A definitive guide to hospitality contract management software 

Have you thought of getting a personal assistant who can bring any contract or agreement you need within seconds?

Using contract management software is like having a personal concierge — it helps automate document management, offers immediate access to all contracts, reminds about renewals, and improves vendor relationships.

In fact, the other side of the business also supports the idea of getting rid of time-consuming and repetitive manual work to focus more on customer experience and personalization:

Ok, let’s move past the data and explore how you can onboard a “personal concierge” for the hospitality and hotel industries.

Types of contracts in the hospitality industry

Rooms and accommodation booking agreements

These govern the terms and conditions for reserving rooms in hotels, resorts, and other lodging establishments.

They include reservation details, rates, payment terms, cancellation policies, and guest responsibilities.

Corporate events and banquet proposals

These agreements outline the terms and conditions for hosting corporate events, banquets, and other large gatherings.

Key contract elements include event details, services provided, pricing, payment terms, cancellation policy, and responsibilities of both parties.

Sales and marketing contracts

Agreements that exist between hospitality businesses and sales and marketing companies or personnel to promote services and attract customers.

They cover the scope of work, duration, compensation, performance metrics, and termination details.

Vendor and service provider agreements

These list the terms for procuring goods and services from external vendors and service providers.

Key contract elements include the scope of services, pricing, payment terms, delivery terms, termination clauses, and non-disclosure.

How contract management software works in the hospitality domain

Acting as a centralized repository for documents for you and your hospitality team, contract management software helps in the following aspects of day-to-day business routines:

Streamline contract management and collaboration

Software designed for contract management helps organize compliance documentation and employee and vendor contracts into a visually appealing, searchable, cloud-based repository.

Under one tool’s umbrella, hospitality companies can:

• Enhance vendor and event management by tracking performance needed to ensure service quality.
• Improve guest services by automating processes like bookings, accommodation reservations, and guest information tracking for personalization.
• Ensure security and compliance with privacy laws using encrypted data storage and advanced safety protocols.
• Simplify employee contract management by enabling easy and real-time access to documentation supporting HR tasks and collaboration across multiple locations.
• Monitor loyalty programs and marketing campaigns, improving customer relationships.

Keep track of contract renewals

With a contract management solution, hospitality HR and legal departments can easily stay informed about contract renewal dates.

Automatic renewal tracking and expiration date notifications eliminate the need for constant monitoring.

Streamline budget tracking

Contract management software also simplifies budget and financial tracking.

Real-time analytics and reporting provide insights into performance and assets, offering a bird’s-eye view of where hospitality professionals can optimize investments, reduce operational costs, and allocate budgets for events and services.

How to effectively implement contract management software in hospitality

Here are steps to consider when it comes to implementing contract management software in hospitality:

1. Identify business requirements to choose the tool

Choosing the software will depend on several factors, so you’ll want to start by going through this list:

• Aspects of your hospitality business where contract management automation is most needed
• Contract management specifics: creation, renewal, version control, e-signature, approval workflows, reporting, etc.
• Number of contracts your tool should be able to handle
• Contract types you manage
• Required integrations
• Number of users that will interact with the software and their roles.

2. Customize the software so it aligns with your hospitality needs and processes

Configure the tool settings to meet your business requirements.

1. Upload your logo to contracts
2. Change the “Open the document” button and button text color based on your brand palette
3. Set up a customized email footer
4. Set up a customized document theme

For example, this is how it can be done with PandaDoc:

5. Establish custom workflow approvals

3. Organize the document repository within the system

1. Establish a file naming scheme for documentation
2. Create a folder system
3. Select the templates you need the most
4. Set up filters

Here is an example of what the content library may look like with PandaDoc:

4. Set up permissions and notifications

1. Set up automated notifications
2. Assign roles based on responsibilities and decision levels

5. Integrate with CRM software to enhance hospitality management

Integrating contract management software with your hospitality customer relationship management (CRM) platform enhances operational efficiency by reducing time you spend switching between tools, simplifying contract creation, approvals, and document tracking.

Working together, the unified view of customer interactions and preferences also improves customer service and retention.

1. Explore the integrations your contract management software supports
2. Choose ones that help you avoid switching between apps
3. Test the chosen integrations before training your team

For example, here is how PandaDoc integrated with Pipedrive CRM may appear:

Streamline your hospitality contract management

As hospitality businesses grow, managing documentation becomes increasingly complex.

You need to track third-party agreements, remember renewal dates, and comply with regulations.

Contract management software simplifies this process by handling these tasks for you — freeing up more time to focus on your guests.PandaDoc is here to help.

With features like template-based document creation, customization, auto-renewals, notifications, and e-signing, the platform leads to greater efficiency gains, more satisfied guests, and peace of mind for you and your hospitality team.

Disclaimer

PandaDoc is not a law firm, or a substitute for an attorney or law firm. This page is not intended to and does not provide legal advice. Should you have legal questions on the validity of e-signatures or digital signatures and the enforceability thereof, please consult with an attorney or law firm. Use of PandaDoc services are governed by our Terms of Use and Privacy Policy.