We want to make our contracts more useful to managers throughout the company. Full text search of contract files does not actually help them get what they need because it often shows too many or too few results. Even if they find a useful provision, the manager still has to interpret the language, which is the job of our legal department.
Is there a way to track provisions in a more structured and consistent manner that would show on a report? We would like to show the obligations or requirements across our contract portfolio.
We categorize and track contract obligations in our contract management system, which enables us to generate reports that compare contract provisions across our entire portfolio of contracts or more specifically among specific types of contracts. We referenced this list of standard clauses when we were setting up our initial categories to track. We have had to add additional categories over time as there are provisions we use commonly in our contracts that are more specific to our business than what is included in the referenced list.