Managing and overseeing contract execution can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organisations money and time. It can also lead to costly and potentially disastrous instances of contract management.
You may already be doing your best to track contracts risk factors, including potentially negligent clause language. But can be overwhelming when dealing with multiple deadlines and multiple vendors.
If done right, you can navigate this tricky process by learning how to accelerate contracts legal approval workflow with Trakti. This is a solution based on contracts management risk and assessment via smart contracts to increase your bottom line.
What Is Contract Management Risk?
Contract management risk variables can include:
- data entry errors.
- outdated or erroneous clause language.
- compliance violations.
- a lack of protection of sensitive data (PCI, PII, emails, monetary values, bank routing numbers, phone numbers, etc.).
- missed contracts lifecycle tasks, obligations, key dates, and milestones.
- and more.
Trakti helps with contract legal approval workflow
The assessment of pre-existing and prospective contract data, such as contracts in the pre-signature stage, can prove challenging. Especially when manually searching through documents for clauses and keywords.
Trakti leverages blockchain to facilitate team collaborations during negotiation. The process is known as collaborative editing as it helps teams to negotiate in real-time with speed, ease of use, and complete visibility. It’s secure and simple for internal and third parties to review, comment, edit, approve, and e-sign simultaneously from anywhere on any device.
Trakti opens a direct channel for communication so you never again need to send emails and messages to every single participant. All parties can interact in a single thread where they can send messages, comments, mark up, and approve contracts in real-time or in parallel. And it’s easy for everyone to stay in the loop with automatic notifications.
The collaborative editing function supports the sending and request for changes to each party. Trakti then automatically captures internal and external edits, highlights, and comments throughout the negotiation process with a complete history and audit trail. You get the peace of mind that you always have the latest version before signing.
It’s an unbelievably intuitive user experience. The goal is not just to accelerate contact legal approval but to streamline the evaluation and review process. You will find using Trakti to make contract negotiation and version evaluation and review to be fast, accurate, and effortless.
The integrated contracts management solution streamlines processes with increased governance, decreased friction, and maximum flexibility from contract requests to renewals.
Discover how to accelerate contracts legal approval workflow with Trakti and meet all your contract management needs. To learn more about Trakti’s unparalleled contract management software, watch a demo of our solution.