What Is a Contract Repository?

By Alyssa Verzino

Contract Management Best Practices 

A contract repository is used to store and organize the contracts that your business runs on. It’s a software solution, and a modern contract management solution offers more than a filing cabinet ever could. 

A contract repository isn’t just where your team can store legal documents; it is the only place your company stores contracts and agreements. A contract management solution serves as the contract repository for your entire organization, making it a single source of truth for your team.

Contract Management Best Practices 

To ensure that all your contracts are consolidated into your contract repository, your contract management solution should seamlessly integrate with every other tool that reads, edits, transfers, or otherwise interacts with your contracts. That way, storing contracts within the repository is automatic. If your contract repository integrates with DocuSign, every contract you execute via DocuSign will be saved to your contract repository.

Integrations generally separate a truly legal-centric contract management solution from other document sharing and management tools. Solutions like Dropbox, OneDrive, and Google Drive make it easy to sync and share contracts across devices and team members. Still, they don't natively connect to the rest of your contract lifecycle management (CLM) suite.

Key Metrics for Legal Teams

Your repository should help move contracts through the lifecycle stages and reflect those changes on your dashboard if you have a defined contract workflow. Every document sharing tool has some form of optical character recognition (OCR) to convert images into text files, but a contract management solution should have legal-centric OCR trained on standard legal terms. When it comes time to sign a legal agreement, your contract repository needs to integrate with your e-signature solution to prevent executed agreements from disappearing into an email inbox. 

Above all, a contract repository should be deeply integrated with your contract drafting and contract analytics tools. When you use automation to develop better contracts and analyze your old agreements, every contract is available to the artificial intelligence (AI) powering that automation -- because every contract in your company is stored in your contract repository. If you're going to invest in AI tools, you don't want any contracts to be denied analysis because the AI couldn't find them. A centralized contract repository solves that problem.

Every legal team and legal practice needs a contract repository. If you're ready to get your contract storage in order -- contact LinkSquares today.

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Topics: Contract Management