ContractZen review: contract lifecycle management software.
The business space is now a global market, with companies hiring employees from different parts of the world. This situation means that it’s almost impossible to hold meetings or process documents physically always.
There is a need for solutions that allow organizations to hold meetings remotely and securely sign and pass around documents. ContractZen looks to be such a solution.
ContractZen improves the way documents gets circulated in your company. It provides a system through which you can tax audits, due diligence processes and joint venture negotiations.
ContractZen also offers advanced data-management that lets you save, locate and reuse your documents. They also provide an impressive electronic signature service that increases the pace of your work and cuts production cost.
What is ContractZen?
ContractZen is a SaaS that provides e-signature, virtual data rooms, and meta-data driven meeting and contract management. You can ‘drag and drop’ documents and store contracts on the platform and get a notification if the contract is about to end.
ContractZen allows you to schedule meetings and even sign the minutes of the meeting or any other documents. Its VDR (Virtual Data Room) function allows you to share documents and other data securely.
Founded in 2014 in Helsinki, Finland, ContractZen was meant to solve a problem of 10 – 20% of contracts getting lost permanently.
According to the founders, ContactZen is an enterprise-grade cloud-hosted service that businesses – small or big – can use to manage their
- Vital documents
- Sign documents electronically
- Share documents easily
The solution, sponsored by Finnish international lawyers and private investors has been live since July 2015. The Finnish Tekes Innovation Fund, who have earlier funded Supercell and F-Secure were part of the early funders. ContractZen now has customers in 30 countries and every continent.
Who Can Use ContractZen?
ContractZen was built to help businesses of all sizes. Sole professional sign contracts and so does the CEO of a Fortune 500 company. If you are in any of these three situations, then you could need ContractZen.
Situation 1: You cannot share your contracts and other documents securely. Or the virtual and secure data rooms that you currently have access to are too expensive.
ContractZen provides a cheap and secure way to share your important documents.
You currently traditionally sign your documents, and it costs you time and money. Documents need to be signed by people living in different parts of the world.
ContractZen integrates with several eSign service providers.
You lose essential contracts, or you forget to renew them at the right time.
ContractZen has a metadata-driven document management system that means you never have to lose a document again.
How Does ContractZen Work?
ContractZen offers a 30-day trial period. During this period, you can import sample documents, test the search functions, send documents by email, create a sample board meeting to understand how ContractZen works.
Let’s see how the platform works for real.
The first thing to do is create an account. This account creation process is pretty straightforward.
After creating an account, you confirm it in your email, and you are good to go.
When you get on your dashboard, a page pops up through which you can import your documents.
If you choose not to import your documents at this point, you can still do so on your dashboard.
With the Documents tab, you can access your Contract, HR, Finance and Admin folders where you can add, or view contracts you currently have.
Under the Meetings tab, you can manage Board, Shareholders, and Executive meetings.
The Dataroom (VDR) tab lets you create a data room where you can create and distribute documents securely.
Finally, on the dashboard, you can go through your saved searches.
If you decide to continue after your trial version, you enter your card details, and you get charged according to the plan to which you subscribe. Stripe handles the payment, so it is secure.
Features of ContractZen
ContractZen has four main features. Let’s see them one after the other.
According to their website, ContractZen offers a revolutionary for enterprises to handle their contracts with more
The company aims to help organizations of all sizes make their due diligence a breeze.
What makes ContractZen’s contract management stand out?
Here’s why this platform stands out
E-Signing enables you to sign your contracts electronically and with ease anywhere in the world. This flexibility eases your work, increases the rate of progress and reduces costs.
With Automated Reminder, you and your team never have to miss a contract expiry or reminder date again. You can send automated email reminders to all members of your team.
Smart Contract Import
This feature allows you to drag and drop multiple contracts at the same time. You can send the contract papers by email and ContractZen adds essential metadata for you.
Dynamic Folders for Fast Access
You keep your contracts in Dynamic Folders For Fast Access. ContractZen uses metadata to create dynamic views. This enables you to find what you’re looking for on time.
Datarooms (VDR) enables you to share your contracts with third-parties outside your company securely with ease. For example during tax audits, joint venture scenarios, due diligence processes.
Easy Visual Tagging means you can find what you need quickly on computers, tablets, and smartphones. You can easily set metadata to make search faster.
Everything is connected
Everything is connected. Click on a highlighted word, and it instantly connects you to all connected documents.
ContractZen has a meeting management feature for private, public and non-profit organizations.
There are a few feature ContractZen offers that help you manage your meeting better.
The e-Signature feature means you can sign meeting memos or minutes electronically, quickly and securely. This reduces the work you do, cost and accelerates your process.
You can Filter Meeting with Hashtags. You can follow the progress of cases and projects you are involved with easy-to-use hashtags.
Meeting Scheduler helps you simplify the process of planning and scheduling your meetings. You can find available and suitable meeting times easily.
And you can access Meeting Details at a Glimpse. The database lets you find detailed info on previous and coming meetings in only a few seconds.
