Benefits of custom templates in contract software (+ 7 top tools)

Contracts are an essential part of doing business. They define the terms and obligations of all stakeholders involved in a project, enhancing clarity and reducing the risk of conflicts. 

However, they can be a headache, especially if you have to draft them from scratch whenever you secure a client. Luckily, you don’t have to—at least not when you use contract creator software. 

Contract management software solutions provide a starting point for contract creation (via customizable templates), which can help save time, reduce agencies’ administrative burdens, and minimize the risk of inconsistent contract terms. 

Further, they centralize document storage, which can provide better visibility into contract details. Of course, this is all contingent on choosing the right management platform. 

It’s normal for service providers to prioritize factors like ease of use, security, and integrations when choosing contract management software. Unfortunately, this sometimes means features like customizable templates get pushed to the back burner.

However, given their value in promoting seamless agreement creation and driving revenue growth, contract templates deserve more attention. 

Building contracts from scratch can be an exhausting process. You need to create terms and conditions that protect your and your clients’ interests and ensure adherence to your jurisdiction’s laws and regulations. 

Not to mention, it can be challenging to maintain the same contract language and structure, especially if you have multiple team members handling the process. 

This is one of the main reasons why customizable templates are so important. They let team members know what to include in agreements, streamlining the creation process. 

Templates also promote consistency by providing the same baseline information. This can help you demonstrate professionalism and attention to detail, especially among repeat clients. 

Not all businesses have dedicated legal teams to handle contract creation—understandably so, because of budget constraints. 

The problem is, drafting a contract from scratch without legal expertise is a losing battle. You could leave something important out, misword a term, or use vague language, opening the door to serious issues like compliance violations or enforceability challenges. 

Does this mean you have to work with a legal professional when creating all your contracts? Not necessarily. 

Customizable templates from reliable contract management platforms typically contain legally approved clauses and best practices, allowing people outside the legal field to also create compliant and binding agreements. 

That being said, it’s still recommended that you have your contract template of choice reviewed by a legal professional to ensure it covers your bases and includes the particulars relevant to your business and industry.

When you create your own contracts, especially without legal and financial expertise, you may fail to clearly define what’s included and what’s not in your services. This could expose you to challenges like scope creep—clients may have grounds to demand more than you intended to offer—eating into your revenue. 

Unfortunately, templates that you can’t customize may not be any better. They may lock clients into too strict terms, impacting their willingness to sign off on your services. 

Luckily, customizable templates overcome these challenges. They help reduce the risk of ambiguity by showing you what language to use in contracts. 

Customizable templates also allow you to tailor agreements to reflect each project’s unique requirements. This could minimize loopholes and boost your chances of approvals, protecting your cash flow. 

Finding the right contract management solution when faced with the many choices in the market can be overwhelming, to say the least. Luckily, with these top industry recommendations, you don’t have to assess too many options. 

Ignition is a fully integrated platform that supports you through the entire client lifecycle. As part of that, you can access various Ignition Templates, including online proposals, pricing and packaging templates, client agreements, and even emails to make your team’s work easier. 

All Ignition templates are tailored to meet the needs of specific industries, like IT, HR, and marketing, and the contract terms are legally vetted. This means they inherently contain clear scope-of-work language for these fields. 

Ignition stands out from other platforms in that it offers more than professionally vetted engagement letters and contracts; it also automates other processes, like payment collection, providing support throughout the client journey. 

Features

• Embeds payment terms into contracts and automates collection upon approval
• Allows one-click contract updates to help manage scope creep and quickly adjust pricing
• Integrates with Xero, QuickBooks Online, and popular CRMs (via Zapier) for seamless client and service data entry
• Facilitates e-signing for quick contract finalization

Automates client payments as soon as they sign their contracts for smooth accounts receivable management

Docusign is primarily known for its robust e-signature functionality. Docusign Contract Lifecycle Management (CLM) extends its capabilities by offering support throughout the contract management process—from creation to negotiation, approval tracking, and signing. 

Features

• Extensive templates and a clause library for smooth contract creation
• Data auto-population feature from integrations with solutions like Salesforce
• Drag-and-drop editor to streamline contract workflow designs
• AI-powered contract negotiation and summarization capabilities for quick reviews

While Docusign CLM is a popular solution, it may require months of implementation. Ignition, on the other hand, only takes a few days in most cases. 

Juro is an intelligent, browser-based contract management platform designed to streamline contract creation, collaboration, and negotiation by leveraging artificial intelligence. 

