When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status, and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need.
But beyond standard contract data, reporting on obligations and using the system to manage the deliverables of a contract for both your and your counterparties is a high-value use of a contract management system.
Make the most from your contract management system by using it for obligation tracking
Modern contract management systems allow contractual language including obligations to be captured, plain language summaries of these obligations to be created, and tasks based on obligations can be assigned to the proper owners. The status of these obligations can be viewed by contract managers to ensure that they are met in accordance with contract deadlines and terms and escalated to the appropriate management individuals if they are at risk.
You and your counterparty can be kept actively abreast of the obligations which require your completion for purposes of both contractual compliances as well as risk mitigation.