Contract management spreadsheet template

Relying on an excel spreadsheet or a vendor list template to maintain contact information, payment terms, products and services agreements, and so on requires diligent oversight. The loss of customer information due to viruses, hacking, or standard breaches of confidentiality can lead to business liabilities like permanently damaged customer relationships, loss of revenue, and, in the most egregious cases, legal liabilities.

A central document repository using Google Docs, DocuSign, DropBox, or other standard office shared storage tools will suffice, with the password shared only among teammates who have direct need-to-know over contract dealings.

As your business grows, the issues with spreadsheet contract tracking become rapidly apparent. Briefly, here are some of the pitfalls to watch out for:. Moreover, once a company increases its contract volume, scrolling through a spreadsheet to find one data point becomes looking for the proverbial needle in a haystack.

It's also likely that your company will need to begin handling several kinds of contracts, like vendor contracts, compliance documents, work orders, and more. Managing all these different kinds of contracts in one spreadsheet becomes unfeasible and inefficient, and splitting them up into multiple pages is only a band-aid solution.

As a company grows, the costs in terms of time and effort and consequently money of using a spreadsheet as its principal contract management tool increase exponentially.

If your business has grown to the point where contract oversight has become a full-time job for anyone, first congratulate yourself on your thriving enterprise. Here's how you can identify which legal tech is right for your business. How do you know if you need contract lifecycle management software? Who uses it and why?

What options are available? Contracts are at the heart of every business, no matter what size. Discover everything you need to know about contract management for your small business in this explainer. Get a demo Log in.

Privacy Terms. Solutions Juro for legal teams Scale contract workflow, enable the business and get the insights you need. Juro for sales teams Close deals faster than ever before and delight your customers when it matters most. Juro for HR teams Make the right impression with the onboarding experience your people deserve.

Better legal design 20 Contract magic Legal operations News How to manage contracts in Excel Juro knowledge team , 4 May When this happens, contractual obligations may be left unmet, resulting in: Breach of contract Unforeseen costs Hefty fines Costly litigation Damaged business relationships Damaged personal relationships … and many more. Why might Excel contract management be the solution? Here are some common reasons many organizations use Excel to manage contracts: Working with the tools you have is cost-effective and efficient.

Microsoft Excel is already used by more than million people worldwide. Excel can be extremely powerful — if used correctly. Spreadsheets have enough basic functionality to be significantly better than nothing. How to set up your Excel contract management template Effective contract management in Excel requires rigour and an awareness of critical dates related to specific milestones within the agreement.

Contract management template Excel If you plan to manage contracts in Excel, without dedicated software to create a contract database and repository to keep your documents under control, you can use this free contract repository template to manage your contracts. They typically include: Business owner : the individual who commercially owns the contract Legal owner : the legal team member who owns the contract Reference number: the number stated on the title page of the contract that is quoted in all communications under the contract Counterparty: a party to a contract or the other party to a financial transaction Contract type: the different contract structures or forms Approval 1, 2, 3 etc.

Do we know exactly what the notice periods are and how much we really spend on contracts each month? First, download the template for free. You can find the download link at the end of the article. Then open it with a spreadsheet editor of your choice — probably Microsoft Excel. For example, start with the lease agreement. When was it signed. Counterparty Street Address: Street address of the counterparty. It is recommended to use the legal notice address from the contract.

Counterparty City: The city of the counterparty. This could save time and effort later when searching for contracts. Contract Effective Date: The start date of the contract term. This could be the date the contract is fully executed, or the effective date may be defined in the agreement. Contract Expiration Date: The ending or closing date of a contract term. This date could be clearly stated in the contract or it may be derived based on the effective date and the term.

Contract Amount: The total contracted amount or value of the contract. Adding columns to track the contract annual amounts may be helpful. Any currency is supported.

If any questions were to arise about this contract, you would ask this person. Department: What department is responsible for the contract? More than one department can be assigned. Notes: A general note taking section for this contract.

This is a great area to call out key negotiation points. The notes section will help when reviewing contracts down the road.