Open Text Improves Visibility for Contract Relationships

2 minute read
Angela Natividad avatar
Today at the 45th Annual Aerospace and Defense Contract Management Conference in California, Open Text announced its latest version of Livelink ECM - Contract Lifecycle Management.The ECM firm built Contract Lifecycle Management to specifically address contact creation, negotiation, fulfillment and renewals issues."With increasingly stringent legislation and regulations surrounding the disclosure of corporate information, it is no longer satisfactory to produce an archived paper contract to a regulator or auditor when requested," said Brett Shellhammer, Vice President and General Manager of Open Text's Global 2000 and Government Solutions."Corporate governance legislation, such as the US Sarbanes Oxley Act or the European Union's Directive on Corporate Governance, now requires that organizations provide evidence that they are in control of the entire contract process, including the contract creation, storage and ongoing management. "Livelink ECM - Contract Lifecycle Management ensures complete transparency for all information affecting a business transaction."The fine print is increasingly important with SOX and eDiscovery weighing upon the backs of corporate executives, resulting in ever-tightening compliance concerns trickling down onto middle management and employees.Livelink ECM's Contract Lifecycle Management solution is designed to reduce operating costs and enable compliance with a flexible set of internal and external policies and regulations. It also:* Secures collaboration during the negotiation process* Sets alerts for contracts that require review* Tracks clauses, renewal dates and terms* Retains, archives and disposes of contracts per legal and business policy requirementsLivelink is also compatible with other enterprise systems, so contract content is reviewable, and often editable, in other locales. The newest version includes:* Template Driven Contract Creation - Reusable templates for easy construction of complex agreements. Parameters can be easily input, minimizing risk of human error and repetitive contract construction work* Back-Office Application Integration - A clause library in Livelink ECM makes it easy for users to draw from standardized information. It also interacts with CRM and ERP applications, keeping data up to date* Proactive Report and Alert Management - Customizable alerts encourage compliance to committed contract terms and conditionsLivelink ECM boasts clients like London's Defense Science and Technology Lab and Central Vermont Public Service.Get a load of the new Livelink at the Open Text website.