Let software help with contract creation Sending a draft of a proposed contract to others within your organization for edits can lead to contract chaos. Software solutions can simplify the integration of your team's comments, suggestions and changes to produce a clear, concise document.

I recommend:  Look for contract management software that includes a document collaboration feature, such as NextPage 2.

Software can help store your contract records A software program or service provides electronic storage of your contracts to minimize the risk of misplacing documents and to provide easy retrieval.

I recommend:  ContractAssistant is designed especially for small- to mid-sized businesses and provides complete electronic records of all contracts with easy-to-use sorting and searching features.

Make sure all parties adhere to the terms Contract management software helps you meet all the obligations specified in an agreement, making sure that you hit all milestones, make all necessary payments on time and follow all the proper approval processes. It also keeps you informed of your contract partner's adherence to the terms of the agreement.

I recommend:  Request a demo of IntelliContract, which offers complete contract tracking capabilities and is geared to single users and small businesses.

Reduce costs and maximize productivity The right software can help keep your employees focused on their jobs rather than spending time manually tracking compliance with terms and reporting progress. It can also cut costs associated with contract management by reducing data redundancy and duplication of work.

I recommend:  Contract Management Software (CMTS) provides cost-cutting solutions designed for smaller businesses with up to 10 users.

Generate reports on actions taken Reporting is essential to effective contract management. It allows you to review summaries of actions taken, key dates and more. Look for software that offers report templates and customizable reports.

I recommend:  ARM Group's Departmental Product offers pre-formatted reports that can be exported to Word, Excel, XML and other formats.

Get Web-based contract management support Web-based contract management services generally save time and money over traditional software packages. They can be up and running within a few days, and upgrading is included in the cost.

I recommend:  Costs are significantly lower with UpsideSoft.com's ContractBuddy, a hosted solution that's geared to organizations that don't have the infrastructure or resources to support a complex software system. Ketera will set you up with a free 24-hour trial account so you can test how their contract management solution will work for you.