Onit ContractWorks Product

An Onit ContractWorks Product is a contract lifecycle management system that can be used to create streamlined contract management workflows (that support contract repository management tasks).

• AKA: ContractWorks, ContractWorks CLM, ContractWorks, an Onit Product, ContractWorks, an Onit Company.
• Context:
  • It can typically provide Secure Contract Repository with SOC 2 Type 2 compliance and AWS data center security.
  • It can typically enable Full-Text Contract Search through OCR capability and advanced search features.
  • It can typically automate Contract Reminder through key date tracking and notification systems.
  • It can typically support Electronic Signature Integration without requiring complex API configuration.
  • It can typically maintain Comprehensive Audit Trail tracking user actions, timestamps, and system activity.
  • ...
  • It can often facilitate Permission-Based Access Control through administrator-managed user roles.
  • It can often generate AI-Powered Contract Clauses using GPT-3 technology for clause creation and language simplification.
  • It can often streamline Contract Approval Workflows through automated routing and notification triggers.
  • It can often support Contract Drafting and Redlining within shared negotiation environments.
  • ...
  • It can range from being a Basic Onit ContractWorks Product to being an Advanced Onit ContractWorks Product, depending on its Onit ContractWorks feature configuration.
  • It can range from being a Standalone Onit ContractWorks Product to being an Integrated Onit ContractWorks Product, depending on its Onit ContractWorks SimpleLegal integration level.
  • ...
  • It can integrate with SimpleLegal for unified legal operations management.
  • It can leverage AWS Infrastructure for data center security and system reliability.
  • It can be priced starting at Monthly Subscription Rate of $600-700 with unlimited user access.
  • ...
• Example(s):
  • Onit ContractWorks Pricing Tiers (as of 2024):
    • ContractWorks Standard Plan including 2,500 document storage and 5 e-signature licenses.
    • ContractWorks Professional Plan including 10,000 document storage and 10 e-signature licenses.
    • ContractWorks Enterprise Plan including full CLM capability with drafting, redlining, and workflow automation.
  • Onit ContractWorks AI Features (introduced 2023):
    • ContractWorks Clause Creator using GPT-3 technology for automated clause generation.
    • ContractWorks Simplify using GPT-3 technology for legal language simplification.
  • Onit ContractWorks Core Components:
    • ContractWorks Repository Module providing secure document storage with SOC 2 Type 2 compliance.
    • ContractWorks Search Module enabling OCR-based full-text search across contract documents.
    • ContractWorks Reminder Module automating key date notifications and obligation tracking.
    • ContractWorks Signature Module supporting built-in e-signature without API complexity.
  • Onit ContractWorks Security Features:
    • ContractWorks SSO Integration supporting SAML 2.0 standard for Microsoft Active Directory, OneLogin, and Okta.
    • ContractWorks Audit Trail System recording every user click with exportable Excel reports.
    • ContractWorks Permission System enabling administrator-controlled access with granular permission settings.
  • ...
• Counter-Example(s):
  • Onit Contract Lifecycle Management, which is enterprise-focused CLM platform requiring longer implementation timelines.
  • Onit ReviewAI System, which emphasizes AI-powered contract review rather than modular repository management.
  • DocuSign CLM, which was formerly SpringCM and is not part of Onit product portfolio.
  • Conga CLM, which focuses on complex configuration rather than out-of-the-box simplicity.
• See: Contract Lifecycle Management System, Onit Product, SimpleLegal, Contract Repository Software, SOC 2 Compliant System, SaaS Contract Management Platform.

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References:

• (ContractWorks Blog, 2024) ⇒ "ContractWorks Joins the Onit Family"
  • QUOTE: We're excited to share that SecureDocs, the parent company of ContractWorks, has been acquired by Onit and will integrate with Onit subsidiary SimpleLegal.
• (ContractWorks, 2024) ⇒ "ContractWorks Announces SOC 2 Compliance"
  • QUOTE: SecureDocs, Inc., the parent company of ContractWorks, has successfully completed its SOC 2 Type 2 audit.
• (Legaltech Hub, 2024) ⇒ "ContractWorks by Onit"
  • QUOTE: ContractWorks has developed two new features, Clause Creator and Simplify, using GPT-3.

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