Managing contracts from start to finish can feel overwhelming, especially when multiple teams need to review, approve and sign documents. In this guide, we walk through the complete contract lifecycle in Concord, from template creation to e-signature.

Setting up approval workflows

Before creating your first contract, set up your approval workflows. This saves time because you can apply the same workflow to any template or document.

In Concord Horizon, go to Settings > Approvals. In Classic, click the lightning bolt icon on the left sidebar.

Concord document dashboard

Concord offers flexible approval options:

• Single-step approvals: Everyone receives the request at the same time

• Multi-step approvals: The document moves to the next step only after the previous step is approved

• Anyone vs Everyone: Choose whether one person from a group can approve, or if everyone must approve

For example, if your legal team has five members but only one needs to sign off, select “Anyone” for that step. This prevents bottlenecks while maintaining oversight.

Creating contract templates

Templates are the foundation of efficient contract management. To create a template in Concord:

1. Click New Document

2. Drag and drop your Word document into Concord

3. Convert it to a template

Template creation in Concord

Pro tip: Always upload Word documents rather than PDFs. Word files allow you to make edits and updates directly in Concord.

Adding fillable fields

Once your document is uploaded, insert fillable fields for signatures, dates and custom data.

Adding fields to a contract template

Concord offers three types of fields:

• Signature fields: Name, initials, title, company, signature

• Standard data fields: Date, text, numbers

• Smart fields: Custom fields you create for specific data like contract value, jurisdiction or department

For each field, you can: - Mark it as required or optional - Specify who can fill it out (internal, external or specific people)

Configuring e-signature settings

Set up your signers before saving the template. For flexibility, use generic designations like “External Guest” and “Internal User” rather than specific names.

E-signature configuration

Key signature settings:

• Signing order: Require the external party to sign before your team

• Auto-request signature: Automatically notify the next signer when the previous one completes

• Preset signature block: Adds a signature block at the bottom as a failsafe

Pro tip: Enable auto-request signature for executives who need to countersign. They will only receive a notification after the external party signs, keeping their inbox clean.

Sharing documents for review

Once your draft is ready, share it with external parties:

1. Click Share

2. Enter the recipient’s email address

3. Choose their edit rights:

• Full editor: Can make redlines and changes

• Limited: Can only fill in required fields

• Viewer: Can only read the document

Sharing a contract with edit rights

Best practice: Generate a shareable link in addition to the email invitation. Some recipients have firewalls that block Concord emails. Include the link in your own email as a backup.

Negotiating with track changes

Enable track changes on your template so every draft automatically tracks edits. This creates a complete record of who changed what.

Track changes and comments

Public vs internal comments

Concord distinguishes between:

• Public comments: Visible to everyone on the document, including external parties

• Internal comments: Only visible to your colleagues

This lets your team discuss strategy privately while maintaining transparent communication with the other party.

Using internal versions

For complex negotiations involving multiple internal stakeholders, create an internal version:

1. Turn the version internal

2. Let legal, finance, IT and executives add their markups

3. When ready, click Publish to push changes back to the external party

The external party will not see the internal back-and-forth, only the final consolidated version.

Version history and comparison

Concord maintains a complete version history. You can:

• Compare any two versions side by side

• See exactly what changed between versions

• Restore a previous version if needed

• Export any version to Word

Version comparison

Exporting to Word or Google Docs

Some counterparties prefer working in Word. Concord supports this workflow:

1. Export your document with track changes and comments

2. Send the Word file to your counterparty

3. When they return the marked-up version, drag and drop it back into Concord

4. Concord automatically creates a new version and tracks the changes

You can also use the Word plugin to sync versions automatically between Concord and Word Online.

Completing the signature process

Once negotiations are complete and approvals are obtained:

1. Click Sign

2. Choose to type, draw or upload your signature

3. The document is sent to the next signer automatically (if auto-request is enabled)

E-signature in Concord

After all parties sign, Concord’s AI automatically extracts key details like dates, values and terms. The system sets up lifecycle tracking and deadline reminders based on the contract end date.

Key takeaways

• Set up approval workflows before creating templates to save time on every contract

• Use smart fields for custom data that needs to be captured consistently

• Enable track changes on templates so every draft is automatically tracked

• Use internal comments and versions to collaborate privately with your team

• Generate shareable links as a backup when sharing documents externally

Frequently asked questions

Do external reviewers need a Concord license?

No. External guests can review and edit documents without a Concord license. They only have access to the specific document, not the full Concord system.

Are edits tracked automatically?

Yes, if track changes is enabled on the template. Every insertion, deletion and comment is tracked with the user’s name and timestamp.

Can I control who signs the document?

Yes. You can set signing order, designate specific signers and use approval workflows to control who must approve before signing is enabled.

What about the clause library?

Enterprise plan users have access to a clause library where you can store preferred language. You can insert clauses directly while drafting and negotiating.

This article is based on the Concord webinar “Contract Creation, Approval, Negotiation and Signature”. Concord will be attending Legal Week in New York, March 9-12. Contact us for free passes.