Today's issue of TL NewsWire covers contract lifecycle management software (see article below), a word processor designed for complex documents, cloud ediscovery document review software, and a business card scanner for your smartphone. Don't miss the next issue.
Working in a legal department can feel like being in a bumper car as you're bombarded daily with requests to review new contracts and stay on top of leases, software licenses, and other agreements with important date-related terms. Manual systems comprised of email and spreadsheets can seem like chewing gum and bailing wire, inadequate to the task.
Onit's Contract Management Suite … in One Sentence
Onit's Contract Management Suite (Onit) is contract lifecycle management software for corporate legal departments.
The Killer Feature
Onit features a Contract Review & Approval portal through which managers and salespeople can submit contracts to the legal department. You can configure the intake form for each type of contract routinely submitted. Based on preset rules, Onit routes each submitted agreement to a designated lawyer for review. Designated lawyers receive an email notification, and also see the contract on their dashboard.
Each contract has a "Phased Workflow" feature to ensure compliance with your company's policies and to ensure a timely review. These workflows accommodate parallel or serial processes and conditional logic. For example, contracts involving more than $1M can require an extra approval from your general counsel. Lifecycle metrics can be added to track the number of days it takes to approve and finalize the contract.
Tools within the Phased Workflow environment enable you to communicate with the business team and attach markups and supporting materials. Onit also provides a unique email address for each contract so that any email you need to send automatically gets filed in that contract's workflow.
Other Notable Features
Onit's Contract Administration solution facilitates the management of contracts with auto-renewals and other important date-related terms. For example, Onit can alert you whenever a contract's notice date approaches in case you want to take action. Each contract has its own timeline with key milestones to assist your review of its salient provisions.
As noted above, each lawyer in your department has a personalized dashboard with charts and tables showing contracts pending approval, contracts per phase, contracts by type and value, etc. From your dashboard, you can apply filters to find a specific contract as well as run and save reports or export them in Excel format.
In addition to reviewing and administering contracts, you can also use Onit to offer pre-approved contracts such as NDAs that managers in your company can use without any delay.
What Else Should You Know?
Onit integrates with Adobe Sign (formerly EchoSign) and DocuSign for digital signatures. Onit logs these digital signatures within each contract's Phased Workflow for audit trail purposes. Onit runs in all web browsers. Learn more about Onit's Contract Management Suite.
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