Business contracts involve a number of parties including customers, vendors, employees, and partners. In order to maintain contract terms it is critical to manage visibility and control over the contract management process, from creation, to execution and throughout the term of the contract.
Managing the Contract Lifecycle
Contracts can be electronically authored, versioned and reviewed by peers to increase the efficiency of the contract creation process. Different parties can be involved in the review and approval process to insure that all the necessary input is received to finalized the contract. Hard-copy and electronic signatures can be applied depending on the regulations involved.
The contract term is monitored and notifications are sent in advance of the contract expiration to insure that review, revisions and re-execution can be performed in a timely manner.
Reporting and Tracking
Dashboards and reporting can provide up to date information on the current status of contracts.