Contract Request

Initiating a contract request with Ultria CLM can be done in the Ultria CLM request portal as well as through Salesforce and Outlook by leveraging the power of Ultria CLM in these portals. You don’t have to switch between two applications and just with a click of a button and filling a few basic details in an easy-to-use intake form anyone can raise a contract request.

AI Powered Ultria Orbit Tool:

Ultria CLM ensures a swifter and error-free contract initiation or contract request with AI powered Ultria Orbit Tool. It enables faster authoring by automated metadata extraction. The extraction and population of contract metadata like contract titles, effective start/end date, currency and contract parties reduces manual data entry, saves time and improves compliance from the start.

Salesforce:

With Ultria CLM for Salesforce, create and manage your contracts without leaving Salesforce. Ultria CLM account is connected to Salesforce organization, enabling users to request, create and manage contracts and other supporting documents without having to navigate between two platforms. With our document generation tool equipped with pre designed templates to suit your organization needs you can easily launch new workflows by merging data to create new contracts and move it instantly into appropriate downstream business process. Not just new workflows, but existing contracts or third-party agreements can be uploaded to start a workflow.

Outlook:

The integration of Ultria CLM with Outlook enables concerned parties to request a contract from Outlook by filling in a basic intake form. An E-mail notification is sent to the concerned author regarding the new contract request. Enormous amounts of time and efforts of Sales representatives are saved by eliminating the need to enter redundant data into two applications as well as switching between them. All relevant contract records and important Outlook email messages can easily be accessed and kept organized in one place. Not just internal contracts, but external or third-party contracts can also be selected to initiate workflow

Ultria CLM Request Portal:

Anyone can fill an intuitive intake form with basic details such as who is the contracting party, what is the contract for and raise a request in the Ultria CLM request portal. You can also select an existing contracting party from the dropdown list or add a new contracting party. Users can also use standard internal templates for the selected type/sub-type of contract or an external template if using a third-party contract template. All supporting documents can be uploaded and the complete workflow through which the contract passes is visible and transparent. If needed an Adhoc reviewer can also be added for the contract. Once the request is created an email notification is sent to the concerned author for authoring the contract. The requester can see the request details under the ‘My Requests’ tab as well as search for specific requests submitted based on Request number, Contract number, Contract Title, Type, Sub-type, Contracting Author or Status.

Contract Authoring

As a pre-requisite for Contract Authoring, on adopting Ultria CLM – a clause and template library is populated in accordance with the standard requirements of the organization’s business making it faster and easier to generate contracts saving time and effort of involving legal teams at every step of the contract creation.

Template Library:

Based on the business of the organization, contract skeleton templates are created for specific areas and functions that can then be tailor-made to a particular contract. Being legally pre-approved, custom built and automated according to the specific use – these templates are easily accessible by employees and contracts are created instanstaneously without help from the in-house legal counsel.

Clause Library:

Pre-approved clauses are populated, organized and stored in folders. On request of a contract, the author can easily pull clauses for the type/subtype of the contract from the library and create the contract. With Ultria CLM’s version control any master edits made to a clause cascade to all applicable templates and documents making it compliant as per current standards and regulations.

Ultria CLM Microsoft Plug in:

Ultria’s advanced CLM solution integration with Microsoft word plugin enables users to create contract documents using pre-approved template and clause libraries without leaving Microsoft Word.

Data is auto populated into contracts that work with a specific pre-set rules from contract requests, submissions and organization records or imported from third-party contracts from Microsoft word enabling us to create fully compliant contracts. Eliminating the need of manual entry of data into the system, the authored electronic contract document is precise and error-free as well as properly sequenced, formatted and styled improving standardization of terms.

Advanced CLM integration with Microsoft word plugin enables to create and manage contracts as per standard business policies and procedures maximizing the value of the deals between contracting parties resulting in secure collaboration, data sharing and boosted productivity across the organization.

Key benefits of Ultria CLM Microsoft Plug in:

Versioning: Automatically stores and manages contract document versions from MS word to Ultria CLM

Enhanced User Experience: End users experience the same offline editing experience enabling faster adaptability of the portal.

Reduced review and approval cycle time: Negotiations with red lining, track changes, versioning and smart suggestions from Ultria workflow enables faster review and approval for further down streaming into the business process.

Third-party Paper Contracting:

Ultria CLM allows to bring in third-party contracts into the Ultria CLM system. Fully compliant contracts acceptable to both parties are authored using the drag and drop standard language option. It identifies key terms and obligations as well as missing/additional key terms and clauses or any exceptions by matching it with standard clause library.

Contract Approval

Once a contract is created, Ultria CLM pushes it into an automated and thoughtfully designed approval process that includes every party who needs to review a term, section, field or the entire contract. With user defined access, only the right person approves and revises it in a secure and safe place. The ability to designate conditional approvals based on terms entered, sending it to the next person based on customized terms and pre-set workflow terms and approval from a workflow library eliminates tedious oversight and errors. Highly automated approval workflow with tracking and alerts mediates approval delays with collaborative visibility across users keeping them in line with the current review status of a contract.

Contract Negotiation

Ultria CLM negotiates contracts with redlining tools showing changes made to a contract by concerned parties. Redlining tools makes it easy to accept changes, reject them as well as track them but also create data security problems as sensitive data may be sent to other parties if internal revision changes were not deleted. To overcome this, Ultria CLM allows you to authorize who can make changes to a contract and who can view the entire contract negotiation process. When a party makes changes formatting issues may arise – but version compatibility of Ultria CLM enables you to maintain the format. With side-by-side version view of the original and multiple party revisions with colour coding, end users can collaborate and reach a consensus of an agreeable final version.

