Contract approval time drops by a whopping 82% on average, while renewal rates surge by as much as 90% with the use of contract management software. While the value of contract management products is clear, how do you know which solution is right for your company’s needs? We are here to help you with that by listing the top contract management products on the market. Below the list, you will find the detailed criteria we employ to compile these rankings, our in-depth reviews of each software, and a brief on how to select the one solution that would work best for you.
We consider a wide range of criteria to select and rank the software on our list, covering both core and advanced features. A detailed description of these features is given below. The following points will not only provide information on the aspects we take into consideration but will also help you in comparing different software.
Contract management products are used in a variety of industries to streamline the contract lifecycle process. While many leading applications include enough customizable features that would allow them to be used in a wide range of fields, sometimes, the software might be focused on one or a handful of industries.
For example, dedicated construction contract management software will have different features from a platform designed specifically for sales teams. Similarly, the software might also come tailored explicitly for specific business sizes, i.e., small, mid-sized, or large enterprises.
While this step of evaluation doesn’t affect the ranking of the software on our list, it does help us classify the products.
As we mentioned, we evaluate the candidates on both core and advanced features. The core features are those that are absolutely necessary for the software to qualify for inclusion in our list and would even be found in most free contract management software solutions. There are five key features that we consider in this category:
The most obvious function of any software meant for contract management is the repository it offers to hold copies of contracts in virtual file cabinets to keep them from being lost. As we will see in the next section, all candidates on our list offer functions beyond this basic feature, including the storage of standard contract templates and version control implementation on different copies of the same contract.
The ability to input data related to the contracts in tags and key terms so that users can later find information quickly is another essential we considered in our contract management software reviews. The tagging system also allows the setting up of alerts to inform managers in advance of any important events such as renewal, expiry, or a key provision taking effect. A high degree of customization and easy filtering capabilities are essential for this function.
Even small firms have hundreds of contracts stored online, and the software has to make it easy to search for one or more documents based on specific criteria, including key terms in the content. Additionally, the platform should be able to save the input-data-based search for future use.
The contract lifecycle management software should enable the generation of customizable reports and dashboards to let users track performance based on metrics such as contract type, timeframe, status, revenue realization, account manager efficiency, etc. This ability to generate data and visual reports is critical for any manager for a bird’s-eye view of their organization’s contracts.
Last but not least, the software should offer all its core (and advanced) features through an easy-to-use interface. Multiple members across the organization’s hierarchy should access the software to work on the contracts. No matter how extensive its features might be, the software will score low on utility if its UX requires a steep learning curve or takes too much time to execute even the most basic tasks.
Moreover, different departments and industries prefer different functions featured on their dashboard. The UX should allow the flexibility to personalize the dashboard so that the software used to manage legal documents in one company/department can also work well as a healthcare contract management software in another.
Once we have scored the software based on the basics, we evaluate it on any advanced features it might offer to make the contract management process more efficient. This is an area where the different software products can stand out from the crowd. What follows is such advanced features.
Most documents today are written in the newest versions of MS-Word or other advanced word processing applications that allow the incorporation of rich formatting and images, the use of different fonts, etc. The best contract management software should keep up with this, allowing you to save your documents and make changes on the fly without losing any elements or wasting time.
Document management goes far beyond simple storage space for contracts. The relevant software should include lifecycle and compliance management, with the former allowing users to organize, track, and automate the contract lifecycle, and the latter enabling them to monitor commitments and report any deviations from the approved workflow.
Organizations often create a set of contracts suited for specific purposes and then reuse them with minor changes as some terms or parties change. A contract management system can make it easy for the user to tailor contracts with readily available templates, and then, once the changes are made, reuse these customized contracts with minor modifications. The result is hours of saved time in the contract workflow.
This functionality adds to the previous point by making it even easier to create customized contracts by letting users drag and drop contract language from a library of approved clauses or sections.
With software becoming “smarter,” the use of logic in contract management software has also become common to speed up the workflow. Action-based triggers can notify the concerned person to take action once a certain milestone is reached, which eliminates manual checks.
Granular access control is an essential feature of most collaborative software. It allows the definition of certain roles and privileges based on the level of data access. This enables all stakeholders to have access to data and documentation required at their respective levels, without risk to the overall system security.
Collaborative authoring of contracts, an essential component of contract management solutions, is common in most businesses. For instance, a construction project would require the involvement of the architect, the builder, the landowner, the legal team, the financing team, and possibly others. Multiple parties would end up creating their own terms and stitching them together, and this apparent complexity would conventionally require several to-and-from emails before being ironed out.
