Contract Logix Expands and Enhances Groundbreaking Contract Collaboration Technology

New capabilities deliver even greater speed, auditability, and visibility to eliminate friction and risk throughout contract negotiations

LOWELL, Mass., April 11, 2024 /PRNewswire-PRWeb/ -- Contract Logix, a leading provider of data-driven contract management software, today announced a major update to its transformative Collaboration Room technology. Collaboration Room is a revolutionary way for internal and external parties to negotiate contracts in real-time with speed, ease-of-use, and complete visibility from any location via Contract Logix's secure cloud-based application. The new enhancements include improved information handling, interaction, communication, and user experience to make it even easier and more efficient to review, comment, edit, approve, and sign contracts, while ensuring audit-readiness and compliance.

Key Facts:

    --  The average cost of processing and reviewing a negotiated contract can
        range from $7,000 for a simple contract to more than $50,000USD for
        complex agreements, and a large organization can manage, on average, 350
        contracts a week. This is clearly an area where efficiency improvements
        can translate into large savings.

    --  Contract Logix's enhanced Collaboration Room technology addresses this
        issue by giving its customers and counterparties the ability to
        communicate, negotiate, edit, review, and approve contracts faster and
        with more transparency than if they were in the same room together.

    --  The enhanced interaction and communication tools deliver greater
        visibility of tracked changes and edits, as well as allow users to save
        multiple draft revisions and/or edit drafts without making changes
        visible until after submission. New secure features allow users to
        direct chat messages to specific audiences and groups and invite users
        by organization or role positions.

    --  Improved information handling capabilities give users the ability to
        view documents related to negotiation like previous contracts and
        amendments, as well as the opportunity to work outside of the Contract
        Logix platform, editing documents in the applications they prefer.

    --  By allowing all appropriate parties to simultaneously and securely
        message, comment, collaborate, redline, and negotiate contracts in
        real-time from a single online destination via any browser,
        Collaboration Room eliminates the time-consuming and risk-prone need to
        email contracts back and forth between parties. This provides one,
        always-up-to-date, system of record for tracking all changes, timelines,
        and collaborators involved in the entire contract negotiation,
        increasing the transparency, compliance, and auditability of the entire
        process.

Executive Comments:

    --  "Contract Logix's new enhancements make contract collaboration and
        negotiations even more frictionless than before. Our goal has always
        been to help our customers and their counterparties manage contracts in
        a way that is fast, accurate, and effortless, and these features are a
        direct result of us taking their important feedback and incorporating it
        into updated and improved features." - Tim Donaghy, CTO, Contract Logix

    --  "Contract Logix has incorporated over two decades of knowledge and
        experience delivering CLM solutions into the development of our
        products. We're committed to listening to our customers and offering
        them solutions that help them save time and resources as they get up and
        running or continue to advance along their CLM journey." - Karen Meyer,
        CEO, Contract Logix

Additional Information:

    --  Schedule a Demo of Contract Logix
    --  Collaboration Room Overview
    --  Contract Logix Platform Overview

About Contract Logix

Contract Logix is a long-time leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The company's software empowers legal, administration, IT, procurement, finance, and sales professionals across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to automate, simplify, and streamline their contracting processes while minimizing risk, increasing compliance, and driving profitability. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.

Media Contact

DAVID PARKS, Contract Logix, 9786747095, dparks@contractlogix.com, https://www.contractlogix.com/

View original content to download multimedia:https://www.prweb.com/releases/contract-logix-expands-and-enhances-groundbreaking-contract-collaboration-technology-302113598.html

SOURCE Contract Logix