According to the Gartner Group, 60% of all supplier contracts automatically renew without the buyer's knowledge, mainly because the buyer fails to terminate the contract. Even more astonishing is the fact that 50% of the contracts are renewed several times without the buyer's knowledge (Forbes, Gardner group).

A laissez-faire attitude towards contract management can have serious financial consequences, as automatic contract renewals often involve more expensive terms and late terminations can lead to litigation and damage. Contracts are not documents to "sign and file", they are rather living documents that are subject to real events / changes.

Actions of the parties involved can trigger contract clauses and require the fulfillment of requirements based on certain deadlines (framework contracts). The best solution for managing these living documents is to use a software platform that facilitates and covers the entire lifecycle of contracts and ensures it in conjunction with a defined contract management process.

Contract management means more than just managing contract documents. Contract management refers to all activities that deal with the development / design, administration, adaptation, processing and updating of all contracts of a company. 

Contract management thus includes the support of contractual negotiations between client and contractor, the implementation of contracts and the execution of contract changes for technical, scheduling, personnel or financial reasons. ( Wikipedia )

The claim of the DOCM SharePoint solution is to support the user in the respective defined contract management process, a smooth online collaboration and to ensure a targeted flow of information in the company.