Contract reminder software: the ultimate guide

February 26, 2024
Contract reminder software makes tracking upcoming contract milestones and deadlines quick and easy, even for scaling businesses.

The process of tracking contract deadlines has long been inefficient. With contracts typically scattered across shared drives as static files, key stakeholders are expected to search through stacks of legal agreements to find out when a contract’s up for renewal or nearing expiration.

In this guide, you'll discover how you can transform this painful and often manual process to automate contract tracking and reminders. But first, let's recap on why tracking contract deadlines matters at all, and why it's so difficult for teams without contract reminder software in place.

Why is tracking contract deadlines important?

Failing to manage contract deadlines effectively is an expensive mistake in 2024. In fact, WCC estimate that poor contract management costs businesses 9 per cent of their revenue each year.

It can keep you trapped in legal agreements with unfavorable terms or paying for goods and services that you no longer need. If the contract is on your terms, you may even miss opportunities to reverse churn risks and expand existing accounts.

So, why are we still struggling with tracking these key dates effectively?

Why is it challenging to manage contract deadlines?

Often, there’s no system of record for contract data, meaning that important details like renewal dates, expiration dates, or contract durations often go untracked. Without this visibility into contracts, the business can miss important deadlines and incur the costs we just heard about.

Without a robust contract reminder system in place, managing upcoming contract events efficiently can be near impossible. Contract reminder software can automate the process and make managing these dates simple.

What is contract reminder software?

Contract reminder software is a solution that enables legal and business teams to stay on top of contract deadlines by automatically sending reminders when renewals, expirations, and important milestones are approaching.

How does contract reminder software work?

Also known as contract lifecycle management software, contract reminder software provides teams with greater visibility into contracts as they progress from execution to expiration. 

This is achieved by setting up automated contract reminders for key contract dates, including expiration, auto-renewal, renegotiation, and delivery dates.

When you use a platform like Juro, these reminders are fully customizable, allowing you to choose: 

  1. When you’ll be notified: certain contract milestones require more prep than others, so it’s important to choose how far in advance you want to be notified.
  2. Who receives the reminder: this feature is great for when you want to bring additional stakeholders from finance, sales, and legal into the loop.
Juro's contract renewal reminders mean you'll never miss a date again. Click the image about to find out more.

Alongside this, contract reminder software typically offers secure storage, contract dashboards, reporting and analytics functionality. This makes tracking contracts quick and easy for busy legal teams, even with growing contract volumes.

If this sounds like something your team would benefit from, Juro's AI contract automation platform can help. Click the button below to see Juro's contract reminders and dashboards in action. Otherwise, read on to find out more about how contract reminder software benefits teams just like yours.

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Why should businesses implement contract reminder software?

The biggest benefit of contract reminder software is that it gives businesses greater control over contract outcomes

Notifying contract stakeholders ahead of a contract deadline can de-risk agreements and empower businesses to make more strategic decisions about commercial relationships. These decisions often include whether to terminate or renew a contract, and on which terms. 

Moniepoint’s Head of Legal, Okechukwu Eke, experienced these benefits first-hand after adopting Juro’s contract management software and setting up contract reminders.

Case study: how Moniepoint used Juro to regain control of contract deadlines

Before implementing Juro, Moniepoint had no process for tracking the status of contracts. They were stored in different locations, depending on the team involved. There was no central repository for contracts, meaning deadlines were near impossible to track as they scaled. 

Moniepoint's legal team wanted a contract automation platform that allowed the business to get data on their contracts, track the status of agreements in real-time, and have a single source of truth. They adopted Juro in 2022 and have been using it to create, negotiate, sign, store, manage and track contracts ever since.

Now, Moniepoint have full visibility into contracts, with automated contract notifications for all key contract deadlines. This unlocks the following benefits for the fast-growing payments business:

  • No more missed renewals: “With Juro, I can set reminders for contracts and follow up to ensure those contracts are renewed before their expiration”
  • Instant access to contract data: "It’s so easy to search and obtain data in Juro"
  • Full visibility on contracts: "There’s no contract that I don’t have visibility on, which gives me a great deal of comfort"

Which is the best contract reminder software?

Many contract management tools will offer contract reminders, including but not limited to Contractbook, ContractPodAI, ContractWorks and Precisely

When deciding which contract reminder software to invest in, you’ll want to consider more than just whether you can send contract reminders. You’ll also want to consider other factors, such as: 

  • How much data is captured throughout the contract lifecycle
  • Whether the contract tool will scale with your business
  • How easy the software is to use (for all departments)
  • Whether the software is suitable for your specific use case 
  • How much the solution costs, and how this compares to your budget 

If you’re looking for an all-in-one contract solution that offers intuitive contract reminders, is easy to use and scales with your company, Juro is a great choice. Juro is one of the top-rated contract reminder platforms on the market in 2024 and is trusted by over 6,000 companies. 

Never miss a contract deadline again with Juro 

Are you ready to stop tracking contracts manually? With Juro’s automated contract reminders, legal and business teams can monitor contract deadlines and expiration dates with ease, freeing up time for more strategic work.

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