The contract collaboration feature in a good construction contract management software will minimize confusion and time wasted by allowing both internal users of an organization and external parties to make changes to different versions of contracts. Users could also chat and comment on specific provisions to negotiate terms, and even sign the final version, all in one place.
This feature helps especially in the cases where contracts undergo changes, making it easy to track how a document has evolved over its lifetime. A full audit trail involves inline change management and annotation, version control, and a full transaction log that shows every change made to every single contract and the stakeholder who made that change. An audit trail in enterprise contract management software meanwhile helps with security, keeping a record of who accessed the contract and when.
The signing of a contract or the execution is the final stage in a long series of actions. The eSigning feature ensures quick and secure contract execution either as a native function of the software or through integrations with digital signature software such as Adobe Sign and DocuSign.
A more advanced set of features gives the software a boost in our rankings.
While the financial and legal departments in an organization tend to use contract management products the most, our contract management software comparison includes an evaluation based on the software’s ability to be integrated with the following:
That said, the range of integrations offered by the software is not a determining factor in our overall ranking. These integrations, however, do help us classify the products.
Our intention is not to recommend the cheapest contract management apps to you. Instead, we aim to introduce you to software that will provide you with the best value for your money. We also look for prices that align with industry standards, and anything significantly below or above that won’t make it on our list. Software that offers a free trial or a money-back guarantee meanwhile gets a better position in our rankings.
You can choose the right software for your contract management needs only if you have all the necessary details. To help you with that, we provide you with in-depth reviews of all products ranked in the table. Discover all about their features and functionalities, industry focus, pros and cons, pricing, and more.
ContractWorks is a great choice for SMBs looking for uncomplicated contract management platforms, offering excellence both in terms of core and advanced features, value for money, and consistently high-quality customer support. ContractWorks is fairly sector-agnostic, while useful webinars from the developer team complement its ease-of-use.
ContractWorks is a simple contract management software that is flexible, easy to implement and customize according to your needs. This platform offers contract templates with pre-written clauses and fields, as well as a drag-and-drop functionality. You can stay on top of any upcoming contract deadlines and milestones, thanks to the milestone alerts.
The Annotations feature enables you to highlight specific sections of a contract and perform actions based on it. ContractWorks further offers unlimited storage and provision to attach images, memos, and invoices to contracts. Robust security, native eSignature, audit trail, granular user access controls, and simple template categorization for contracts are also some of the features that make this software shine.
ContractWorks is arguably among the most affordable contract management tools, offering three plans, each billed annually and allowing unlimited users. The Standard plan costs $600 a month, and includes 1000 documents and five eSignature licenses.
The Professional plan covers 5,000 documents and 10 eSignature licenses, while the Enterprise comes with unlimited documents and 20 eSignature licenses. These plans start at $800 and $1000 per month, respectively.
PandaDoc is a versatile platform that packs an extensive range of features suited to all industries, especially the sales teams. It allows the creation of media-rich documents with a single click, makes sending and tracking of documents very easy and can be smoothly integrated into the CRM and other systems. The vendor further offers a PandaDoc contract management tool, in addition to its electronic signature mobile app.
PandaDoc comes with an elaborate list of features built to facilitate deal closing. It provides customizable templates for the creation of proposals, quotes, and personalized documents. Additionally, the drag-and-drop editor and one-click upload functionality enable you to create sell-slide contracts that will help you close the deal.
This platform also supports excellent integration options that facilitate your entire workflow, enabling you to avoid manual data entry errors. The reporting feature of this online contract management software meanwhile provides real-time metrics of the completed documents, revenue generated, time-to-close dashboards, and engagement notifications, helping you scale accordingly.
PandaDoc offers four plans. The Individual is $13/month/user, and it allows up to two users. In addition to the standard features, this plan also enables 60 documents per year and a document editor. For $35/month/user, you can get the eSignature plan, which is good for a maximum of five users and allows you to create an unlimited number of documents.
The recommended plan is the Business one, which costs $59/month/user. It’s a great option for growing businesses that look to streamline their processes. For organizations with more complex workflows, PandaDoc offers the Enterprise subscription, with the price available on request. Besides these month-to-month prices, you can opt for an annual subscription and get 30% off.
With unlimited free eSignatures and smart collaboration features, Concord qualifies as one of the best legal contract management software. It also has excellent contract lifecycle management tools, an interface that is easy to figure out, and several other advanced features. On the flip side, there are some issues with customizability and reporting, which reduces the software’s utility for non-legal teams.
