Is your contract management up to 2023 standards?

By completing our survey, you’ll get:

An evaluation of your current CLM processes and how they score in today’s digital environment
An estimate for the amount of time you can repurpose for higher-value work with just a few tweaks

Question Title

* From drafting to execution, how long does it take to process a simple contract (such as an NDA)?

1-2 days

3-5 days

<1 hour

2-4 hours

Question Title

* How do you ensure everyone on your team uses the latest and most relevant templates?

We send a message and attach the new template

We have a place where we upload all new templates

We send the new template on request

We don’t update the templates., We change clauses when drafting a contract

Question Title

* How often does Legal have to fix errors in contracts or amend signed contracts due to errors?

10+ contracts in 100

5-10 contracts in 100

1-5 contracts in 100

0 contracts in 100

Question Title

* Do you delegate contracting to other teams?

Yes, they have playbooks, contract templates, and guidelines that make things easy. Legal provides training on using them

Business units have playbooks, templates, and guidelines, but they have to navigate this information on their own or request clarification from Legal

We only delegate drafting, but Legal has to review all outstanding documents

We don’t delegate contracting at all, Legal creates and manages all contracts end-to-end

Question Title

* How do your teams and external parties collaborate on contracts?

Word/Google docs, emails, and calls. We update the document on one end and then email it to the counterparties

Word/Google docs. We actively use suggestion/comments mode and tagging

Contract management software that has collaboration and/or version control features

Question Title

* How do you ensure contract compliance?

We standardize contract templates and set up approval guidelines

Legal reviews every contract manually

We standardize templates for low-value contracts, but Legal has to review high-value contracts manually

We use a contracting system that ensures compliance

Question Title

* Do you encounter any of the following problems during contract approval? Select all that apply.

Difficulties in tracking approval requests and how many were submitted

Delays in processing approval requests

Poor visibility into bottlenecks in the approval process

No status updates, causing legal and business units to have little understanding of where the contract is in the approval process

No “paper trail” for who requested approval, who approved it, and when

Missing essential data for contract approval, calling for lengthy communication in order to retrieve information and proceed

None of these apply

Question Title

* How do you store your contacts?

Single dedicated contract storage system with shared access from any device/location

Shared folders on Google Drive/Dropbox/Onedrive/iCloud

Contract owner’s folders

Mostly file cabinets or archives, while the rest are in private folders

Question Title

* How do you retrieve and track data from your contracts?

We manually look for the necessary contract and then go through the text

We search for the necessary contract and then manually locate the data

We use search filters and/or text search to find the right data in the right contract

We use dashboards that show all key contract deliverables, and we can also search document text

Question Title

* How do you track contract statuses?

We have a spreadsheet with all contracts and we map statuses in a separate column

We have a contract storage system that supports status updates

We use a task management or ticketing system (Jira/Asana/Trello/Monday, etc.) and update the status there

Each contract owner is responsible for tracking their document’s status the way they feel comfortable

Question Title

* When did you last miss a contract renewal and/or due date?

Less than 3 months ago

Less than 6 months ago

Less than a year ago

1+ year ago

We never missed a renewal

Question Title

* How much visibility do you have into your contracts post-signature?

We barely know what’s inside our contracts, which makes it hard to track obligations, and we don’t have any reporting. We often have to deal with risks sprouting from this

We have to manually go through contracts to track obligations and put together performance reports. This requires an enormous amount of time from Legal and increases risk

We store all obligations and key terms in a spreadsheet and build reports based on this data. We are capable of mitigating most risks, but not all of them

We have an analytics and reporting system that pulls all the necessary data into reports and keeps track of obligations. We can quickly mitigate and address any risks

Question Title

* How would you describe the contracting experience throughout your organization?

Legal review creates bottlenecks in the contracting process, which often makes other units unhappy to the point of purposefully bypassing Legal

Communication on contract-related matters is somewhat disorganized, but Legal remains in control of processes. Other teams are relatively okay with it

Legal is an authoritative protector of the business, and contracting guidelines are strictly imposed and monitored by Legal. Other teams are not included in the decision-making process for contracting

Legal is in the communication loop with other businesses, listening to their problems, addressing them in the contracting guidelines, and providing regular training on updates. Other teams are happy with this synergy