ContractRoom Reviews & Product Details

ContractRoom Overview

What is ContractRoom?

ContractRoom is a cloud-based negotiation and contract lifecycle management system that changes the way deals get done and how decisions are made. There are clear differentiators with the competition, namely in the way ContractRoom streamlines the entire back-and-forth on business terms and legal text between negotiating parties. The solution can automate and capture data document assembly, term negotiation and contract management for any corporate buying, selling, hiring and recording activities. And then the large data set can be leveraged with machine learning to help predict the best terms and clauses for future agreement - finding the path of least resistance for the close. This means your internal and external dealings will be faster (up to 75%) with less mistakes and minimal friction. Here's why we were recently awarded the "Best Collaboration Tool" by LegalTech: 1. Collaboration and Control - it covers the entire process of communication, reviewing, editing, approving and tasking both internally in an organization as well as externally with counterparties. Imagine never having to play a game of email ping-pong again or decipher a redlined MSWord circulated internally and/or externally to determine the sequence in which changes had been made! Or, no longer worrying about which document version you're working on when involved with multiple parties. ContractRoom does away with all this counter-production and annoyance!; 2. Transaction and Behavior Data - it captures and leverages transaction and behavior data from the entire back-and-forth negotiation, not only the final outcome, as is the case with most CLM systems. ContractRoom keeps a data record of every negotiation offer and counter on any business term or legal clause as well as tracking how long it takes (“timers”) and how many changes are made (“counters”). Once these data sets are aggregated, the system can make inferences for future deal-making and decision-making in real-time, what we call Predictive Agreement. So, negotiators no longer have to operate in a vacuum; instead, they benefit from the “collective intelligence” of their peers and can collaborate in a more informed way so as to achieve better business outcomes. So, wouldn't it be great to have a system that could remove all the guesswork in a negotiation - and help guide you to the right decisions, providing the answers before the questions are even asked.

ContractRoom Details
Languages Supported
English, French, Italian, Spanish
Product Description

Negotiation platform that simplifies the contracting process and “learns” from all behavior and deal data to optimize future decisions - Predictive AgreementTM.

How do you position yourself against your competitors?

The biggest shift in this market has to be from a system that you tell it what to do versus a system that tells you what to do. By leveraging machine learning/AI, ContractRoom can analyze and learn from past data captured from the entire process (not just a subset) to help improve decision-making and business outcomes.

Competitors are mostly focused on just one process step or the back-end, such as providing e-Signature only or storage/repository only with minimal data intelligence. Therefore, they don't provide a way to address the real pain/challenge --- the manual way people agree today. Most business and legal professionals are still stuck with primarily a text-based approach using a combination of e-mail and MSWord as their primary tools for negotiation. The problem with antiquated approach is that there is no data capture, user control or even security, making it slow, uninformed and overly risky.


Seller Details
Seller
ContractRoom
Company Website
Year Founded
2012
HQ Location
San Mateo, CA
Twitter
@contractroom
1,524 Twitter followers
LinkedIn® Page
www.linkedin.com
42 employees on LinkedIn®
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ContractRoom Reviews

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Enterprise(> 1000 emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2 on behalf of the seller
What do you like best?

I think this is the best and most efficient way to Contract. I find myself using this tool daily to keep connected to the movement of my contracts. With each upgrade I find myself having the ability to always be aware as to the status of my contracts and who are my key parties. I have used other contracting tools and this by far the best and easy to use. My work life is much less stressful because of this tool. Very well done and I would recommend this tool to everyone. I am so happy that I am able to use this tool from the start of the contract to close out and documentation of the whole process. Review collected by and hosted on G2.com.

What do you dislike?

I really don't have anything bad to say about Contractroom. I really enjoy using this tool !! Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Learn how to use the tool - take time in looking at the features to make your workload much less and more efficient contracting. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

I find Contractroom has made my contracting experience more secure. I have version control always. I know who's hand the contract is in at all times. I do not have the worries of checking status by having to go back and forth looking at emails or version of the contract. Every comment, email, and when those events occur is a relief. Review collected by and hosted on G2.com.

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UP
Enterprise(> 1000 emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2 on behalf of the seller
What do you like best?

Navigating, template creation, tracking status, timeline on aging items, see who has the agreement and how long they have had it for. Ease of use. Review collected by and hosted on G2.com.

What do you dislike?

The environment I work in I can only use via Google Chrome,. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

I highly recommend this tool for Contract building and negotiations. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Identifying departments that are impacting turnaround time on agreements. This tool reveals what true SLAs are for departmental reviews of agreements they work on--which is great for reporting purposes. Review collected by and hosted on G2.com.

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Open Discussions in ContractRoom
Head of Direct Sales
Financial Services
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2 on behalf of the seller
What do you like best?