What makes Concord a favorite among users is its wide palette of tools that enables them to draft, standardize, and import documents. This platform also streamlines the collaboration between teams, allowing in-document comments, discussion panel, redlining, and more. Signing off on documents is easier than ever, thanks to the built-in native eSignature and the DocuSign integration option.
Concord is one of the best contract management software 2019 has to offer, streamlining document management with smart notifications, powerful reporting, approval workflows, and user permissions, giving you complete control of the processes. You also get comprehensive insights into your entire contract portfolio and the opportunity to tag and index every document.
Concord’s three subscription plans aim to cater to three categories of users — viewers, collaborators, and creators. Viewers can view and download documents, and use is free for all plans. Collaborators meanwhile have access to several features, while creators can unlock the most advanced functionalities.
The Starter plan costs $50/month/user for collaborators and $100/month/user for creators. The Professional plan is a good contract management solution for more complex workflows, and will cost you $75 and $150/month/user for collaborators and creators, respectively. The Enterprise plan offers a Salesforce integration, API access, and centralized clause management for $95/month/user for collaborators and $195/month/user for creators.
ICM’s greatest strengths are its cloud presence and its high degree of configurability. The latter feature is the main reason for the software’s popularity across industries and geographies. At the same time, the extensive range of features makes it less suited as contract management software for small business teams.
ICM is a leading, intuitive platform that is easy to set it up and configure to suit your business dynamics. It ensures the role-based experience for users, as well as enterprise-level security and administration to manage confidential documents. It comes with a full suite of scalable tools for seamless negotiation, collaboration, and contract execution.
This contract management software further offers AI-powered identification, compliance tools, as well as contract risk management. You also get personalized dashboards that monitor contract performance and provide advanced analytics and reporting. Built on Microsoft Azure, this platform is stable and secure. Additionally, it features great integration options with first-class ERP software, in addition to procurement, CRM, PLM, CPQ, sourcing, and even proprietary systems.
Icertis Contract Management doesn’t offer set subscription plans. Instead, you need to contact the vendor directly for pricing details.
SpringCM is rightfully placed among the best contract management platforms on the market. It offers both contract management and document management software, including support for most common file types, automatic addition of metadata, and very efficient search functionality. While the software is sector-agnostic, it is particularly suited for mid-sized, growing businesses.
The SpringCRM contract management software seamlessly automates processes, enabling you to share, store, and search contracts within a centralized repository. The Document Generation feature allows for fast and reliable contract generation, and you can also identify issues thanks to the comprehensive tracking and reporting tools.
The intuitive folder structure streamlines any workflow, enabling all team members to access the file they need anytime, anywhere. You can also track every action taken on a contract, thereby simplifying the collaboration during review and approval. Version control, redlining, tagging, and multi-platform integrations are also part of Spring CM’s amazing suite of features.
Designed to scale up with your business, this contract lifecycle management software provides two subscription plans. The Professional Edition costs $40/month/user, and comes with some basic features such as contract repository, full visibility into contract history, and reminders and notifications.
The Enterprise Edition costs $80/month/user, and apart from the Professional Edition features, it provides advanced functionality and features such as a full contract clause library, support for third party contracts, contract activity tracking, and configurable analytics.
It should be noted that the Salesforce and eSignature integrations may require additional fees in both editions.
Ariba’s SaaS solutions are available by subscription and on-demand, requiring just a web browser to manage contracts, without software installation. This online contract management software is a perfect fit for companies looking to centralize contract storage, strengthen compliance, and automate and accelerate the entire contract lifecycle.
SAP Ariba is an innovative solution that successfully covers every contract phase. It comes with a built-in contract creation feature and enables the seamless integration of contract processes with other systems and offers. All contracts are securely stored in a central repository, and you have a suite of search tools at your disposal for access on demand.
Additionally, this contract management system sends notifications whenever a pre-approved format or language is changed or modified so you can control non-standard contracts. Additionally, there are notifications for key milestone dates, as well as informational alerts throughout the contract cycle. Plus, you will enjoy a lower total cost of ownership and strong compliance.
SAP Ariba provides prices on request, depending on the individual needs of the client. You need to get in touch with their team for a customized quote.
Accelo’s platform is designed to fulfill the key needs of sales, project management, retainers, service tickets, and collaboration for small to medium-sized service businesses. The key features of this contract management software make it easy to assign work, track progress, see budgets, and track profitability in real-time.