Share Materials Securely. You can share the meeting schedule and agenda securely with the right team.
With ContractZen you can send automatic meeting reminders to team members with the Automatic Invites and Reminders function.
Meeting Materials are Mobile because ContractZen is available on all devices with its user interface touch optimized. You have all your essential documents on all your devices, wherever you need them.
With Dataroom VDRs you can share documents with people joining your meeting from outside your company. The sharing is easy and more importantly, secure.
Businesses like SAJL, headed by Roope Noronen, have been able to solve meeting management problems using ContractZen.
According to the ContractZen website, their Dataroom feature isn’t just another VDR service. They go above and beyond.
Even more, this platform factors in how documents are shared.
Here are the features that make ContractZen’s Dataroom stand out.
Robust Rights Management
ContractZen’s Robust Rights Management ensures that only authorized people have access to your data. Advanced security and user management features mean nobody you don’t permit can read, print or download your documents.
Metadata Driven Search
ContractZen provides more than the traditional folder search with its Metadata Driven Search. Metadata provides a dynamic view of the information you have in your VDR. With a few clicks, you can limit a search to a few precise fields.
Available Smart Tools also help you track progress and better control your work when you tag your documents and attachments. There is also a group discussion timeline feature for each document.
ContractZen takes care of your Audit Log and Reporting. You can know who read what documents and you can see other user actions with IP and address tracking.
Leading Security measures keep your data safe in ContractZen VDRs.
All data in VDRs are encrypted using RSA 256 encryption. The VDRs uses an encrypted connection with Symantec SHA 256 RSA SSL that has extended validation.
Microsoft Cloud complies with critical international and industry-specific standards like
- ISO/IEC 27001 and ISO/IEC 27018,
- SOC 1 and SOC 2
Furthermore, if you care about regional standards or standards and contractual commitments specific to particular countries, then you probably should know these too.
ContractZen is compliant with the
- EU Model Clauses,
- Singapore MTCS,
- UK G-Cloud, and
- Australia CCSL (IRAP).
Due to their servers’ location in the Netherlands, the company is protected by strong EU data privacy laws.
This platform has enjoyed praises from top users like Ahlström Capital’s General Counsel, Ulla Palmunen.
ContractZen’s Financial Administration gets you due diligence ready on a daily basis.
This platform boasts itself of using metadata-driven search to make document finding significantly easier for users.
Here are the platform’s financial administration features and how they work for users.
First of all, with the eSignature feature, you can safely and securely sign your financial and administrative documents.
Also, you can Import documents fast and easy with ContractZen’s drag and drop feature.
Furthermore, ContractZen uses metadata to create Dynamic Folders for Fast Access. This way you can find whichever one you need in seconds.
Everything is interconnected so you can click on a highlighted word and access all connected documents.
Use Dataroom (VDR) to securely share financial documents such as contracts, tax audit reports with people outside your company.
Below are all ContractZen’s Features.
Pros of ContractZen
It is easy to use, doesn’t require lots of training
The interface of ContractZen makes it easy to use for anyone. Tags on each tab or feature are simple and instruct you on what to do. You can activate most functions with a click of a button.
So the learning curve for this software isn’t steep. You can get the hang of it without spending time in training sessions or needing any hand-holding.
There are a lot of custom fields, and you can customize ContractZen to work for you
ContractZen is not rigid. Different businesses require different specific functions from the software. The creators of ContractZen recognize this and give the user some flexibility in its use.
ContractZen makes working with people living in different parts of the world easier
With its VDRs and eSignature features, you can work with people several miles away from you. Memos and contracts can be signed by vendors and contractors far away.
Therefore, the electronic signature is as valid as a physical one. This reduces expenses and time spent in dealing with people far away.
With ContractZen you don’t have ever to lose a contract or forget to renew one
ContractZen stores your contracts so you will not lose them again. It also has a notification function that reminds you when a contract is about to expire. A combination of these two functions makes your contract management top notch.
You can manage your company ownership structure with ContractZen
Irrespective of how big your company is, you can manage the structure with ContractZen. You can schedule and manage shareholders’ meetings, executive meetings, board meetings, finance and admin meetings and so on.
It is not expensive
ContractZen was created to accommodate the budgets of small and midsized businesses. You are also billed per user so that small companies don’t need to pay as much as the bigger ones.
Cons of ContractZen
ContractZen does what it does so well; most users don’t seem to have a lot to complain about.
However, the primary challenge users face is with the iOS version of ContractZen. It is not efficient, and most users have found that it is better to use ContractZen on their browser if they need to use it on their mobile device.
ContractZen offers a 30-day trial after which you need to subscribe for $9.50 per month. If users are over 50, you contact the team for a quote.
If you need any help, the ContractZen support team are ready to help you. Just go to their contact page and ask your questions.
To Wrap Up
ContractZen’s features mean you should never lose or forget to renew contracts again. You can also document signed no matter where your partners are. This software makes meeting and data management easy. The low cost also means it is suitable for small and midsized businesses.