Contracts sit at the core of the railroad ecosystem. Anything from maintenance of a track under the obligations of a lease agreement, to right-of-way contracts or settling of employee litigation requires that a contract be drafted, approved, signed, stored, and potentially accessed again at a future date. This makes effective contract management vital for railroads to meet minimum regulatory criteria, understand market value, and mitigate legal risks.

And legal teams are the custodians of the contract.

With a market valuation of nearly $80 billion (Freight Railroad Administration), the U.S freight rail industry has witnessed a significant transformation through the digitalization of its business processes. Despite the technological advancements made by railroads today, many companies still rely on Excel, SharePoint, and other tools (such as content management systems) to handle rail contracts.

This Industry Perspective takes a deep dive into how legal departments in both freight and passenger railroads can gain more control over the entire contract management process with cloud-based contract management solution. The outcomes of this include:

• Visibility into contracting processes
• Accelerate speed-to-contract
• Rapid execution and authoring of contracts
• Consistency in contract authoring
• Adherence to industry regulators and contract terms

Contracting is an indispensable element of many railroad industry processes. Through digital contract management, it’s possible to gain more value from your contracts. Download your copy of the Industry Perspective today to learn more!