Contract Management Software for the Entertainment Industry
Contract Management Software
The entertainment industry is contract-heavy and required to stay current on artist agreements, contracts outlining royalty rights, freelance contracts, outside media relations, and other time-sensitive and detailed contracts. Compromising contract confidentiality and missing crucial deadlines are common problems that plague the entertainment business, and have severe consequences that can be eliminated with efficient contract management. Here are three ways that contract lifecycle management software can benefit the entertainment industry.
Organize Contracts Into One Location
Entertainment personnel is divided into different pieces of the larger puzzle, may that be managers, booking agents, the talent itself, or part-time hires. As many companies have multiple branches across the globe, the entertainment industry is required to keep track of a number of different contracts simultaneously. Some of these contracts may be stored in an assortment of folders or flash drives, making it difficult to locate them quickly and efficiently. Having contracts stored in a centralized corporate repository eliminates the chance of them being lost and consolidates contracts into an organized location.
Juggling so many contracts makes it difficult to manage when they are expiring or need to be renewed. Even missing one deadline may lead to an unexpected renewal or a breach of contract and cost the company a significant amount of money. Entertainment contracts have a wide variety of contract obligations and milestones, creating a necessity to be proactive about upcoming deadlines. For example, some contracts, like personal service agreements, don’t expire for years, while temp contracts could be as short as one to two months. With a contract management system that has milestone notifications gives busy individuals the ability to set multiple reminders and eliminate the worry and embarrassment of missing something important.
Highly regulated and fast-paced, the entertainment industry relies on ways of making arduous contract management processes easier and more efficient. CLM software can solve this problem, freeing up time for employees to focus on other valuable aspects of entertainment contracting.
The Buyer's Guide to Contract Management Software
Quickly identify solutions to your specific contract management challenges.
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