Here are key features and functionalities of ServiceNow Contract Management:

1. Contract Creation and Authoring: ServiceNow Contract Management allows users to create, draft, and author contracts within the platform. It provides templates and standardized contract clauses to ensure consistency and compliance.

2. Contract Repository: Contracts are stored in a centralized and secure repository, making it easy to access and manage contract documents and related information. Version control helps track contract revisions and updates.

3. Contract Collaboration: Collaboration tools enable cross-functional teams to collaborate on contract creation and negotiation. It supports communication, approval workflows, and document sharing.

4. Contract Templates: Organizations can create predefined contract templates that include standard clauses, terms, and conditions. This simplifies the contract creation process and ensures compliance with company policies and regulations.

5. Contract Lifecycle Management: ServiceNow supports the entire contract lifecycle, from contract request and creation to negotiation, approval, execution, and renewal or termination.

6. Automated Workflows: Workflows can be customized to automate contract approval processes, ensuring that contracts go through the necessary steps and approvals before finalization.

7. Vendor and Supplier Management: Organizations can link contracts to vendors or suppliers, allowing for better tracking of supplier performance, obligations, and compliance.

8. Contract Monitoring and Alerts: ServiceNow can track important contract milestones, dates, and obligations. Automated alerts and notifications ensure that key dates, such as renewal or termination dates, are not missed.

9. Compliance and Risk Management: The platform helps organizations monitor contract compliance with predefined terms and conditions. It can identify and mitigate risks associated with contract non-compliance.

10. Reporting and Analytics: ServiceNow Contract Management provides reporting and analytics capabilities to generate insights into contract performance, compliance, and financial implications. Custom reports can be created to meet specific reporting requirements.

11. Document Generation: ServiceNow can generate documents such as contract summaries, executive summaries, and compliance reports, making it easier to communicate contract details to stakeholders.

12. Integration: ServiceNow can integrate with other modules and systems, such as procurement, vendor management, and financial management, to create a seamless contract management ecosystem within the organization.

13. Audit Trail: ServiceNow maintains a comprehensive audit trail, capturing all changes and activities related to contracts. This ensures transparency and accountability.