Non–profit organizations (NPOs) face a unique set challenges when it comes to managing their contracts.
In this guide, we’ll address why effective contract management matters for non-profits, and how a contract management solution like Juro can drive sustainable growth for NPOs in 2024.
What is non-profit contract management?
Non-profit contract management is the process of managing contracts between a non-profit organization and its partners.
It describes the way that non-profit organizations create, review, negotiate, sign, store and track their contracts as they progress through the contract lifecycle. These contracts will include agreements with vendors, suppliers, donors, and even government agencies, depending on the field in which the non-profit operates.
Non-profits face a unique set of challenges and opportunities when it comes to managing their contracts, and the process they follow can either facilitate or hinder their growth.
Why is effective contract management important for non-profit organizations?
Effective contract management is important for non-profit organizations because it helps to ensure they grow sustainably and operate responsibly.
If contracts are managed more efficiently, non-profit organizations can spend more time on higher-value tasks and less time on repetitive contract admin tasks.
There are also a few, more specific reasons why effective contract management practices matter for non-profit organizations in particular.
1. Better resource management
Nonprofit organizations typically have limited resources and need to use these resources sparingly as a result. Finding opportunities to increase productivity and do more with less is a basic part of day-to-day operations for charities, and contracts are no exception.
By finding ways to manage your contracts more efficiently and reduce the low-value admin work your legal teams are tasked with, you can preserve these resources and empower your teams to focus on higher-value tasks.
2. Effective obligation management
Non-profit organizations often rely heavily on grants and donations, and these funding sources are typically tied to specific projects or programs. This means that these organizations manage lots of contracts, each with its own set of obligations.
Effective contract management ensures that these funds are used in accordance with the grant or donor's intentions and that contractual obligations are honored through effective obligation management processes. This is essential for charities to continue growing and receiving donations.
3. More transparency and accountability
Non-profits also operate under scrutiny and must maintain high levels of transparency and accountability as a result.
This means that visibility into contracts is especially important for non-profit organizations as different stakeholders will need to access specific information from the contracts. Effective contract management makes this information easier to find and access, as well as making it easier to measure and ensure contract compliance.
How can non-profit contract management software help?
Non-profit contract management software can help organizations to automate and streamline their contract management processes, saving them precious time and resources that can be spent elsewhere in the organization.
For example, Juro’s all-in-one contract management software can support non-profit organizations in three main ways.
1. Enables them to safely automate contract admin tasks
Firstly, Juro’s flexible templates and automated contract workflows enable teams to safely automate routine contract tasks.
Rather than drafting contracts from scratch, Juro enables non-profits to initiate contracts in just a few clicks with automated templates and simple Q&A workflows to populate them. This makes it quick and easy for individuals to generate watertight contracts without needing legal’s support.
2. Makes it easier to collaborate on contracts
Juro also enables non-profit organizations to move faster by streamlining collaboration between teams.
This is done by bringing commenting and redlining functionality into one workspace, enabling parties to collaborate on contracts in real time and minimizing the risks associated with poor version control. This is critical for non-profits that operate in a fast-paced environment but need to control risk.
3. Provides instant visibility into contracts
Juro’s data-rich contract management platform provides non-profit organizations with real-time, instant visibility into contracts and their data.
This is because contracts created in Juro are built as structured data, making them fully searchable. Juro users can query their contracts and run real-time reports into them to find actionable insights. They can also create custom contract dashboards where contract metadata can be viewed for contracts at scale.
All of this is possible without sacrificing security. Juro’s contract management software offers robust data security, powerful encryption and provides advanced electronic signatures as standard. This provides non-profit organizations with the perfect balance between transparency and security.
What is the best non-profit contract management software?
There are plenty of contract management solutions available to non-profit organizations. Some tools serve non-profits better than others though - and Juro is one of them.
Affordability is an important factor for most charities, for example. As a result, legacy CLM solutions like Ironclad and DocuSign CLM that are geared towards enterprise companies often won’t be suitable for non-profits given their high price points.
By contrast, solutions like Juro offer plans to suit companies of all sizes, including non-profits. In fact, Juro offers a standard 15% discount specifically for non-profit organizations, helping you to reduce the costs associated with contract management and increase your ROI.
Donors will also expect to see stringent security measures in place when it comes to contract management, so you’ll need a tool that complies with these high standards, like Juro does.
Juro offers enterprise-grade protection but at a price that suits non-profit organizations. This means that non-profits don’t have to compromise on security, compliance, eSignature standards or platform stability.
This is what makes us the contract management tool of choice for non-profits, along with more than 6000 companies in more than 120 countries.
To find out more how Juro can benefit non-profit organizations like yours, fill in the form below to book a personalized demo.