Introduction 👋
Establishing a basic contract repository is important for businesses of all sizes. Knowing where your contracts are and what they're doing is crucial to understanding the contribution they make to your business's growth, revenue and risk.
The sooner this process begins, the better; the longer it's left, the trickier it becomes to build a sophisticated database of the business-crucial information contained in your contracts.
But getting started in this area is actually quite straightforward. Once you've understood what a contract repository does and how it works, you can decide how far you want to go in developing this infrastructure.
Some businesses will use a simple spreadsheet. Others will prefer a data-rich contract management platform like Juro that gives them instant access to their contract data 🚀.
Getting started 🔰
Some good news - you can get the basics of a contract repository together using a simple spreadsheet, and we've put together a free template for you to do just that. As with any fledgling database, this approach has both pros and cons:
Pros
It's free: costs you nothing but the time it takes to input and update the spreadsheet
It's easy to set up: though admin-heavy, the sheet requires no specialist knowledge to set up and maintain
It's a great starting point: a basic version of a repository is better than none
Cons
Limited functionality: a spreadsheet does not offer the features, such as renewal reminders and eSignature, needed to really build out this database
Lack of visibility and version control: different versions of the database can be created and lead to confusion even when the document is managed by a particular individual
It's a short-term solution: it works for small businesses with a handful of contracts but it may become less adaptable as a business scales.
If you're eager to go further, however, you can start straight away with Juro. Click the intercom icon in the bottom-right-hand corner to speak with a member of our Sales Team, who will help you to define a plan that suits your needs best.
We've also put together a list of the essentials that will help you to build out the framework of your contract repository.
Building your repository with Juro 🚀
Uploading legacy documents 👴
Juro has turned the lengthy process of migrating legacy documents to a new platform into a simple, time-effective process, allowing you to:
import your documents in bulk
convert these into digital documents, and;
identify key metadata within the contracts
When you upload your legacy documents into Juro, its sophisticated parsing software will pull information for key fields that you wish to capture on a document, such as dates, emails, amounts and more.
Alternatively, you can build a template in Juro that includes the fields you need, and upload any document against that template. To learn more about building your first template, you can read our dedicated articles on the topic:
Creating powerful templates and contracts 📄
Juro lets you automate routine contracts and create bold, dynamic templates for your most commonly used agreements.
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Once these templates are set up, users can self-serve on contract creation; handling collaboration, negotiation and secure electronic signatures without having to leave the browser. Their progress on each document is then recorded and fed into Juro's custom Analytics mechanism (see below for more).
You can read more about creating and building custom templates in our dedicated article on that subject.
Keeping track of key milestones in a contract's lifespan 🔭
A contract's lifespan begins the moment you begin drafting it. From that point on,
there are plenty of moving parts to be aware of and keep track of. With Juro, this doesn't have to be an admin-heavy or time-consuming process: quite the opposite, in fact.
Juro includes a range of custom features that have been built not only to speed up your contract process but also to give you a clearer picture than ever of all of the elements it encompasses 👇
Reminders ⏰: Get notified of the date of key milestones in a contract's lifespan, like a renewal date for example
Analytics 📈: See, at a glance, how long a contract is spending in the various stages of the process to identify and remove any bottlenecks for a smoother contract flow
Integrations 🔗: Set up a link between Juro and the apps you use daily to keep your internal databases up to date with your contracts
No matter how you get started on one, a contract repository will be an invaluable resource for your organisation!
If you'd like to chat with a member of our Sales Team to discuss a Juro plan that is catered to your contract management needs, please do get in touch by clicking the Intercom button in the bottom-right-hand corner of this page.
💁♂️ If you'd like to chat with a member of our Sales Team to discuss a Juro plan that's catered to your contract management needs, please do get in touch by clicking the Intercom button in the bottom-right-hand corner of this page.