, India.

You may also like