Free Contract Management Software in India | Top 7

In today’s fast-paced business environment, effectively managing the contracting process is crucial for maintaining legal compliance and ensuring smooth operations. While there are many paid CLM (Contract Lifecycle Management) software options available, several free tools can help Indian businesses streamline their contract administration. These free CLM tools offer features such as a central repository for contracts, ease of contract renewal, and effective governance to manage potential risks. They also enhance contract language clarity and adherence, while providing cost savings through improved functionality and simplicity. This blog highlights the top 7 free CLM software options in India that can support stakeholders throughout the procurement, sourcing, and CRM processes, from initiation to terminations, helping companies optimize their contracting processes efficiently.

What is a contract management software?

Good contract management is key in today’s fast-paced business world. Contract management software provides one system. This system makes the contract process simpler and faster. The software helps businesses manage their agreements from the beginning to renewal.

A good contract management system is easy to use for making agreements. It provides templates and a contract clause library. It also automates tasks, so everyone can work together better. This speeds up negotiation and approval. All contract documents are kept in one place, so it is easy to find them. This improves visibility and lowers the risk of missing deadlines.

Stages of the Contract Management Process

The contract management process has several key steps. First, we make and write the contract. It is important to use clear and simple words. Next, we review the contract. During this review, we ensure that all terms and conditions meet the business needs and follow the law.

After we talk, we agree on important points. When we are done discussing, we send the contract for approval and signing. Then, we check how the contract is going. It is key to renew or end agreements on time.

1. Contract Creation & Drafting

Creating contracts can be simpler when you use templates. Templates have a simple format and come with clauses that are already written. This helps reduce mistakes. You can use these templates for different agreements, like sales or employment contracts. Just remember to change the template to include the specific details and terms that you need. This will help make everything clear and correct.

2. Contract Review & Workflow

Once you finish writing a contract, read it carefully. Look for any risks and see if they follow legal rules. Check each part for missing information or issues. It is good to get advice from legal experts. Fixing these problems early can help avoid arguments later and keep the contract running smoothly.

3. Contract Negotiation & Renewal

Negotiation is when people talk about contract terms to find a solution that everyone enjoys. To negotiate successfully, you should communicate clearly and be willing to make adjustments. The goal is to create a fair contract that satisfies all parties and helps foster a good working relationship.

4. Contract Approval

Approval ensures that contracts meet internal rules and get the necessary approvals. This means sending the contract to authorized people, like legal advisors and finance managers, for their review and signatures. A clear approval process helps keep agreements organized and on track.

5. Contract Execution & Repository

Execution is the final step. In this step, everyone signs the contract to make it official. Signatures can be gathered either on paper or online. To execute the contract right, it is important to focus on details and talk clearly. This helps to fix any problems or questions. It ensures that the contract is followed properly.

You might want to read: Best Contract Management Software in 2024

Evaluating the Best 7 Free Contract Management Software

Managing contract software can be tough. There are many choices out there. We can assist you in finding the right one. We made a list of the top 7 free contract management software options. These choices are great for businesses in India.

These platforms are designed for different jobs. They help you create agreements, talk about them, save them, and keep track of them. The best thing is that they are completely free—no subscription required. If you are starting a new business, have a small company, or work as a freelancer, these free tools can help you manage your agreements simply.

Volody

Volody has been a well-liked option for contract management software since 2016. Many people trust it for being both creative and reliable. The Volody platform uses AI to help businesses manage their contracts easily, no matter where they are.

Features:

• Smart AI Tools: Volody uses advanced AI tools to make managing contracts easier. It helps you mitigate risk, look for risky clauses and give you a redline summary for the same. This system quickly makes contract drafts while ensuring they include important clauses. It can also find possible compliance risks.
• Complete Contract Management: Volody takes care of everything. This includes creating, executing, and renewing contracts. This complete method ensures all steps of the contract lifecycle are managed well. It tracks deadlines, helps with negotiations, and supports digital signatures.
• Easy-to-Use Interface: They designed a simple interface for easy contract management. The dashboard is user-friendly. It includes templates you can customize and advanced search options. This helps users create, review, and manage contracts without needing much training or technical skills.

Pros:

• AI-Driven Contract Review: It uses AI to spot risky clauses and recommend changes. This helps improve contracts and reduce legal issues.
• Obligation Management: The AI automatically extracts all obligations and assigns them to the respective stakeholders with an escalation matrix to ensure complete transparency and enhance visibility.
• User-Friendly Interface: It features a simple design that aids businesses of all sizes in managing contracts more effectively.

Cons:

1. Limited Offline Access: This service runs in the cloud and on-prem. This means you need the internet to use it. If you are in a location with weak signals, it can lead to problems.

SirionLabs

SirionLabs is a top company located in Noida, India. They offer contract lifecycle management software and started in 2012. With offices all over the world, they help different industries. SirionLabs provides solutions that users can access in the cloud or install on-site. They focus on important areas like creating contracts, tracking obligations, analyzing risks, and giving advanced analytics.

