A contract repository is a place where contracts are stored. Historically, contract repositories tended to be physical locations where originals and copies of paper documents were placed.
A contract, when completed, would be stored in a filing cabinet in an office or centralized document location. As space became limited, older contracts might be moved to storage facilities. When someone needed to review the contract, office personnel would be tasked with locating the document, making a copy, or transporting the original to the appropriate person. Unfortunately, over time paper copies could be misplaced. This problem was compounded when amendments and addenda to the contract were created later, because a review of the parties’ contractual status is meaningful only if all agreements (including these later-created addenda) are accounted for and reviewed.
With ContractSafe’s innovative contract management software, all contracts are now digitized using OCR technology and safely stored digitally in the cloud. Links can be established between all related contracts, including addenda, amendments, and other related documents.
By storing all documents in one centralized repository, one of the company’s contracts, or all of the company’s contracts, can be searched instantaneously with Google-like searches from any computer with an internet connection. Moreover, you have complete control over access to the contracts. Unlimited users are permitted by the system, but the company can choose to whom permissions are granted. Finally, extra safety is provided. All data is encrypted, both at rest and in transit, and stored on state-of-the-art Amazon web servers. Malware and virus detection are also used, along with vulnerability tests, all to protect documents.