ContractWiz is a comprehensive solution designed to empower small businesses to generate and manage contracts more effectively. By streamlining contract management processes, ContractWiz helps SMBs focus on growing their business.

Revolutionizing Contract Management for SMBs

The objective of this project is to design and develop a user-friendly contract generator and management software tool specifically tailored for small businesses. This tool aims to streamline the process of creating, managing, and storing contracts, reducing the administrative burden on business owners and enhancing operational efficiency.

Who is ContractWiz for?

The primary users of this software will be small business owners and managers, particularly those with a keen interest in technology and digital solutions to enhance business processes.

Key Features & Functionalities

• Generative AI Contract Creation 

• Centralized Storage 

• Contract Management

The Critical Need in Contract Management

In the current business landscape, small business owners and managers are increasingly finding themselves overwhelmed by the complexities and demands of contract creation and management. Without specialized tools, these businesses often struggle with inefficient, manual processes for creating, reviewing, and storing contracts. This traditional approach is not only time-consuming and error-prone but also poses significant risks related to compliance, data security, and contract enforceability. As a result, small businesses face operational inefficiencies, potential legal vulnerabilities, and missed opportunities due to poorly managed contract systems. There is a pressing need for an accessible, efficient, and secure contract management solution specifically designed to meet the unique needs and resource constraints of small businesses. Such a solution should streamline the entire contract lifecycle, from creation to renewal, and provide small business owners with the tools necessary to manage contracts effectively, ensuring legal compliance and operational efficiency.

Key Features and Functionalities Users Desire in a Contract Management Software Solution

• AI-powered contract generation for improved speed and accuracy.

• Prompted base contract generation

• Easy contract creation and editing

• Secure contract storage

   

• Workflow management

• Electronic signature capability 

• Multi-user access and collaboration 

Identifying Gaps in the Market

The only solutions available for small businesses are contract management solutions designed for larger enterprises making them too complex and expensive for small businesses. ContractWiz developed a solution that is specifically tailored to the needs and budgets of small businesses, with simplified features and an intuitive interface.

Current Contract Flow for SMBs

Step 1 | Contract Creation: Drafting contracts and using standard templates or even creating new ones from scratch. It involves a lot of back and forth with legal advisors, especially for unique agreements.

Step 2 | Renewals and Approval: Sending drafts via email or physical copies for review. This is time-consuming and involves many rounds of revisions.

Step 3 | Negotiation: Negotiations are often done through meetings, phone calls, or email exchanges, with changes manually tracked in the contract document.

Step 4 | Signing: Traditional printing contracts for physical signatures, which can be slow and requires physical handling and mailing of documents. 

Step 5 | Storage and Filing: Signed contracts in physical file cabinets or basic digital storage like shared drives, which can lead to disorganization and difficulty in retrieval.

Step 6 | Ongoing Management and Compliance: Manually tracking contract obligations, renewals, and compliance, often using spreadsheets or calendars, which are prone to human error.

Step 7 | Audit and Reporting: Compiling contract data manually for audits or performance reporting, which is time-consuming and error-prone. 

Step 8 | Renewal and Termination: Manually monitoring contract end dates and deciding whether to renew, renegotiate, or terminate, often requiring a review of the entire contract.

Innovating Solutions with ContractWiz

ContractWiz offers a comprehensive and user-friendly solution specifically tailored for SMBs.

• AI-Generated Contracts - ContractWiz uses an innovative process in which it uses previously created contracts to generate new contracts through AI prompts.

• Centralized Contract Repository – secure cloud-based storage system making it easy to retrieve contracts. With a centralized approach, it eliminates the clutter of physical files and the risk of losing important documents.  

• Automated Alerts and Reminders – oftentimes business owners are juggling between multiple roles and responsibilities, and it's easy to overlook contract renewals or deadlines. ContractWiz includes automated alerts for key dates, ensuring you never miss an important deadline or renewal opportunity. 

• Accessibility and Collaboration —  Team members can access contracts from anywhere, fostering collaboration and making remote work more feasible. 

Sketches

Wireframing