Features:

• Contract Lifecycle Management: These tools help manage contracts from start to end. They track how well each contract is doing.
• AI-Driven Insights: This uses AI to see how contracts perform. It also checks if the contracts follow the rules.
• Performance Management: This checks how contracts are doing based on key points. It ensures that all promises in the contracts are kept.

Pros

1. Contract Management: This helps you handle contracts from beginning to end.
2. Contract Repository: This is a space to keep and sort documents, so you can easily find them.
3. Ease of Creation: Simple tools and templates let you make contracts easily.

Cons

1. Software Bugs: Users may notice errors that change how things work.
2. Complex Setup: Getting started can be difficult and may need a lot of time and effort.

Icertis

Icertis Contract Intelligence (ICI) helps turn contracts into useful assets by organizing key information. It was founded in 2009 by Samir Bodas and Monish Darda. Icertis offers a cloud-based platform for contract lifecycle management. Its main product, ICI, uses AI to identify issues and enhance rules by digitizing and storing contracts. The machine-learning features provide valuable insights that make contract management more efficient.

Pros:

• Complete Agreement Management: This helps you handle agreements from start to finish. It keeps everything neat and running smoothly.
• Secure Storage and Automation: A safe space for agreements that also takes care of important tasks for you. This makes it easier to manage agreements.
• Instant Updates and Analytics: You get real-time updates on contract status and helpful reporting tools. This helps you spot problems early and make better decisions.

Cons:

1. Too Many Features for Small Teams: There are a lot of tools out there. This can feel overwhelming for small teams or businesses that just want simple solutions.
2. Setting Up Issues: Getting SirionLabs to work with your current systems or software might need extra work and tech skills.
3. High Costs: The cost can be high depending on how big your team is and what features you need. This might be a challenge for smaller companies.

Zoho Contracts

Zoho Contracts helps you manage contracts easily. It is simple to use and supports all the steps in a contract’s journey. Zoho Contracts began in 1996 and is part of Zoho Corporation. It offers a cloud-based system to create, negotiate, approve, and track agreements. The platform comes with ready-made templates and automatic reminders. You also get a main place to keep your documents.

Features:

1. Contract Creation: There are tools and templates to help you create contracts simply.
2. E-Signatures: You can sign documents on the internet, making things faster.
3. Document Management: It provides secure storage for contracts and tracks changes and updates.

Pros:

• Simple Design: This tool is easy to use. It has a straightforward interface. This means all businesses, whether big or small, can create, negotiate, approve, and keep track of agreements easily. You won’t need much training to get started.
• Templates and Clauses: It offers several ready-made templates and clauses. This makes the agreement process faster and ensures everything stays consistent.
• Automatic Alerts: It sends out reminders for important deadlines. This helps you remember important renewals or expirations and keeps your dates in order.

Cons:

1. Limited AI Features: This system may not have all the advanced tools and options that larger contract management systems have.
2. Integration Limitations: There could be fewer ways to link with other business tools compared to stronger platforms.
3. Scalability Concerns: This system works best for small to medium-sized businesses. Larger companies may find it hard to manage contracts if they grow.

SpotDraft

SpotDraft began in 2017. It provides a modern contract management system. This system helps make managing contracts easier. It does this through automation and new technology. The platform uses artificial intelligence. This assists with important tasks like drafting, reviewing, and approving agreements.

Features:

• Contract Drafting and Management: Tools that make it easy for you to write, negotiate, and handle contracts.
• Template Library: A set of contract templates you can adjust to fit your needs.
• Compliance and Risk Management: Tools that help you watch for compliance and handle risks in your contracts.

Pros:

• In-House Editor: This tool helps you manage contracts. It speeds up writing, reviewing, and approving agreements. With it, legal teams can focus on more important tasks.
• Customizable System: You can change this system to fit your business needs. It is flexible and works well for different organizations.
• Powerful Reporting and Analytics: This system gives you detailed reports and tools for analytics. It shows insights into contract performance and trends. This information helps you make better decisions and plan more effectively.

Cons:

1. Complexity of Automation: Automation can be very helpful. However, starting it and making changes can be tough for some teams. They want it to fit their needs.
2. Learning Curve: It’s easy to use, but new users might find it hard to learn the advanced features and tools.
3. Integration Challenges: Connecting SpotDraft with other business systems or tools might take extra effort. This can make setup more difficult.

RazorSign CLM

RazorSign began in 2015. It offers a simple way to sign documents online. This tool makes signing documents quicker and easier. It helps save paper and speeds up processes. RazorSign prioritizes safety. It uses strong encryption and provides clear records of activity. The seals are secure and cannot be altered. These features ensure that electronic signatures remain valid and safe.

Features:

1. Electronic Signatures: A secure way to sign contracts and agreements online.
2. Document Workflow Automation: It takes care of signing and approval tasks by itself. This helps save time.
3. Integration with Business Applications: It connects with various apps to simplify document management.

