Contract management software helps businesses create and manage contracts.
Whether you are a freelancer or a small business, the foundation of the services you provide are your contracts. Managing contracts is a tricky business because you have to keep a track of deadlines, check the latest version of the contracts, and understand the changes made.
With remote work and digital transformation on the rise you need contract management software to help you manage your contracts and agreements.
Contract management software helps create, edit, store, and manage contracts. You can collaborate with other stakeholders to execute a contract using the software. The tool also helps in administration tasks such as tracking deadlines, payments, and changes within the contracts.
This article highlights the three best free contract management systems that don’t break the bank.
Agiled: All-in-one business management platform
With Agiled, you can manage a contract’s entire workflow in one place. The tool allows you to manage projects, tasks, and employees. You can create contract documents, send invoices, and track expenses.
For project management, you can keep tabs on all the ongoing projects, use project templates, add members, and check project schedules with Gantt charts. Create project categories and use filters to check specific project categories when working on different projects.
Agiled allows you to create professional contracts, and get them signed digitally. Contracts enable you to scale your projects and close deals quickly. You can assign specific “types” (or tags) to contracts to manage them easily. The contract management tool also allows you to create proposals with a drag-and-drop editor.
Agiled also has a task board where you can keep a track of all your existing contracts and assign them to your team members.
With the document management system, you receive contact forms, help articles, and email support.
- Automatic time capture
- Benefits management
- Client portal
- Collaboration tools
- Contact management
- Content library
$7 per month
Fiverr Workspace: Leverage standardized service agreements
Fiverr Workspace helps freelancers manage contracts and agreements. The vendor has partnered with the Freelancers Union who vets contract compliance to create standardized service agreements. The contracts also include electronic signature functionality. You will receive alerts when the contract is viewed, signed, and the project starts.
The invoices for your active projects and contracts can be created automatically, and you can accept credit card and ACH payments from your invoices. You will receive automated alerts if a client is late in making payments and will have access to viewing the outstanding balance. The tool notifies you on your desktop, mobile device, and via the messaging tool Slack.
The Fiverr Workspace dashboard shows your Fiverr and non-Fiverr projects so that you can track all your projects on one platform.
You can access the software on your desktop with Chrome and Mac extensions, and Fiverr Workspace provides chat support. Lastly, you can check FAQs on their site to learn more about the tool’s functionality.
- Completion tracking
- Compliance tracking
- Customizable invoices
- Document management
- Hourly billing
- Mobile payments
$18 per month
PandaDoc: Automate document creation
PandaDoc allows you to create legally-approved documents to prevent compliance errors. You can also create a library of pre-approved contracts and clauses to easily add them later to your contracts and agreements.
There is no limit on contract creation and upload, and you can easily e-sign documents. With PandaDoc, you can accept credit card, PayPal, and ACH payments after signing a document. This provides your clients with options to make transactions.
The contract lifecycle management tool offers support wherein you can find answers to FAQs, account settings, integrations, and team management.
- Archiving and retention
- Audit trail
- Collaboration tools
- Completion tracking
- Content management
$19 per month
The right contract management software can help you manage legal and project management tasks so that you can focus on completing the project. However, it could be challenging to find all the features in a single software. It’s important to look carefully for the features you need in a system before deciding on which software best suits you.
- Check the ability to customize: Many contract management systems provide standard agreements and prevent you from adding clauses or disclosures. This limits your ability to create extensive contracts that list all the details that are important to you and your clients.
- Look out for the sharing capabilities: An ideal software should be a contract collaboration tool that brings your team members and clients onto the same page. This also allows collaborators to check the past versions of an agreement for reference. If your software enables sharing functionality then your team members will be able to communicate and avoid conflicting edits.
- Select a tool that enables alerts for deadlines: Any business must track a project’s deadline to ensure that you don’t miss it. Therefore, a tool that alerts you when a contract is viewed, changed, or ends makes it much easier to manage several tasks at the same time.
Free tools often come with limitations but these limitations shouldn’t stop you from scaling your business. Ask the vendor these questions to avoid purchasing software that doesn’t fulfill your needs.
What are your integration options?
Several contract management software integrate with CRM, finance, project management, task management, and collaborative tools to help you manage multiple tasks on one platform. Integrations also make your software expandable.
What kind of support should I expect?
Some software vendors do not offer support for free versions of their software. Priority support is restricted to paid versions, and a technical glitch might affect your projects. Therefore, assess all possible technical glitches before finalizing a product.
What are the contract storage options available?
In free versions of software, data storage capacity is generally limited. Therefore, it is advisable to check whether the available storage suits your business needs. Also, look out for the disaster recovery system of the software and see if there is any backup replication option.
To find your ideal software match, you need information you can trust—so you can save time, stay on budget, and focus more energy on growing your business. It’s why we vet and verify all our user reviews and recommend only the tools endorsed by people such as you.
In other words, our product recommendations are never bought or sold, or based on the opinion of a single individual—they’re chosen by your peers, reflecting the views and experiences of our independent base of software reviewers.
To be considered for this list, products have to:
- Have at least 20 unique product reviews published on Capterra within the past two years, with an average rating of 3.0 or higher. We selected the three products with the highest ratings to feature in this article.
- Offer a free, standalone version of the software (not a trial version of the software where you must purchase a product after a limited amount of time).
- Meet our contract management software market definition: “Contract management software helps users store, track, and monitor business contracts and agreements in a central repository. It can also be used to create new contracts, edit and format agreements, collaborate on contracts, and also help automate administrative tasks involved in managing contracts.”
Note: The content in this piece that provides opinions and points of view expressed by users does not represent the views of Capterra.
The “Best functionality” tool is identified based on the highest user ratings for functionality that a vendor received based on publicly available reviews.
The “Most affordable” tool is identified based on the lowest pricing a vendor offered on their website in terms of cost to upgrade on November 8, 2021.