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A Statement of Work (SOW) is a document outlining the scope, deliverables, and tasks in a project or contract. It clarifies expectations and serves as a guide for both parties involved. CLM platforms facilitate the creation, negotiation, and management of Statements of Work by providing a structured environment for collaboration, version control, and tracking of changes. This ensures that all parties have a clear understanding of the project scope and expectations, and it helps streamline the overall contract lifecycle.
With a Word plugin for CLM, users can create, edit, and manage contracts seamlessly without leaving the Word application. This integration includes features such as template management, clause libraries, version control, and direct access to the CLM system’s repository of contracts. It aims to improve user efficiency by providing a unified experience within the word
Workflow automation in CLM brings several benefits, including improved efficiency, reduced errors, better collaboration among team members, and increased visibility into the status of contracts. It also helps organizations enforce compliance with internal policies and regulatory requirements throughout the entire contract lifecycle.
Workflows refer to predefined, systematic processes that guide and automate the flow of tasks and actions associated with the lifecycle of a contract. These workflows help streamline and standardize the contract management process, ensuring that each contract undergoes a consistent series of steps from initiation to completion.
