Most companies that start managing contracts begin with an Excel contract register. It costs nothing and everyone knows how to use it. Legal teams at large and mid-sized Korean companies have long used the same approach: build an Excel register and upload the contracts to a shared drive (VentureSquare).
The short version
If you have dozens of contracts and one or two people handling them, a well-built Excel register is enough. When the register and the actual contracts start to diverge, when you've missed a renewal date before, or when you need to split permissions by department, it's time to look at a contract management system (CLM). Use the 12-field template and the 5 signs below to see where your company stands.
The 12 essential fields of a contract register
| Field | Example | Why you need it |
|---|---|---|
| Reference number | 2026-0142 | The key that links to the contract file |
| Contract name | Logistics outsourcing service agreement | Search |
| Counterparty | A Logistics Co., Ltd. | Status by vendor |
| Contract type | Services / Supply / NDA / License | Risk management by type |
| Owning department and owner | Operations, Manager Park | Contact for renewals and issues |
| Contract amount | 120,000,000 won | Budget and payment management |
| Start date / End date | 2027.1.1 / 2027.12.31 | Expiration management |
| Auto-renewal | Yes (notice 1 month prior) | Preventing implied renewal |
| Termination notice deadline | 2027.11.30 | The date you actually have to watch |
| Legal review | Done (10/28) | Internal controls |
| Contract file location | Drive path | Finding the original |
| Status | Under review / Executed / Expired / Terminated | Seeing where things stand |
In particular, be sure to create the termination notice deadline column. If you only record the end date, with auto-renewing contracts it's often already too late (see implied renewal).
5 signs that Excel is getting hard to sustain
- The register and the actual contract start to disagree. Someone forgets to update the register after signing.
- Multiple copies of the same file float around, like "contract_register_final_rev2.xlsx".
- You recorded the expiration date but still missed the renewal window. Excel doesn't warn you ahead of time.
- You need to split who can see what by department, but fine-grained permissions are hard in Excel.
- You want to search by clause content, like "which vendor did we sign on those terms last year?", but the register has no clauses in it.
If two or more apply, it's time to change how you manage contracts rather than patch the register.
What to look at when comparing contract management systems
| Option | A fit when | Limits |
|---|---|---|
| Excel + shared drive | Dozens of contracts, 1~2 owners | No alerts, permissions, or clause search |
| Groupware e-approval | Internal requests and approvals are the core need | Weak at managing expiration and renewal after execution |
| E-contract service | Getting signatures fast is the core need | Review requests, history, and the register are managed separately |
| Contract management system (CLM) | Review through execution, storage, and renewal in one place | Adoption and migration take time |
In a CLM demo, upload a few of the contracts you actually use and check whether the information is extracted correctly, how your existing Excel register gets migrated, and how permissions are split by department. According to public sources, PRIX offers AI contract summaries and data extraction, permission management, and dashboards, and as of September 2025 coverage says you can start a free trial from its website without a sales meeting (Hellot).
Alpaca's takeaway
The real problem with an Excel register isn't Excel; it's that a person has to keep the contracts, the register, and the review history in sync by hand. Open your register now and check whether the five most recently executed contracts match the actual documents. The result will give you the answer.
🦙 That was Researcher Alpaca's research notes. If anything is wrong or you have more questions, let me know via 'Contact Josh' below.
Related reading
- Implied renewal: what to check before a vendor contract extends another year
- Contract retention periods: statutory periods and company retention rules
Sources
- PRIX solves contract permission and control problems with AI-powered CLM (VentureSquare) — Excel and drive management practices, permission management
- Contract management SaaS PRIX expands AI features across the board (Hellot) — AI summaries and data extraction, free trial
