Contract Management During the Pandemic

Contract Management During the
Pandemic
By DocuCollab

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The Coronavirus COVID-19 pandemic struck the world with a force that was not observed in
a century. A mild outbreak in Wuhan, China, gained force and momentum and spread across
the world in a matter of few weeks. During late March of 2020, almost all the countries went
into a complete lockdown and banned both International and domestic travels. This caused
a huge ripple effect which affected every business and industry across the world. Due to the
sudden changes, there was a mass force majeure occurrence in contracts worldwide. A
sturdy contract management software can help with such shifts and provide benefit in the
following ways:
1. Effective Management
The pandemic spread like wildfire crippling economies and toppling economies. Every
business had to face the risk of loss and, it displaced the state of employees. The COVID-19
crisis has created an unbalanced scenario where businesses are scrambling to make ends
meet. It is especially tough for companies who deal with multiple contracts. With contract
management software, however, companies can easily manage the contracts. Features such
as centralized repository and easy retrieval systems enable the contract managers to
document the problems that have arisen on the course of the pandemic and deal it with
efficiency. Since the software allows the managers to organize the contracts with keywords
and phrases which in return comes in handy during difficult situations such as the current
one. In the manual contract management, this is a Himalayan task which can result in more
clerical errors.
2. Reduces the rate of risks
The sudden lockdown meant that the businesses had to make decisions that would save the
interests of their companies. Companies who adopted the contract management software
to manage their contract had the advantage of handling the risks better than the manual
counterpart. With the software, the contract managers can elaborate in detail about every
aspect of the business, including unforeseen risks. When the lockdown started, the
contracts of many businesses fell under force majeure. The software, however, provides the
user with provisions and clauses in case of unexpected occurrences which covers their

business. Considering COVID-19 outbreak as an unforeseen situation, companies with a
working contract management software were able to handle risks effectively as compared
to the companies with manual contract managers.
3. Ensures Business Continuity
Perhaps the most basic rule of a business is ensuring its continuity. Business continuity
would have been a textbook concept for most businesses worldwide until the pandemic hit
almost all the countries. The COVID-19 crisis endangered many startup businesses and
crippled quite a few trades in the process. Every industry took a toll from being hit and, it
became more than essential to ensure business continuity to keep the company afloat. With
contract lifecycle management software, companies were able to continue their business by
working remotely. The managing team were able to continue their contracting process from
the safety of their homes. This is not possible with manual contract management as it
involves being physically present in the office to sort out various contract related issues.
4. Easy Execution of Contracts
For a contract to be executed and put into motion, it has to be signed by all the involving
partners, vendors or customers. However, the lockdown which was effected by the spread of
the COVID-19 outbreak made it unsafe for people to interact. Companies with well-modelled
contract management software were able to easily cross this hurdle with the help of
E-signatures. With E-signatures, the companies can easily obtain the digital signatures of the
contractual parties to execute the contract. This feature does not need physical
communication or interaction, making it utterly safe in this current scenario. The software
provides the window for alterations and renegotiations and gets the approval of the same
within a matter of hours.
5. Control over the contracts without disruptions
Companies that deal with a lot of contracts will have the problem of managing them
efficiently. Such problems got multiplied with the onset of the pandemic making it a huge
organizational burden for the contract managers. The software comes in handy, especially,
during the current situation where the contract managers can work efficiently even without

being in the office. The lockdown period had resulted in various businesses to alter their
contracts to accommodate the sudden change, which resulted in work overload for the
managing team. The software is designed to access from any location and at any time,
which makes it idealistic of remote workers. With the help of the software, the managing
team will be able to handle, manage and execute all the changes made in the document
effectively.
The pandemic has proved that this is the best time to invest in a sturdy contract
management software if not before. Apart from being an asset during the lockdown, the
software will also provide valuable insight into the performance of the past contracts and
forecast future scenarios. With the software, the companies can mitigate risks and ensure
that the business continuity is not affected due to any reasons.


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