Accelo combines the fundamental needs of billing and contract management, making assigning and overseeing resources easy and efficient. Each process can be classified and customized according to your business needs. Accelo also provides customer action monitoring, custom triggers, standard and customized reports, and contract collaboration.
The software also features an approval module, as well as editing and allocation tools that simplify the billing and invoicing process, giving users full control over billable and nonbillable hours, budget line items, resource and schedule management, and more.
Accelo is one of the most affordable contract management systems on the market. It offers four individual plans, namely Sales, Projects, Retainers, and Service, each at $39/month/user. Based on the department's requirements, each plan offers different features. Apart from the individual plans, Accelo has a group plan, ServOps, which is $79/month/ user. Suitable for a minimum of five users, ServOps includes all the features of the individual plans.
DealHub.io one of the sector-agnostic contract management systems on the market that can serve small, mid-sized, and enterprise companies equally well. Its key features, including predictive sales playbooks, interactive content sharing, real-time engagement analytics, configure-price-quote (CPQ), contract management and redlining, and eSignature, are particularly suited for sales teams.
DealHub is a leading contract management tool designed to accelerate any negotiation process. It generates agreements, legal documents, and contracts which are then sent for review and eSignature. You can also share and collaborate on agreements and enable customers to provide feedback.
Keeping contracts moving is easy, thanks to DealHub’s real-time notifications on customer engagement and analytics on deal progress. This platform supports price quote configuration, Salesforce integration, and sales playbooks for guided selling.
DealHub’s pricing is available upon request. Contact their sales team to get a customized quote.
Conga offers a robust repository, granular security controls, flexible routing and approvals, and automated reporting among its key contract management software features. These make the software ideal for legal and sales teams in most industries.
Conga’s abundance of features makes contracts seem less complicated and time-consuming. This contract management platform provides customizable variables and fields, as well as streamlined approval processes which help in automating your contracts, documents, data, and reporting. Plus, you can easily take advantage of the eSignature option from any location.
Conga’s redlining feature enables you to track and discuss changes made during negotiations. Its centralized dashboard gives real-time data and statistics. The platform also features granular security controls, and automated reporting and compliance.
Conga’s pricing is available only upon request. Third-party sources and previous clients, however, suggest that the starting price is $55/month/user.
As one of the top contract management tools on the market, GetAccept combines document tracking and eSignatures, and adds intelligent sales automation. It also offers features such as sales proposal workflow, video introductions, document analytics, and deal accelerator, which make the software an all-in-one product for sales teams. It has enough features to work well for other departments as well.
GetAccept is arguably the most well-known all-in-one software for contract management. Thanks to the versatile features of this contract management platform, you can easily create proposals and upload an unlimited number of documents and contracts. Additionally, GetAccept supports edit variables, contract reminders, and smart filter options by value, contract length, customers, or other tags.
The eSignature is at your fingertips at any time thanks to the Deal Accelerator, helping you boost efficiency. The video presentation option allows you to add a personal touch and increase engagement, while the real-time chat enables you to avoid any misunderstandings and communicate directly within the document. Finally, you can maximize your workflow thanks to the abundance of integration options.
GetAccept is an innovative contract management app with versatile pricing plans. The Starter subscription comes with a dashboard manager, chat and eSignatures, and costs $25/month/license, without a license requirement. The Business plan comes at $40/month/license and requires a minimum of 10 licenses. It features personalization tools, data analytics, and real-time document tracking.
Organizations with more complex workflows would benefit from the Enterprise plan, which is $60/month/license. It requires a minimum of 10 licenses and comes complete with Salesforce and Microsoft Dynamics integration. The API plan is designed for developers who want full customization, and the price is available upon request.
Our work is not limited to ranking the software; we are here to navigate you through the process of shortlisting and ultimately purchasing the right platform for your needs. Here’s our brief guide to help you with that.
The first step is to remove the names that do not align with your industry focus and business size. While some software developers try to keep their products industry-agnostic, that’s not always the case, and some of the names in our ranking are suited for certain industries. A real estate contract management software, therefore, will have functionalities that are very different from those for the healthcare industry. This is where you should also consider the size of your business and check if any software is explicitly tailored for it.
The next step is making a list of features you need from your software. This could include the ability to set up action based on notification triggers, the ability to integrate with other software (like your CRM system), granular access control, etc. Compare your list of features with the names left after step 1. Then, shortlist those that tick all the boxes.
Finally, determine how much money you can and want to spend per month or year on your contract management software. Compare this range with the shortlist from step 2. The product that falls within your budget is the one that is likely to be your best choice.