Contract management is a vitally important process for all businesses but is particularly important with regard to government contracting. Every government contract requires a slightly different approach and requires government contract management software that gives you the flexibility to remain compliant with federal acquisition regulations and sundry state and federal government agencies.

Contract management software stores and manages contract data related to vendor, leasing, and licensing agreements while streamlining administrative contract processes to reduce operating costs. The result is that contract managers are able to maintain a consolidated view of every step in the contracting process. More and more businesses understand the value of a bird’s eye view of their business processes related to CLM (contract lifecycle management).

Among other concerns, contract managers need their contract management solution to help cut costs. Your contract management software needs to collect, support, and standardize all components of the contract lifecycle, from the initial request through drafting, negotiation, approval, execution, and renewal. By folding all of the processes related to contract management into a single contract management solution, your organization will inherently reduce wastes and root out workflow inefficiencies, improving your profit margins and becoming leaner in the process.

Entire CLM is vital in order for government contractors to remain in regulatory compliance. Make sure you have the right CLM solution in place to manage your contract and any subcontracts throughout their whole lifecycle. Effective CLM requires contract managers to follow and maintain a record from the point of contract initiation through any contract reviews and through the ultimate execution of the complete contract. One of the upshots of CLM is that it automatically generates a compliant audit trail, making the event of an audit as painless as possible.

Staying compliant with state and federal regulations is one of the most important tasks for any government contractor, and one of the most important components of regulatory compliance is ensuring that all steps in the process of generating and executing your government contracts are appropriately transparent. Not only must your own actions as government contracts be transparent, but you must also maintain transparency regarding the vendors you work with in the process of executing your contract.

Part of government contract management is actually signing the contract. PandaDoc features tools for creating legally binding digital signatures that are ESIGN and UETA compliant. Users can assign specific signatory fields to specific individual signers, which ensures that all participants understand where and what to sign. All finished PandaDoc contracts bear a unique digital certificate that confirms their legitimacy in order to protect all signatory parties.