Contract room has saved my sales team so much time by simply removing the typical slogging back and forth of contract negotiations.

We've previously have used platforms like Hellosign when we were smaller and Docusign when we we grew, however they were either lacking in product functionality or the price was much to exorbitant for what it accomplished. With Contract Room we've found a seamless solution that enables our team to push through an agreement faster then what we've experienced previously. Review collected by and hosted on G2.com.

What do you dislike?

We were a bit weary about moving forward based on company credentials. Contract management seems to be a very saturated market.

We've discussed moving to Salesforce, but they do not posses a native Salesforce integration yet, so that could be a problem down the road. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We are eliminating the archaic structure of contract management. Review collected by and hosted on G2.com.

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US
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2 on behalf of the seller
What do you like best?

Contract room has greatly increased our contracting process efficiency and gave us much more control over the process. The contract approval/rules features are the best in the industry that I have experienced so far. I was particularly pleased with being able to negotiate and then sign, all in one process. Review collected by and hosted on G2.com.

What do you dislike?

i felt that there could have been more detail within the initial training and implementation process. We requested a second round of training, which was helpful, but that could have been prevented with a more detailed first round of training. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Using different web browsers can create a slightly different experience, stick to one browser. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Our end to end contracting process was fragmented and very manual. Contracts were being skipped over, and we had poor visibility into the overall process. Now we have an automated process that allows us to know the status of our contracts at all times. Review collected by and hosted on G2.com.

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Founder and Lead Blogger
Law Practice
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2 on behalf of the seller
What do you like best?

With contractroom, you have the power to make very complex rules. Or not. It's up to you.

Rules make it easy for attorneys to include terms necessary in some jurisdictions but not necessary in others. For instance, you can create a rule that will only include a certain term if the client is located in California.

At first glance, the idea of being able to create "terms" in Contractroom did not seem any more impressive than using form fields in Word. But being able to assign those terms to a specific e-mail address, and then set the term so that the absolute only things that the person who was assigned that term can do is approve it, offer an alternative, or disapprove it, rather than that person suddenly having access allowing that person to change anything in the entire document, is game changing. And as one who lives by color codes, I thought it was great that Contractroom color codes the assignments.

Another one of my favorite features was being able to see the exact dollar amount totals of terms which are agreed upon versus not agreed upon. Such an objective, unbiased view really puts things into perspective during negotiations.

Finally, whether you charge by the hour or per transaction, any law firm is going to want to be able to know how to best utilize their workforce. Contractroom allows you to see which attorneys have successfully closed which types of deals in the past so that you can know which attorney is best to call on when a particular type of deal arises. Review collected by and hosted on G2.com.

What do you dislike?

I dislike that I can't control the colors. It would be nice to be able to customize the colors that the program uses.

For more advanced rules it felt like it might be easier to just be able to write code, rather than have to use drop down menus repeatedly. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Drafting NDAs. It's great to be able to ask a potential business partner whether they agree to specific terms without allowing changes to the rest of the document. It's also great to be able to include sections or not include sections based on the type of technology at issue or the industry of the potential business partner. Review collected by and hosted on G2.com.

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AH
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2 on behalf of the seller
What do you like best?

The solution seems to be very friendly to the novice technologist, but only at first sight. Peel back a layer or two and there is some complex functionality that drives a better solution. The demo shows the best of the best, and what I like most about the solution is that there is "possibility". Review collected by and hosted on G2.com.

What do you dislike?

Realizing "possibility" requires time and we quickly came to know that the level of effort required to make this a great solution for our non-standard contract needs, was too high. It would be a great solution for a company that has 2-5 types of standard contracts, but for those of us with high customization, the setup is just too intense. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Are you a product firm that uses agreements to seal the deal? ContractRoom has made some very intuitive design decisions that makes the process easy from building to execution. If you have 3-5 standard agreements that go out to thousands of customers, then this would be a most excellent solution. It takes some work to set the logic up and make everything work as needed, so be wary of the time it may take to get things rolling! Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Trying to cut time on creating a contract, make sure that there is consistency in terms, and ultimately execute contracts more expediently. Review collected by and hosted on G2.com.

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Response from Kathryn (Katie) Cook of ContractRoom

Thank you for your review. We embrace all feedback as we strive to provide a happy experience for all of our users. We are continually working to improve our implementation process to make it faster and more seamless. We always welcome the opportunity to discuss specific issues and would love to provide you an update on recent advancements with our deployment methodology.

Sessional Academic
Higher Education
Enterprise(> 1000 emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2 on behalf of the seller
What do you like best?

Eliminates email from the negotiation process. I hate email, and emails while negotiating can be incredibly messy.

Ability to give different permissions for different sections. Review collected by and hosted on G2.com.

What do you dislike?