E-sign

Ultria CLM is integrated with world’s leading e-signature solution – DocuSign. With this the entire contracting process is made digital eliminating the roadblock of physical signatures as well as reducing turnaround time by eliminating the need for the parties to be physically present while signing a document. Contract documents are signed remotely as well as in bulk in a secure manner with E-signatures. DocuSign ensures that the entire contract is encrypted, and tamper proof and all signed documents are stored in Ultria CLM contract repository with secure access control ensuring there is no misuse of signed documents

Contract Repository

Ultria CLM’s innovative contract lifecycle management software digitizes all contracts and signed contracts are saved in a centralized contract repository in a cloud-based solution. Legacy and existing contracts can also be uploaded into Ultria CLM Repository. With all contracts in one place, it is easy to link related contracts including addenda, amendments, and other related documents. It is also easy to identify active, expired or contracts due for renewal. Ultria CLM Repository is equipped with essential features to ease the process of contract lifecycle management.

⦁ Powerful Search Functionality:

Contracts contain a wealth of information. Free-text search like Google search allows users to search contracts from any computer with an internet connection to gain valuable insights into the contracts. Ultria CLM’s AI powered meta data search enables to mine crucial insights from contract data and allows for informed decision making and risk management.

⦁ Alerts and Reminders:

Contracts stored in Ultria’s Central Repository are highly transparent and up to date making it completely visible for renewal dates, upcoming milestones and timelines ensuring business outcomes are achieved as per plan. You can schedule your alerts for renewals, expirations and obligations which can recur as well as automatically advance with auto-renewals putting you in a strong position at the time of renewal negotiations by uncovering hidden costs.

⦁ Contract Hierarchy:

Ultria Contract Repository is well-indexed and a hierarchy-based structure that even large and complex contract hierarchy can be easily represented, managed and segmented as required. Similar and/or related documents are grouped together within each hierarchy enabling easier retrieval, location, processing and convenient sharing of documents.

⦁ Access Controls:

Ultria CLM allows unlimited users to access the repository. Along with unlimited users, an organization can choose designated users to have permission access to certain parts of the repository enabling them to have complete control over the access of the contracts.

⦁ Legacy Upload:

With AI Powered contract extraction technology with OCR and NLP, existing contracts of any format (PDF, Word, JPG etc.) can be stored into the repository. These contracts can be brought to life for analytics by extracting not just contract metadata but also identify obligations, service levels, price books and more from the contract portfolio.

Contract Analytics

Any CLM software should not stop with just building a contract repository, it should provide intelligent analysis of the contract to derive greater value from it, be informed and create risk mitigation strategies as well as improve efficiency of contract performance. Ultria CLM leverages AI and machine learning capabilities enabling organizations to analyze contracts more accurately and effectively to identify contract hotspots. Ultria CLM Contract Analytics tool enables you to,

⦁ Gain Valuable Insights into Business performance:

Extracted contract data is converted into actionable insights with intuitive and easy to understand data visualization and role based, customizable dashboards and reports. Essential functions such as cycle times, deviations, risks, statistics (expiry, renewal, pending, etc.), procurement, and general business metrics can be analysed holistically. Moreover, a variety of metric categories enables configuration of dashboards to drill straight into the critical data without wasting time on wading through the superfluous noise enabling to instantly see the performance of the contract.

⦁ Eliminate revenue leakage and accelerate risk management:

AI-based Ultria CLM contract analytics tools protect from revenue leakage and reduces risk exposure by finding areas of risk in your contract portfolio. There may be terms and clauses in your agreements exposing you to risk or there may be many agreements with the words unlimited, auto-renewal or fee increase leading to revenue leakage and increased risk. With AI-based contract analytics, contracts containing those words and risk clauses can be summarised enabling you to be in a stronger position to renegotiate more favourable terms for future renewals or negotiate amendments.

Clauses that expose you to risk like Indemnification, Limitation of Liability, Insurance, Force Majeure clauses can be searched, and such contracts can be compiled enabling an organisation to understand what they are committed to and the potential impact it may have if challenges or issues arise making obligations across concerned parties completely visible.

⦁ Meeting Obligations and Compliance Management:

Ultria contract analytics tool provides effective contract obligation management and appropriate governance tools for greater visibility and control over the contract process. It provides a logical environment to manage contract documents, performance, and milestone data as well as track if contract obligations are adhered to reducing risk and exposure that is typical for complex contracts. It ensures vendors comply with contract terms and conditions, improves relationship with service providers, optimize contract structuring for sustained cost reduction and maximizes contract value by optimising cost and recovering revenue.

With contracts happening across borders, they need to meet not just standard and legal compliance requirements but also international compliance. Ultria CLM powered with AI and machine learning makes sure contracts are fully compliant from the start and updates and makes revisions as an when changes are made to regulatory standards.

In Conclusion:

Unlock the full value of your contracts today with Ultria’s CLM powered with AI and Machine Learning. Let the right people access the right information on your contracts at the right time from anywhere today with user defined customisable and configurable dashboards. Ultria’s CLM not just creates, manages and stores your contracts but also connects disparate teams with smart and timely alerts of changes to the contracts and identifies your business risks, reduces costs and maximise revenue. With a 3600 view of your contracts, it provides a transparent audit trail that identifies critical workflow complications that help to create an effective risk mitigation strategy that does not hamper the performance of the contract. With a specialized implementation and support team that travels with you through the entire journey with our cloud-based Ultria CLM solution be assured for a smooth transition into the CLM space. Ask for a free demo today.