If you are struggling with the ever-growing amount of contracts you need to manage, you should know you’re not the only one. In fact, businesses of all sizes face the same challenge, especially as they grow and accumulate more paperwork.
A contract repository is one invaluable tool designed to make this task less grueling and overwhelming. In addition to providing a centralized location for all your contract documents, it also streamlines your contract management process by improving team collaboration and reducing errors and oversight.
6 Tips for Organizing Your Repository
Keeping Your Repository Organized: Tips and Best Practices
Here are some tips and best practices to ensure that your contract repository remain organized and structured.
1. Define a standard naming convention
Create a consistent naming convention for all documents and files in the repository. You can use your own custom codes per type of contract or you may use the initials of the contracting parties involved. Having a standard naming convention not only helps organize your documents, it also makes document search and retrieval a lot easier.
2. Use folder structure
Take a look at your contract management process and determine the best way to organize and categorize your documents. Consider using a hierarchy that aligns with your organization’s departments or functional areas, or organize documents by contract type, vendor, or other relevant criteria.
3. Use metadata
On top of naming convention and folder structure, you can also take advantage of metadata to make storing and searching contracts easier. You can tag documents with additional information, such as contract type, contract owner, or expiration date. Moreover, using metadata gives you somewhat of a sneak preview of what’s in the contract.
4. Implement document version control
Document version control helps ensure that all contracts in the repository are up-to-date and consistent. It also helps you keep track of all the amendments done to your documents, which also enhances accountability and compliance.
5. Establish document retention policies
To avoid accumulating mountains of paperwork, determine how long you need to keep your contracts in the repository for. Having a clear retention policy prevents you from holding on to outdated and unnecessary documents. This helps with clutter as well as efficiency.
6. Regularly review and update your repository
Regularly review your contract repository to ensure that it remains up-to-date and accurate. This includes reviewing metadata, document retention policies, and document version control.
What Is A Contract Repository?
A contract repository is a centralized location where you can store, manage, and access all your contracts and other associated documents. Think of it as a library of documents where you can find everything all in one place. You don’t need to scour your entire office just to find a specific document.
In a contract repository, agreements are typically filed by category, document type, and other relevant attributes. This makes it easier for you to keep track of the contract status, their expiry dates, as well as the contract owners. The tool is designed to help you manage contracts throughout their lifecycle, from creation and negotiation to approval, execution, and renewal.
In the past, contract repositories are physical storage systems for documents. But with the advancement of technology, they now come in digital form. This means that you don’t need to own mountains of paperwork for filing. You can have your contracts in digital copies and store them in a cloud.
Revolutionize Your Contract Management Process with Fill
Building an organized contract repository sounds like a daunting task, but with Fill in your arsenal, the process can be as easy as ABC.
Fill is a feature-rich platform that doubles as a contract repository and document management system. Our cloud-based solution allows you to store all your agreements online and sign into legally binding agreements digitally. Our eSignature tool allows you to reduce the time and effort required for the traditional document signing process.
Don’t let disorganized documents and contracts hold your business back. Try Fill today and see the difference a streamlined document workflow can make.