Contract Database: Examples of a Contract Repository

Nostalgic salespeople remember their first-ever sale — the hopefulness, the excitement, the increased motivation. Years later, the memory lives on, but the contract, without a contract database, does not.

Or maybe it does — but where? Can you find contracts from seven, five, or even three years ago? What about deals with custom terms from the beginning of the pandemic? And if you can, how long does it take?

A contract database keeps track of your company’s contracts, enabling you to find what you’re looking for, as well as the documents, approvals, and filings associated with each agreement.

What is a contract database?

A contract database, also known as a contract repository or contract archive, is the centralized storage location for all your business’s contracts. 

Contract databases are also searchable, making it easier for legal to locate a specific contract or a group of agreements with shared terms.

While there are a few manual or standalone contract database solutions, most contract lifecycle management (CLM) tools come with a built-in repository that centralizes your contracts.

Benefits of a contract database

The contract is at the center of every business transaction. With the easy access that a contract database provides, your teams can work more efficiently, strategically, and compliantly.

A centralized contract database enables smoother collaboration between teams, giving everyone access to the documents they need. It also lowers a company’s risk of non-compliance by allowing lawyers to track and update at-risk contracts. 

Plus, a contract database provides access to contracts and the data within them, empowering your team to identify and understand trends across agreements. 

Examples of contract databases

There are a few different ways to create a contract database within your business. Depending on company size, headcount, and budget, you could use something as simple as an Excel spreadsheet or as robust as a comprehensive contract storage solution.

Here are some examples of ways to create a contract database within your organization:

Excel spreadsheet

You can use an Excel spreadsheet to store your company’s contracts. Input key metadata — contract type, renewal date, signers, etc. — and link back to the contract itself. Update the spreadsheet each time you execute a contract. This contract database is great for startups and small businesses, but can quickly become unwieldy as your company scales.

Shared company drive

Store all your contracts within a specified folder structure on Google Drive or your company’s shared drive. This helps you to keep all your contracts in one place. However, it can be hard to ensure that everyone does store their contracts in the drive, and keep track of versions and process compliance. Staying on top of organization will be key.

CLM with contract repository

The most sophisticated solution is a CLM with a built-in contract repository. Since it’s connected to the rest of the contract process, it creates an audit trail of your agreements. Also, with a solution like LinkSquares Analyze, you can tag and categorize your contracts and then draw up reports based on the contract data within your contract database.

Takeaways

A contract database helps your company stay organized and out of trouble. It facilitates smoother cross-functional collaboration, mitigates risk, and empowers companies to act strategically. See how Analyze can power your contract database and give your company the upper hand. Request a demo today.