Contract Logix, a leading provider of data-driven contract management software, today announced a major update to its transformative Collaboration Room technology. Collaboration Room is a revolutionary way for internal and external parties to negotiate contracts in real-time with speed, ease-of-use, and complete visibility from any location via Contract Logix’s secure cloud-based application. The new enhancements include improved information handling, interaction, communication, and user experience to make it even easier and more efficient to review, comment, edit, approve, and sign contracts, while ensuring audit-readiness and compliance.
Key Facts:
- The average cost of processing and reviewing a negotiated contract can range from $7,000 for a simple contract to more than $50,000USD for complex agreements, and a large organization can manage, on average, 350 contracts a week. This is clearly an area where efficiency improvements can translate into large savings.
- Contract Logix’s enhanced Collaboration Room technology addresses this issue by giving its customers and counterparties the ability to communicate, negotiate, edit, review, and approve contracts faster and with more transparency than if they were in the same room together.
- The enhanced interaction and communication tools deliver greater visibility of tracked changes and edits, as well as allow users to save multiple draft revisions and/or edit drafts without making changes visible until after submission. New secure features allow users to direct chat messages to specific audiences and groups and invite users by organization or role positions.
- Improved information handling capabilities give users the ability to view documents related to negotiation like previous contracts and amendments, as well as the opportunity to work outside of the Contract Logix platform, editing documents in the applications they prefer.
- By allowing all appropriate parties to simultaneously and securely message, comment, collaborate, redline, and negotiate contracts in real-time from a single online destination via any browser, Collaboration Room eliminates the time-consuming and risk-prone need to email contracts back and forth between parties. This provides one, always-up-to-date, system of record for tracking all changes, timelines, and collaborators involved in the entire contract negotiation, increasing the transparency, compliance, and auditability of the entire process.
Executive Comments:
“Contract Logix’s new enhancements make contract collaboration and negotiations even more frictionless than before. Our goal has always been to help our customers and their counterparties manage contracts in a way that is fast, accurate, and effortless, and these features are a direct result of us taking their important feedback and incorporating it into updated and improved features.”
-Tim Donaghy, CTO, Contract Logix
“Contract Logix has incorporated over two decades of knowledge and experience delivering CLM solutions into the development of our products. We’re committed to listening to our customers and offering them solutions that help them save time and resources as they get up and running or continue to advance along their CLM journey.”
-Karen Meyer, CEO, Contract Logix