Malbek Contrax Review: Features, Integration and Pricing 2023

Malbek Contrax is one of the solutions looking to refine the contract management paradigm. We’re in a digital age where AI can complete any task easily. As a result, using outdated methods to streamline your contract process, from procurement to renewal, may not be the best option for reducing inefficiencies in your business. 

Thankfully, several contract lifecycle management (CLM) software, including Malbek Contrax, aim to simplify contracts by ensuring their terms are accurate and consistent.

This cloud-based solution focuses on efficient contract proposal and management best practices. By implementing the software into your work process, contract creation, negotiation, renewals, approval, and execution becomes simpler to accomplish. 

Therefore, this article provides a complete Malbek review. It discusses Malbek’s features, pricing, and terms of service to know if it’s a worthy investment for your sales, procurement, finance, and legal teams.

Malbek Contrax Overview

Malbek is a CLM solution that helps businesses bring efficiency to their contract management. The company was founded in 2017 to make businesses love their contract lifecycle management (CLM) solution rather than loathe it. 

With the platform’s ease of use, AI-packed features, and seamless workflow, it empowers businesses to improve contract effectiveness. 

According to one of the co-founders, Matt Patel, the platform represents a new type of CLM solution. It is one that prioritizes user experience, do-it-yourself configurability, and robust contract insights through AI. 

Over time, Malbek has proven to be an excellent end-to-end contract cloud solution technology capable of revolutionizing the CLM world. The software allows businesses to reduce the risks of contract oversights or errors, which may lead to financial losses or legal disputes.

Top brands like Patheon, J.D. Power, Stryker, and Survey Monkey have attested to using Malbek to eliminate the need for manual contract management. The contract management software has helped them reduce cycle times significantly, removing the bottlenecks that cause delays.

• Established: 2017
• Founders: Brian Madocks, Madhusudan Poolu, Hemanth Puttaswamy, and Matt Patel
• Offices:  United States and India

5 Core Features of Malbek Contrax

Expert Opinion

Rating: 4.6/5

Malbek is a cutting-edge CLM solution that helps businesses streamline their contract management process from start to finish to mitigate risks, improve vendor/supplier relationships, and negotiate better deals. 

Once we subscribed to Malbek, we liked its user-friendly experience. For a business that sees contract management as tasking, we found the platform’s clean UI intuitive and robust, making it easy for employees to create, access, and store contracts. 

To improve productivity, the CLM software automates the drafting, negotiation, review, and approval process. Undoubtedly, this helped us stay on top of clause amendments, deadlines, fallbacks, and critical milestones.

While working with Malbek, we could not access native electronic signatures. We had to integrate it with Adobe Sign or DocuSign, which was quite restrictive. 

On the bright side, we found Malbek Konnectors flexible in helping our company adapt to the evolving needs in the business space. Users can drag and drop over 30 software applications, which reduces inefficiency and cuts down risks in our contract management process. 

Unlike other contract management solutions, Malbek allows users to configure serial, parallel, or multi-node approvals. This made it a walk in the park for us to route our contracts efficiently and ensure the right people are included in the approval process. 

However, Malbek would benefit users more by providing a robust editor for reviewing and creating contracts. This would aid in editing contracts in a sophisticated way within the CLM without relying on Microsoft Word integration. 

Nonetheless, Malbek was valuable in ensuring all our contracts’ security.  With its configurability feature, we could highlight certain parts of data as sensitive. The platform further provides encryption and data separation, with full authentication integration and single sign-on (SSO) support for confidentiality. 

Tracking contract-related tasks was easy using Malbek’s audit trails. As a result, we could check negotiated contract terms for compliance with regulatory and legal requirements. Overall, Malbek is an excellent contract solution that helps companies deal with a high volume of contracts and maintain control over contracts throughout their lifecycle.

Malbek Contrax Features

The following are some of Malbek’s most notable product features:

1. Contract Authoring and Creation

Tedious activities like contract creation, vendor management, and version control can affect your team’s work pace and lead to low productivity. Malbek makes it possible for you to create multiple contracts quickly. The platform provides pre-defined contract templates for various agreement types. 

It has clause libraries that include standard contract clauses and legal terms. Your sales team will appreciate Malbek’s contract creation feature for drafting contracts with pre-approved language. This way, they can ensure compliance with regulatory requirements and avoid risks.

2. Reporting and Analytics

Gaining insights into contract trends lets you predict your contract performance and outcomes. Thankfully, Malbek helps users generate reports on a contract’s status through its Generative AI capabilities. The platform evaluates market dynamics and customers’ preferences to make informed decisions and identify growth opportunities.

3. Compliance Management

Malbek provides tools to ensure your contracts adhere to legal and regulatory requirements. Your company’s legal professionals can use it to manage clauses and alternates. For example, they can compare clause provisions against your business’s reference guide to receive guidance and insights. 

Whether you’re dealing with intellectual property licenses, brand licensing agreements, or software licensing, the platform lets you streamline the negotiation process as it uses AI to extract key contract terms. Malbek’s compliance management also makes it easy to protect sensitive business relationships by assisting you in approving and reviewing Non-Disclosure Agreements (NDAs).

