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Features of ContractRoom

The following sections give you an overview of the features in ContractRoom.


Frameworks

A Framework is a smart template that controls the content, the process, and the behavior of the Documents in ContractRoom. Platform Admins configure these frameworks for each type of Document.

Each framework can configure the different elements of a Document. Platform Admins can assign different frameworks to a specific user.

 

Important

 

Users cannot create Agreements without a framework assigned.


Framework Rules

Platform Admins can assign rules to frameworks. Framework rules create tasks and behaviors to apply business rules to control the flow of the different contracting processes in the platform.

Platform Admins can create a sequence of rules to streamline an entire engagement with multiple Approvers involved in the process. This applies to workflows, Documents, tags, tasks, among other elements of the platform.


Agreement Drafting

ContractRoom allows you to draft Agreements and requests in the platform based on your assigned frameworks. During this process you can assign a counterparty to negotiate with, collaborate with an internal team to assemble the Agreement to negotiate.


ContractRoom Express

ContractRoom has its own Agreement Building Assistant that helps you create Agreements, submit Agreement Requests, and upload legacy Documents to the platform to create Records, without accessing to ContractRoom.

This feature is called ContractRoom Express and is connected to our main platform for a quick and smooth agreement-creation experience.

To learn how to use ContractRoom Express, refer to the ContractRoom Express User Guide.

For more information on how to activate this feature, please reach out to your ContractRoom Account Manager.


Conditional Drafting

This feature allows users to pre-build the content of Agreements from predefined text alternatives with the help of a Document Assembly Assistant. Platform Admins enable this function at framework-level.


Third-Party Paper

This feature allows you to upload a DOCX or a text file as a template to draft your Agreements. This allows you to use a document generated outside of the platform by the person you are negotiating with as a template, and execute the negotiation process within ContractRoom.


Optical Character Recognition (OCR)

ContractRoom implements OCR technology to recognize text within images and help users when searching and reporting data in the platform.

When creating a Record from an image-PDF file or when uploading an image-PDF attachment to any document (see Attaching Files in Your Agreements), the system uses this technology to recognize the text in the images and make it searchable.


Internal Collaboration

At any point during the drafting or negotiation stage of an Agreement, ContractRoom allows you to create negotiation teams, and assign roles and permissions to each team member.

There is no limit for the number of people you can collaborate with, and you can set custom actions for them to execute.

You can create teams for each contract type in different parts of the process.


Tasks Queues

The Tasks Queue feature allows you to prioritize, distribute, and assign tasks related to the contracting process. Tasks include creating Agreements based on Requests and the Approval of Agreements during the negotiation.

Platform Admins set up Queues that allow users to distribute the workload, and redirect these requests or approvals to the appropriate people. Depending on your framework configuration, the system sends the Request or Approval task to a pre-set Queue.

To be able to undertake a task or assign it to someone else, the system requires you to be part of the Queue Member List, defined by the Platform Admin.

Platform Admins assign the permissions for each member of the Queue Member List. These permissions allow them to have complete control of the request distribution and processing within a Queue.

There are two types of users that can configure the queues with the following permissions:

  • Group Admin: Can create subgroups for queues, add or remove members from queues, change permissions to the users in the Queue Member List, and assign Requests to Queue Members.

  • Group Manager: Can add or remove members from queues. They cannot create queue subgroups, change permissions to the users in the Queue Member List, and they cannot assign Requests to Queue Members.

To learn how to use the Task Queues feature, refer to the How to Use Task Queues section of the User Guide.


Roles in Queue Member List

These are the roles available for users in a queue member list. These users have different permissions assigned by Group Adminds and Group Managers.

  • Queue Dispatcher: These users can assign and reassign tasks in a queue. These users can also assign a tasks from a queue to themselves if they have the right permissions.

  • Queue Taker: These users have enough permissions to take a task in a queue for further action. These users are not able to assign or reassign the tasks from a queue.


Request Queue

An Agreement Request is a type of Document a user can generate to request a task for the creation of an Agreement.

Depending on the framework configurations, the system can automatically send an Agreement Request to a Queue.


Approval Queue

ContractRoom allows you to set Approvers for Documents, sections, and tags. Platform Admins set Approvers at framework level based on rules.

These rules usually trigger during the negotiation process and depending on the framework configurations, the system can automatically send a request for Approval to a queue.

Once an Approval task is taken, the usual Agreement Approval process starts.


Negotiation Process

ContractRoom allows you to negotiate the content and terms of a Document with a counterparty.

The process starts when the first party finishes drafting the Document.

You can identify the tasks pending on you, your team, or your counterparty, and what has been already agreed on.

During the negotiation process you can:

  • Accept or reject changes or edits made to the text and tags.
  • View history for all sections and tags.
  • Allow for offline editing in Microsoft Word
  • Enter and view comments with your team and counterparty in the negotiation process.
  • Track and compare changes and restore the text to previous versions.
  • Download and print Documents before and after they are executed.
  • Reconsider or renegotiate terms and text.
  • Add attachments to any Agreement.
  • Withdraw the negotiation of a Document.

Agreements Approval

ContractRoom allows you to set Approvers for Documents, sections, and tags. Platform Admins set Approvers at framework level based on rules.

This Approvers are not part of the collaboration team and cannot participate real-time in the internal negotiation process.

The system requires the actions of an Approver if the Agreement meets the conditions that the Platform Admins specify in the framework, and after the user starts the negotiation process.


Document Execution

ContractRoom allows you to execute Documents in different ways within the platform, as well as to use third-party tools for Document signing.

Platform Admins configure the type of execution of an Agreement at framework-level.

These are the different types of execution for Agreements:

  • External Electronic Signature: Make use of an integrated third party tool to sign an Agreement. The third-party tool you have available to use in ContractRoom depends on the personalized configurations of your company.
  • Electronic Signature: Execute an Agreement by signing it in ContractRoom. This process allows you to execute an eSignature within the platform to close an Agreement.
  • Paper Signature: Sign the Agreement manually by completing the negotiation process in ContractRoom, and printing the final Document to sign it manually. Upload the Agreement back to ContractRoom once it is signed and verify the signature on the platform.
  • Acceptance: Acknowledge and approve the terms of an Agreement by accepting the Document.
  • Initials: Acknowledge and approve the terms of an Agreement by putting your initials in the Agreement.

ContractRoom Electronic Signature

ContractRoom’s electronic signature tool complies with the U.S. Federal ESIGN Act.

An eSignature is an electronic indication of intent to agree to, or approve the contents of a Document. The U.S. Federal ESIGN Act defines an electronic signature as an “electronic sound, symbol, or process, attached to or logically associated with a contract or other Record and executed or adopted by a person with the intent to sign the Record.”


Contract Compliance

These features help you have full compliance with all the Documents on the platform.


Task Management

ContractRoom allows you to create post-contract tasks directly from dated commitments in the contract. You can assign tasks to people in your team to execute and set up reminders and alerts for these tasks.


Contract Alerts

ContractRoom allows you to define alerts related to contract expiration, length of negotiation, missed contract commitments, and delays in pre and post-contract processes.


Reporting Tools

ContractRoom has search and Insight tools based on transactional, behavioral and content data captured from your negotiations and contracting activities. Leverage structured data to generate customized reports and download these reports as comma separated values (CSV).