How to Organize Contracts in Excel

This way, you can easily see your most urgent contracts. However, your contract storage system should also be robust and closely monitored to ensure that current versions are still linked to current versions and that previous versions are retained for comparison. Many companies spend a lot of time and resources creating and negotiating contracts. Despite these efforts, stakeholders sometimes fail to properly monitor and monitor the implementation of the agreement after a treaty has been concluded. In this case, contractual obligations cannot be fulfilled, which leads to the following: as a company grows and generates more contractual agreements, it is also necessary to have a central repository where data can be tracked. Without a special place to save contracts, it`s not uncommon for them to be stored fragmented in email accounts or perhaps in paper form in filing cabinets. All of these table templates allow you to track contracts, expiration dates, due dates, period (contract duration), status, and some contact and engagement information. We`ve made them more and more complex – the last option also includes some permit fields. For companies that are not at a scale where a full-fledged contract management system is required, manual contract management with common Office tools is possible. With tools already available, such as Microsoft Excel or Google Docs, small businesses can track key contract clauses, terms, and data via Excel templates for vendor management, creating contract databases in Excel, and free Excel spreadsheets for contract management software. You must also specify how you handle changes to your contracts, for example.

B when the value of the contract changes, when you add a new result, or when a contract is cancelled. The beginnings of any company are marked by more concern about obtaining these first contracts than about their management. However, as a company ages and contracts are due, each company must choose some form of contract management system. Let`s start by taking a look at the origin of the contracts. Cuneiform writing. The first cuneiform writing was born from the need of Mesopotamian man to establish contracts*. Contracts are important and have been around for centuries. Initially, contracts had to be kept safe after signing and kept in a safe. Today, we take stock of contracts using spreadsheets by noting expiration dates and key information, reducing our need to go into the locked file drawer every time. Security breaches are always a risk and can leave a company vulnerable to liability while jeopardizing your valuable reputation. Use the Encrypt with Password feature for each workbook. Use a central document repository such as DropBox, Google Docs, or DocuSign and only share the password with those who have a defined reason for accessing contracts.

You can create hyperlinks from contracts to the organization`s contact sheet, so you always know who the reference company is for a particular contact. In addition to being prone to errors, there are other reasons to be careful when tracking contracts in Excel: However, if Excel is the system you`ve chosen to manage your contracts at the moment, we`ve created 13 separate templates that allow you to manage all aspects of the contract lifecycle. You can download these templates for free in a single document using this link. In addition, the ability to immediately search for and review contracts relieves legal teams for larger activities such as contract negotiations, streamlines the contracting process, and provides a traceable audit trail. Evisort offers the ultimate AI contract management solution. If it`s your responsibility to manage your company`s contracts, you`ll probably want to lock down the datasheet as much as possible to make sure changes aren`t made without your permission. Browse your existing contracts and mark the key fields you want to track (for example. B, the name of your client, the date of signature of the contract, the expiry date of the contract, the type of contract, etc.). Effective contract management in Excel requires rigor and knowledge of critical deadlines related to specific milestones in the agreement. If you want Excel to be your solution for managing contracts securely, you should also restrict the data that can be entered in certain fields of the table, track changes so that updates that need to be accepted are highlighted, and lock the datasheet to ensure that changes are not made without permission. Once a company increases its contract volume, scrolling through a spreadsheet to find a data point becomes a search for the proverbial needle in the haystack.