4. Vendor and Supplier Management

Effective vendor and supplier management is essential for better product pricing and favorable terms. Malbek lets you build strong vendor relationships, as it maintains a straightforward repository for all your contract agreements.

Using the platform, you can manage multiple supplier contracts and assess their performance. Besides, it removes the stress many procurement teams face due to poor contract visibility and non-preferred terms. Plus, it gives businesses autonomy over vendor/supplier relationships and helps save costs through negotiation.

5. Contract Management

Malbek’s contract management software makes it simple for any business to streamline its contract process. This all-in-one tool covers document storage, version control, metadata, and searching capabilities. 

Many a time, large and scaling enterprises run into challenges with finding one or more contracts. Such businesses that have to handle large volumes of contracts will find the contract management feature.

For one, it helps store all their contract documents in one place. They can then uphold their contracts’ value thanks to its tools for tracking contract versions and changes. 

These capabilities, altogether, help businesses not to lose sight of where a contract stands throughout the negotiation process. In short, once you explore Malbek, you can eliminate manual searches, verify contracts, and minimize contract delays or risks.

Malbek Contrax Integrations

Malbek’s Konnectors help improve collaboration among your sales, legal, financial, and procurement teams. Malbek platform features Konnectors, allowing you to integrate with ERP, CRM, and eSignature platforms. 

This functionality lets you “Konnect” with your favorite business apps. With Malbek’s out-of-the-box integrations, you can streamline your contract management operations by simply dragging and dropping multiple apps in the platform. You won’t need to hire an external IT professional to deploy the software. 

Once you integrate the CLM solution into your procurement system, enhancing the post-signature process and gaining better visibility into your financial operations becomes easy. Malbek’s integration also allows businesses to negotiate better deals and finalize contracts quickly. 

Rather than manage several contract requests and vendors, you can integrate the software into a CRM platform like Salesforce to use contract templates and track your agreements with different suppliers. 

Here are other business applications Malbek integrates with:

• SAP
• Hubspot
• Slack
• NetSuite
• Coupa
• DocuSign
• Adobe Sign
• OneTrust
• Oracle
• DropBox
• Google Drive
• Veeva
• DeepL
• Amazon SQS
• ChatGPT
• Azure AD
• Okta
• CyberArk

Plans and Pricing

Malbek doesn’t display its pricing information on its website. That means you need to contact its sales team for more details. It’s not surprising that Malbek opted for this pricing model–creating custom quotes for each customer based on their unique needs.

Therefore, the platform charges users based on their company’s size,  preferred integrations, and requirements. The idea behind this is to provide users with a tailored plan that will meet their business needs. You can contact the platform customer support to discuss contract management.

Terms and Policies

Once you use AI Malbek as a site visitor or customer, you accept and agree to follow and be bound by its Terms of Service. Since the platform manages contracts, people can confuse it with a legal service tool. 

Hence, the company disclaims that it doesn’t perform services by an attorney, nor is it a substitute for a law firm. All Malbek does is make your contract creation process more efficient and save time.

As a contract lifecycle management solution with a proprietary AI core, Malbek prioritizes its users’ privacy. The company mainly collects email addresses, usernames, first and last names, company information, and data in your contracts to improve its services. 

When integrating with a third-party AI tool, the platform anonymizes your personal information. Malbek’s services are available to persons who are 18 years or above.

Customer Support

You can rely on Malbek’s customer support for any contract management issues. The platform provides support via email, live chat, phone, and online resources. When you visit the website, you’ll see its live chat button to contact a friendly and knowledgeable agent. On each webpage, there’s also a contact form you can fill out detailing the CLM problem you want to solve. 

Malbek has a dedicated resources page, where you’ll find blog posts, FAQs, videos, datasheets, whitepapers, and ebooks to stay on top of contract lifecycle management trends. 

The best part? This contract management solution provides users with customer stories and podcast episodes to listen to thought leaders in contract management. 

You can also get help from help agents at any of the officers worldwide:

Princeton Office (corporate headquarters)

300 Carnegie Center Dr.
Suite 210
Princeton, New Jersey 08540

Ahmedabad Office

A-703, Amarpali Lakeview,
Vastrapur, Ahmedabad,
Gujarat- 380015

Pune Office

5th Floor, Urbanworks,
Sai Radhe Complex,
Raja Bahadur Mills Road,
Near Grand Sheraton,
Pune, Maharashtra – 411001

You can also contact a Malbek support agent by emailing info@malbek.io or support@malbek.io. The company’s support team also responds to complaints and requests via telephone when you call +1 609 356 0184.

Conclusion

If you’re looking for software that enables your business to automate approval workflows, sort contract requests, and reduce contract lifecycle times, Malbek is an excellent option. 

With features for contract creation, automated clauses, AI and analytics, negotiation, renewals, amendments, and more, the platform is transforming contract management in companies. The robust integration it offers can help your teams collaborate on a global scale. 

You can request Malbek’s demo to ensure you get the most out of the solution when simplifying contracts.

Contributors: Yinka ODUFOTE (Technical Writer); Olumide OKESIPE (Graphic Designer)