Pros:

1. Better Security: It has strong protection methods. It tracks logs and uses unchangeable seals. This keeps electronic signatures safe and protects important information.
2. Quick and Easy Signing: It allows people to sign fast with simple electronic signatures. This reduces paper use and speeds up contract completion.
3. Easy-to-Use Platform: It is simple to use. This helps businesses set up and manage electronic signatures without needing a lot of training.

Cons:

• Limited Features Beyond E-Signatures: This tool is good for electronic signatures. However, it might not have all the tools you need for contract management. You may miss out on options for creating, reviewing, or tracking contracts.
• Integration Limitations: It may not connect as easily with other contract management or business tools. Bigger platforms might offer better options for integration.
• Scalability Concerns: RazorSign works well for e-signatures. But, as businesses grow and require more features for contract management, they might feel it doesn’t meet their needs.

Legistify

Legistify started in 2015. This company supports people and businesses with their legal needs. They offer a legal tech platform that simplifies law-related tasks. Their cloud-based solution manages legal documents and keeps track of compliance tasks. It also takes care of contract management.

Features:

• Document Automation: Create legal documents quickly using custom templates that are automated.
• Workflow Management: Speed up contract approvals and easily keep an eye on compliance.
• Legal Services Integration: You can reach legal experts and get support directly on the platform.

Pros:

1. Made for the Indian Market: This product is built to fit the laws in India. It follows local rules, which is good for businesses here.
2. Complete Contract Management: It covers every step of the contract process. You can create, review, approve, sign, and track contracts easily. There are also ready-made templates and clauses for you to use.
3. Better Compliance: It provides templates and clauses that match Indian laws. This helps businesses stay legal and reduces the risk of legal issues.

Cons:

• Limited Global Reach: This system mainly looks at the Indian legal system. It might not be right for companies working in other countries or needing a broader view of legal management.
• Learning Challenges: New businesses may find it hard to learn how to use this platform. This is especially true for parts that relate to Indian laws and rules.
• Integration Limitations: There may be fewer options to link this system with other global or non-Indian tools. This could make it less flexible for businesses that are using different systems.

Feature Comparison: Free and Paid Contract Management Platforms

Free contract management software is a smart option for businesses that wish to save money while still having important features. These tools usually provide basic functions like storing contracts, sending reminders, and using e-signatures. They are ideal for startups, freelancers, or small businesses that have tight budgets.

As companies grow and change, they often want the features provided by paid platforms. Check out the table below:

When to Consider Upgrading to a Paid Version

Free contract management software is helpful for small businesses. As your business grows, you might need to change your tools. If the free options begin to hurt your work, think about moving to a paid version.

When you have a lot of contracts, it’s time to make a change. Keeping track of them for free can get tough. Paid options can offer you better ways to search, custom reports, and more space for all your contracts.

Paid contract management platforms often provide better security. They also follow key rules that are important for businesses. This is very important for companies that handle private information or have to follow strict guidelines.

The Shift in Contract Management Software in India

Contract management in India has changed a lot lately. Many businesses are using contract management software now. This shift is helping companies handle their agreements more effectively.

Managing contracts online is changing. We need better ways to handle risks in today’s tough business world. As technology gets better, we will see new tools and features. These can help us manage contracts more effectively.

The Role of Automation and AI in Today’s Contract Management

Automation and AI are changing how we handle contracts. AI can analyze many details of contracts. It helps us spot risks and opportunities. AI can also draft contracts by following specific rules.

Automation makes boring tasks easier. It can create contracts, handle approvals, and send reminders. This helps legal workers focus on bigger projects. AI tools can also review contracts. They can spot issues, errors, and any broken rules. This ensures everything is right and cuts down on costly mistakes.

Using automation and AI in contract management is changing the way businesses manage their agreements. It makes things easier and lowers risks. It also provides valuable insights. These insights help companies make better decisions.

Conclusion

Good contract management software can really help your business. It can make everything run smoother and reduce risks with contracts. There are some great free options out there, like Volody, SirionLabs, and Icertis. These tools have features that can make contract management easier.

If you are a startup looking for affordable solutions or a larger company wanting better options, it’s a good idea to choose Volody and how it can help you. Switching to Volody contract management software can save you time and money. It can also improve accuracy and compliance. You might want to try a free trial or set up a meeting to find out how these platforms can help your contract management needs.

Frequently Asked Questions

What is a contract management software?

Contract management software makes work easier. It helps finish contract tasks faster. It provides a single place for all contracts. This ensures that everyone follows the rules.

Can free contract management software fulfill the needs of big companies?

Free contract management software can help you save money. But, it may not work well when your business expands. It could also lack important features or support that larger companies require.

How do AI features improve contract management processes?

AI helps make contract management simpler. It takes care of many tasks automatically. For example, it looks over contracts, finds risks, and suggests clauses. This makes operations work better and improves accuracy.

Are there any safety issues with using free contract management software?

Security issues with free contract management software are about keeping your data safe. You also need to follow industry rules. It is important to see how well the risk management features work too.