Association of Corporate Counsel (ACC)



CLM Platform Functionality ChecklistFEATURES/ FUNCTIONALITIESADVANTAGES/ BENEFITSNICE TO HAVEMUST HAVENOT REQUIREDCentralized data repositoryA central repository to track and manage all contracts and related documents.Benefit: Easily track and manage contracts from one dashboard.○○○Supports unlimited number of contract typesTo create and manage any contract type.Benefit: No limitations on sell-side or buy- side contract creation and tracking.○○○User-friendly, guided contract authoring tools and dynamic clause librariesEasy-to-use contract authoring tools to help the contract authoring process. Based on the requestor’s input,the system also dynamically generates clauses and terminology pertinent to the contract.Benefit: Faster, easier contract generation that is accurate every time. Can support self-service.○○○Configurable/ editable contract request formsAble to configure the rules that guide contract creation.Benefit: Freedom to decide how the system generates each contract request according to your parameters.○○○Automatically routes contracts tothe right people through serial and parallel approvalsEach contract automatically goes to the right person for approval, including instances where multipleapprovers must give input at a certain point in the process.Benefit: Not only reduces bottlenecks in approvals process, but also simplifies complex approval chains.○○○Supports contract authoring in MS Wordor other MS applicationsThe ability to create contracts in Word without having to log in to the tool and full integration with MS Word for editing contracts.Benefit: Users can begin and end contract composition in Word, moving their documents from Word into the tool’s system instead of the other way around and also users can work with contracts in the word processing tool they know best.○○○FEATURES/ FUNCTIONALITIESADVANTAGES/ BENEFITSNICE TO HAVEMUST HAVENOT REQUIREDTracks changes to contracts via redlining (outside of MS Word’s redlining)Tool should log all the draft versions and contract history.Benefit: All draft history is logged in the system, ensuring full visibility over contract changes.○○○Can handlethird-party paperOnce a counter-party agreement is imported to the tool, the document can then be checked back out of the system and routed for further edits just like a document that originated from internal templates.Benefit: Easily work on files in Word and keep uniformity regardless of the source.○○○Can convert.pdf documents to MS Word documentsTool to provide a facility to convert counter-party contracts that are in PDF format to an OCR Word format. Counter-party contracts in PDF format may be attached to the contract record once the contract record is created in the tool.Benefit: Keeps contract approvals moving without getting stymied by incompatible formats.○○○Can display contract modifications side-by- side?Tool to have a side-by-side comparison view showing the most recent accepted version of the contract and the proposed modifications. Comparison view available even if the modifications were made without MS Word redlining enabled.Benefit: Allows you to track previous versions of each contract, maintain visibility over iterations, and very quickly identify changes made by the other party during negotiations.○○○Can map counter-party’s contract to customer’s equivalent contractTool enables the uploading and mapping of a counter-party’s contract to the customer’s equivalent contract template so that it can be managed just as an internally-generated contract would be.Benefit: Uniformity between contracts and easy identification of clause-level differences.○○○FEATURES/ FUNCTIONALITIESADVANTAGES/ BENEFITSNICE TO HAVEMUST HAVENOT REQUIREDSingle view of contract and associated attachmentsTool to provide users with a consolidated “effective view” of a contract and all its amendments, showing the prevailing terms that are in effect.Benefit: Eliminates paper trail and provides easy reference for all documents associated with each contract.○○○Identifies impact of amendments on contract performanceTool to have Alerts and Rules Engine that can be used to understand the effect an amendment may have on contract pricing, payment schedule, delivery schedule, specifications, risk allocation, and other terms and conditions in the contract.Benefit: Risk reduction.○○○Supports any file type as an amendment or artifact to the contractTool to allow attachments of all file types in their native application format.Benefit: Convenience, streamlined processing of documents.○○○Full text searching across artifacts, attachments, and metadataText-based documents should be available in the tool system and in full text searches, including documents that are faxed and applied to their specific contract record.Benefit: Quick access to information you need without having to dig through multiple electronic or paper files.○○○Able to generate events/alertsfor contract payments, reporting, effective dates, expiration, etc.Tool to allow client to monitor and report on any contract condition for action or obligation.Benefit: Visibility, legal compliance, effective communication to any team members involved with contract action.○○○Event notifications can be sent to Outlook and user e-mailNotifications should not only appear on the tool dashboard, but also inthe user’s specified e-mail or Outlook. Furthermore, users can also receive alerts on their mobile devices.Benefit: Faster turnaround on action items.○○○FEATURES/ FUNCTIONALITIESADVANTAGES/ BENEFITSNICE TO HAVEMUST HAVENOT REQUIREDNative integration to any quoting, proposal management, and deal analysis applicationsSeamless integration with any existing ERP.Benefit: Enables companies to vet deals, enforce compliance with selling parameters and revenue recognition policies, and close deals faster, more profitably, and with lower risk.○○○Supports pre- contract and post-execution workflow stagesOption to use CLM at any point in contract’s lifecycle–including for action items prior to contract signing, and also follow-up items, re-negotiation assistance, and alerts following the close of the contract term.Benefit: On-time deliverables and customer retention.○○○Populates necessary contract approvers based on information entered?A graphical approval flowchart in the tool based on input by user and therefore easy to identify.Benefit: Guarantees that contracts are routed to the proper person for approvals.○○○Secure access by mobile usersTool to provide mobile capabilities that support secure access by mobile users.Benefit: Peace of mind in secure, fast contract approval turnaround.○○○Communication collaboration functionalityTool functionality allows for internal communication and collaboration, including multiple stakeholders working on the same document.Benefit: Eliminates version control issues and over-reliance on email for communication.○○○Automatically generate internal productivity metrics and other data analytics in a customizable dashboardTool has a range of customizable dashboards offering access to multiple metrics.Benefit: Easy snapshots of contract volumes, exposure and contracts progressing through various stages of the contracting lifecycle.○○○FEATURES/ FUNCTIONALITIESADVANTAGES/ BENEFITSNICE TO HAVEMUST HAVENOT REQUIREDE-signature facilityTool integrates easily/off the shelf with leading e-signature providers.Benefit: Execution and storage.○○○Data migration functionality facilitating automatic capture of metadata from legacy contractsTool has built in AI functionality to auto-abstract meta-data from uploaded contracts.Benefit: Helpful in mass contract data abstraction and migration project.○○○ ................
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