I wanted to try the product before adopting it, but i found it difficult to sign up or try it out for myself. It would be nice to have a short free trial so that i can check out the user interface and usability for myself. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Negotiating complex contracts for complex sales Review collected by and hosted on G2.com.

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Attorney/Cultural Ambassador
Law Practice
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2 on behalf of the seller
What do you like best?

This product is designed around a specific purpose, unlike programs like google docs, so you get unique features built for your specific purposes. I also love that it is designed around seeing contracts as selections of sections and clauses, standard forms. It makes usability and accuracy much easier. Review collected by and hosted on G2.com.

What do you dislike?

One problem with a product that is so focused around a specific purpose is that it can't easily be used for other purposes where certain aspects of the product might be useful (like it's editing features or its kanban style workflow). Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

You're solving communication problems, tech problems and workflow problems. ContractRoom doesn't do anything new, it just drastically simplifies the things you are already doing. Review collected by and hosted on G2.com.

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EL
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Invitation from G2 on behalf of the seller
What do you like best?

First is the consumer like UI. Very intuitive and easy to use. Plus they allow you to negotiate a contract while eliminating traditional redlining. Who likes redlining. Finally it is easy to implement and with a straightforward licensing model. Review collected by and hosted on G2.com.

What do you dislike?

Compared to other solutions not much to dislike. In future it could use a more robust post contracts obligation management functionality to allow one to track lots of obligations like in a complex services deal but current functionality handles most needs. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

If you are going to deploy a CLM, hard not to take advantage of a cloud bases SaaS solution over an on premises solution. Also like that ContractRoom partner's closely with a legal services provider to allow for a completely outsourced option. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

It allows us to offer a complete end to end contracting solution and to do it at unprecedented speed. No better product in market today. Review collected by and hosted on G2.com.

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AC
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2 on behalf of the seller
What do you like best?

The review/approval workflow of the system as well as all the built in controls around clauses and sections that are changing as part of the review process is extremely handy. Audit trail for each change and the ability to add comments is a huge plus as well. Definitely an excellent solution for reducing emails, attachments, and versioning. The visual workflow control tool is awesome too. Review collected by and hosted on G2.com.

What do you dislike?

I would love the ability to review images and graphics in the system. Having an integration to Box or some form of online storage would be good as well so we could move files that are pending, ready for review, and approved, between locations. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Creative design feedback and approval workflow. As a creative agency, we're looking for an efficient way to present our work to our clients for feedback, capture reviews from stakeholders (including legal and brand), and track any changes during reviews. Currently, we would use this only for copy, but with the ability to upload images we could expand our use of the system. The frameworks and the ability to create documents from templates is handy to us in keeping our work to spec (character counts specifically). Review collected by and hosted on G2.com.

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Response from Kathryn (Katie) Cook of ContractRoom

Thanks for your review. We’re delighted that you had a positive experience with our collaboration and workflow capabilities. Also, great suggestion regarding the seamless upload of images into the system for the purpose of consensus building in Marketing. We love this Use Case and have already begun building that functionality for use in the creation and review of marketing content, such as blogs. So, it’s so great to see people like you expanding the application of ContractRoom - which is why we interpret the word “contract” more as a verb than a noun. Thanks again expanding the vision!

UC
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Organic
What do you like best?

In business negotiation, everyone focuses on the paper contract. The final version of a contract is the easy part. The hard part is the negotiation, both within my team and company and with the counterparty. ContractRoom automates this entire process of negotiation and contracting revolutionizing the "contract automation" technology space. It's about time for quality technology for such a significant business pain point. Review collected by and hosted on G2.com.

What do you dislike?

With any business process innovation, I get frustrated that my company cannot adopt the solution faster. This is not a problem with the technology but rather the users. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Automating the negotiation not only speeds that painful process, it also eliminates the many potential errors in the process. Review collected by and hosted on G2.com.

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CEO
Information Technology and Services
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2 on behalf of the seller
What do you like best?

quick and easy way to sort out items of contention and their resolution.

Easy to assign and modify roles and authorities with in the contracting team Review collected by and hosted on G2.com.

What do you dislike?

Installing and loading data on existing contracts. Convincing counterparts to use it. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

21st century way to negotiate and do contracts-go for it Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Installing to do new contracts. Speed and accuracy of contracts with full record who did what and when. Review collected by and hosted on G2.com.

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UF
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Invitation from G2 on behalf of the seller
What do you like best?

Contract room has significantly reduced all of the unnecessary back and forth when it comes to contracts. I can’t imagine going back to a process that doesn’t involve it! Review collected by and hosted on G2.com.

What do you dislike?

The salesforce integration is good but there is not a native salesforce application. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Contract room is solving most if not all of the pain points involved in the contract management process. Review collected by and hosted on G2.com.

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Do you work for ContractRoom?