Purchasing Department and various other departments collegewide engage in contracts with outside entities.  These are stored within the department who initiates them therefore are scattered in the business organization.  Contracts need to reviewed, renewed and revised but due to turnover or other college business so these contract tasks can be overlooked and being scattered campus wide does not help.  A Contract database allows all college contracts to be stored in one place, have them digitized, review  and renew them in a timely manner. 

Here is information I found during my web search that communicates the need of a contract database.

5 Reasons Why You Need a Contract Management Software

1. Contract Expiration

   Unclear expiry date leads to an extension of the contract. It is okay if the partnership worked out successfully but certainly not desirable if either party isn’t satisfied. The contract expiration date is an important indicator to review relationship with the current supplier. It is for both parties to benefit from a contract extension and make way for a better deal. While it ensures confirmed sales for the supplier, it also assures the buyer a good bargain. An advanced contract management software factors in the expiration date so it can render decision alert to the user.

2. Document Digitalization

   Our market insight informs us that many organizations are still using paper. Inducting an advanced contract management software is a lean method to embrace technology and improve the environment. Document digitalization facilitates accessible and central examination at any given time. Not only on desktop applications, but an advanced solution is also available on-the-go; i.e., your mobile devices. In the case of later, role-bound access to information is possible at any time without having to restructure your binders every few years.

3. Contract Authoring

   With an advanced contract management solution in place, authoring contracts become easy and helps avoid repetition. A contract of similar terms, conditions, and legalese can be a template for repeat use. You can skip the redundancy of contract-drafting multiple times by making use of standard template pre-approved by your legal team and editorial board. It is as if the contracts will write themselves and offer you enough room to focus on other strategic matters of your business.

4. Automatic Booking

   An advanced contract management software has the facility of automated invoice processing. With it, you can easily match a purchase invoice to contractual agreements. The good thing is that you don’t have to encrypt a recurring invoice manually. The solution will automatically extract payment conditions from the contract. There is no need for manual intervention if installment and contractual specifics are a match. In addition to this, you can easily track the number of invoices booked for a particular contract and prevent fraudulent transactions for all in-valid contracts.

5. Performance Evaluation

   Finally, an advanced contract management system helps you with the insight needed to evaluate your supplier-performance. As an organization, you’ll have a standard contract protocol to measure supplier-performance. Such information helps you with deciding whether or not you can continue with a particular supplier. Performance evaluation also helps businesses to reward the best supplier and put in effort toward sustaining a long-term profitable relationship.