Features 

• AI Assistant that helps with contract drafting
• Integrations with CRMs like Salesforce and HubSpot for smooth contract workflows 
• Advanced e-sign capabilities to promote quick, remote approvals
• Centralized intelligent repository for quick contract access and reviews 

Juro may be suitable for service providers looking to accelerate their contract workflows. However, Ignition could be a better fit if you need a more holistic client experience that ties in everything from client proposals to payments and revenue tracking. 

Contracts 365 is a robust contract management solution built for agencies using the Microsoft 365 infrastructure. It offers support throughout the contract management lifecycle, from creation and negotiation to execution and renewal. 

Features 

• Centralized repository for all contract drafts 
• Clause libraries and contract playbooks to streamline contract generation 
• Integrations with Docusign and Adobe Sign for e-sign capabilities
• Contract redlining feature to promote seamless negotiations 

As with many solutions on this list, Contracts 365 is contract-focused. If you need more support, like lead-to-cash automation or one-click pricing adjustments (across multiple contracts), Ignition could be a better option. 

Agiloft is an enterprise CLM that streamlines contract management from the inception stage to renewal. It’s popular because it offers no-code configuration, allowing users to tailor contract workflows without relying heavily on IT teams. 

Features 

• Centralized storage system for convenient contract organization and access
• Drag-and-drop integrations to over 1000 business systems, including e-signature tools and CRMs
• GenAI algorithm, which extracts data from contracts and highlights missing clauses
• Detailed reporting and analytics, offering insights like the amount of time it takes team members to complete tasks in contract workflows 

While Agiloft is no doubt one of the most powerful CLMs, thanks to its extensive customization capabilities and analytics, it requires more integrations than Ignition to meet business needs. For example, since it lacks a native electronic signature feature, you must connect it to platforms like Docusign. 

ContractWorks is an easy-to-use tool that offers secure contract storage and fast search capabilities. 

Features 

• Pre-configured questions that allow for quick contract drafting 
• Contract repository with an advanced search feature for quick document finds 
• Smart document tagging and categorization to enhance contract organization 
• Built-in e-signature capability for quick approvals 

While ContractWorks offers a degree of contract creation support, it focuses more on post-signature management. Ignition, however, provides support for the entire client lifecycle, from helping you manage leads and creating proposals, to contract renewals and getting paid. 

Ironclad is designed to support enterprise-level contract workflows. It primarily serves legal teams or large companies with complex requirements and high contract volumes. 

Features 

• Workflow designer that lets you set conditional logic to automate contract approval workflows
• Contract repository with an Optical Character Recognition (OCR) feature for quick document searches
• AI-powered playbooks for quick contract reviews
• Deep integration with platforms like Adobe Sign, Slack, Salesforce, and Microsoft Word for seamless e-signing, collaboration, and contract data syncing 

As an enterprise CLM, Ironclad requires extensive IT support during deployment. It could also take months to implement the solution fully. 

Ignition’s time-to-value, on the other hand, is less than 30 days. Further, the platform doesn’t require dedicated IT support during deployment. 

Now that you know some of the best contract management platforms in the market, how do you choose the right one? The key is to assess your business’s needs and only settle on a solution if it meets them. For example, if you need proposal writing support or billing automation in addition to customizable contract templates, Ignition would be a suitable choice. 

Other important factors to consider include:

• Platform ease of use: Choose a platform with an intuitive interface and user-friendly features to make it easy for team members to leverage them. 
• Template customization capabilities: Make sure your tool gives you complete control over templates’ structures and language so you can align them with your project’s unique needs. 
• Integration capabilities: Find a tool that integrates seamlessly with existing business systems, like CRMs and email marketing tools, to promote data consistency and minimize manual effort. 
• Time to value: Choose a platform with a short time to value to quickly see a return on your investment. 
• Seamless client experience: Look for features that can enhance client experiences, like e-sign capabilities, to boost their chances of becoming return customers. 
• Scalability: Only settle on a solution that can support your business’s expanding needs to eliminate the need to switch tools as your team and deals grow. 
• Entire client lifecycle support: Choose a platform that supports you throughout the client lifecycle, from proposal writing to contract renewals. This way, you don’t have to invest in too many tools. 

Contract management platforms with customizable templates are game-changers for modern businesses. They facilitate quicker contract creation by offering “starting-point” agreements, promote consistency in service contracts, and allow you to align agreements with different clients’ terms and project needs. This could mean higher revenues without overburdening your team. 

With Ignition, you get more than just a contract management partner. Ignition is an end-to-end platform offering support throughout the client lifecycle, from lead capture to payment collection and contract renewal. 

The platform streamlines proposal writing, offers extensive industry-vetted contract templates, collects clients’ payment info, automates invoicing and billing, and simplifies contract renewals through features like one-click price adjustments.