A centralized contract repository that can store organization wide contracts, easily accessible to the whole contracts team and beyond.
The contract repository allows for all types of contracts stored in one place. Master Purchase Agreements, Service agreements, Statements of Work, Lease Agreements, License agreements, Partnerships, Prime and Sub-contracts, Sales contracts, vendor contracts and many more – all centrally located. The contract repository allows for meta-data for the contracts to be stored for each of the contracts and in addition tracks ownership of the contracts along with who is the counter party of the contract among many other details. There are many views by which the contracts can be sorted and viewed. The contracts can also be customized with custom meta-data. All of the documents, milestones, obligations are linked together in the contract repository.
To make contract creation as easy as possible, we have a contract wizard that on a self -service basis allows contract managers and even in some cases (like NDAs) allows self- service for the wider organization like sales, service and vendors.
The contract wizard is dynamically setup for each type of contract defined in the system and can be configured to only take the data required for a particular type of contract. If there are standard contract level data that can be pre-populated, the contract wizard will auto-populate them and only provide options for the user to enter the specific contract level information. The contract wizard allows for creation of contracts that are standard or non-standard and automatically stores the contract created in the repository to be accessible as a draft for further review and administration later by the contract managers and others within the organization.
The system allows the contracts group to pre-define the various standard and non-standard contract types that can be defined for the whole organization in addition to ad-hoc contracts that are stored within the system.
Contract types allow the definition of milestones (like expiry of lease for a lease agreement), custom meta-data (like the leaser and lease information), specific workflows (if reviews, and approvals are needed), clauses tagged to this type of contract, required documents and exhibits for this contract type (like lease agreement along with insurance certificates, and bank guarantees). You can also define optionally contract document templates for auto-generation of documents for standard contracts.
Several milestones, including the standard ones like Stand & End Date, Renewal Dates and ones based on Contract Types can be managed around each contract. Email reminders can be set up and sent out to users of upcoming contract milestones.
Contract Documents can be automatically created using standard auto populated word templates or can be uploaded to the contracts document library. SharePoint’s native integration with Microsoft Office lets you check out these documents, edit them from the library and save as a new version. Changes to documents can be compared, with accept or reject changes functionality. Though several document formats are supported, they are typically drafted in Word and then converted to PDF when finalized. PDF documents can be shared in a preview non-editable format.
Several milestones, including the standard ones like Stand & End Date, Renewal Dates and ones based on Contract Types can be managed around each contract. Email reminders can be set up and sent out to users of upcoming contract milestones.
Default milestones can be configured for standard contracts for each contract type and dates assigned dynamically based on available standard milestones (start date, end date and renewal date) of the contract. Multiple reminders can be sent to contract users prior to milestone dates. Milestones are also assigned ownership with due dates and priority.
Contract approvals and reviews route the contract to multiple users within the organization extending the capability to business users and executives outside the contract management team. These workflows assigns tasks to the appropriate user and notifies user on the waiting task.
Workflow tasks can be routed to multiple users One-at-a-time (serial assignment) or all-at-once (parallel assignment). Based on the type of task, users will be able to perform them from the task details page. A detailed workflow activity history is tracked for each started workflow along with outcomes, comments, pending and completed tasks. Task due dates are assigned to each task with reminders sent to the assignees. Delegation of Authority rules can be setup at a contract type level for automatic routing based on contract value, business area, standard or non-standard etc. Delayed tasks are automatically escalated based on the users profile information.
The business user access portal allows for users outside the contract management team to participate in reviews, own obligations, request for new contracts and perform self service contract creation for standard contracts like NDAs. This allows the contract management and legal teams to focus on executing non-standard and unique contracts for the organizations.
In addition, business users can be assigned ownership of obligations and milestones to obtain status updates. Business user search allows them to refer existing, shared contracts from the contract repository. The business user profile defines security and access levels for the user including visibility, access to business areas, contract creation and request privileges among others.
Easily manage your contract counterparties including suppliers, customers, partners, distributors etc. in eContractsTM. The counterparty dashboard gives a full view of active contracts with the counterparty, contacts and documents.
The counterparty database also supports management contacts, documents and obligations around the counterparty. We also support extension of the system to external counterparty with our counterparty dashboard capabilities for collaboration and negotiations around contracts. These external users will be able to access and review contracts, upcoming milestone and obligation in a secure fashion. This eliminates the need to send emails back and forth and also lets external users make comments and revisions to the contract and related documents.
The application supports tracking of historical data and logging at different levels supporting most organizational level compliance and audit needs. In addition, most of these logged data can be consolidated to generate compliance and audit reports as required.
Administrators will be able to configure the types of events that needs to be tracked and reported on. Logging can be done on contract workflows and contract level activities like update of contract status, creation and update of new documents, change of ownership among others.
The application support contracts, full text contract document and counter party search using search keywords. Each search type has filters to narrow down search results.
The contract document search enables search for content within Office and PDF documents. Business user search is security trimmed to show only information based on visibility levels.
The application provides ability for filtering contract visibility to contract managers and owners by contract area. Contract areas are usually business units or departments whose contract is managed by a (team) contract manager. Also, multiple roles and permission levels defined in the system controls user level actions and authority in the system.
Business user visibility and security is driven by visibility, contract creation and request, and permission levels provided within a Business area within the organization.
The clause management feature lets you assemble contract documents easily by selecting, identify and add clauses into your contract documents and templates from a standard clause database. It is also possible to monitor if some of these predefined clauses are replaced or modified.
The clause automation feature automatically can identify contracts with non-standard or modified clauses, clauses tagged with a contract and even
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