White Papers

How Regulated Companies Can Improve the Contract Management Process to Increase Efficiency and Reduce Risks

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White Paper 4 How Regulated Companies Can Improve the Contract Management Process Centralized, Web-based System: All contracts will reside securely in one place, so retrieval will be easy. MasterControl is web-based, so all users will be able to access the system anytime from virtually anywhere. When a contract is about to expire, you can review all documents related to that contract from one platform, making it easier to assess whether to renew it. Standardization: You can standardize contracts with the help of document templates that are customized for every department's needs. A type of contract that is used by a department often can include customized metadata for that department (e.g., name of the department's contract manager or contact person, supplier information, etc.). Standardization will make contract drafting faster and easier. It will help minimize risks from variations and will reduce intervention by the legal department. Easy to Find: MasterControl's Organizer, similar to Windows Explorer, is an easy- to-use tool for finding documents quickly. You can create an Organizer for every type of contract, and every Organizer can have a subtype for every department that uses that type of contract. A contract can reside in many Organizers, so every department can organize contracts in a way that makes sense to them. Modifiable Review Dates and Expiration Dates: Manage your contracts with the appropriate retention policy based on regulatory requirements and your company's internal policies. Using MasterControl's InfoCard, you can schedule review dates for contracts well in advance. After reviewing a contract, you can re- set its expiration date. Expired contracts can be archived for compliance purposes. Audit Trail: A time-stamped audit trail that records any modifications to a contract, the parties who approved them, why, and when can help mitigate risks by providing documentation that supports and justifies contract changes or decisions. Transparency: With MasterControl, all documents related to a contract will be easy to track. Users will be able to readily see all contractual obligations and assess them for risks. Analytics and Reporting: MasterControl provides standard and customized reports to increase oversight of contracts, contract schedules, milestones, and contract deliverables. Scanning Integration: MasterControl can integrate with scanning applications, so you can scan contracts into the system and automate the contract management process. MasterControl Guest Connectâ„¢: Through Guest Connect, you can provide external parties to the contract the ability to collaborate during contract drafting or revision process, such as notifications, task assignments, reports, and redlining capabilities.

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