The new contract management module is designed to help borrowers better manage contracts and thereby improve overall contract and project execution. Cover the end-to-end contract implementation cycle from contract signing to contract completion and consolidates contract management records.
Contract management is the process of digitally maintaining agreements made with customers, vendors, partners, or employees. This encompasses creating, managing, sharing and archiving business contracts, and should allow in-house legal and its business users to automate management processes while extracting business intelligence from those contracts.
Allows users to create and draft contracts using predefined templates or by starting from scratch. This module may include a rich text editor, version control, and collaboration features to facilitate the creation process.
Provides a repository of standardized contract templates to ensure consistency in language, terms, and conditions across different contracts. This module helps save time and reduces the risk of errors in contract authoring.
Facilitates collaboration among internal and external stakeholders during the negotiation phase. This module often includes tools for tracking changes, commenting, and securing approvals.
Supports electronic signatures and automated approval workflows. This module ensures that contracts go through the necessary review and approval processes efficiently, reducing delays in the signing phase
Acts as a centralized repository for storing all contract-related documents and data. This module includes version control, document history, and search functionalities to easily locate and retrieve contracts.
Create legally binding contracts in seconds and keep all your contracts organized in one place. Also get real-time updates on the status of your contracts, and automatically record contract changes.
Contracts often have a predetermined duration, after which they naturally expire. The expiration of the contract marks the end of the agreement, and no formal termination is required.
Parties may mutually agree to terminate a contract before its expiration date. In such cases, a termination agreement or a mutual termination clause within the contract outlines the terms and conditions for ending the agreement.
If one party fails to fulfill its contractual obligations, the other party may have the right to terminate the contract due to a breach. The termination may be specified in the contract terms, or the injured party may need to follow dispute resolution procedures.
Some contracts include a termination-for-convenience clause that allows one or both parties to terminate the contract without specifying a reason. This is common in government contracts or long-term agreements.
Contracts often include specific conditions or performance criteria that must be met. If these conditions are not fulfilled, the non-breaching party may have the right to terminate the contract.
If one party becomes insolvent or files for bankruptcy, it may trigger the termination of contracts. Contracts may include provisions allowing termination in the event of financial instability
Force majeure clauses address unforeseen and uncontrollable events, such as natural disasters or political unrest, that could prevent one or both parties from fulfilling their contractual obligations. If triggered, these clauses may lead to contract termination
Contract Module is very helpful for proper documentation of the contracts done with clients showing the type of contract, the value, and time duration. The predefined settings can be done/ updated through Setup.
The module facilitates the creation and authoring of contracts. Users can draft contracts using predefined templates, ensuring consistency in language and terms. This streamlines the process of generating accurate and standardized contracts.
Provides a repository for storing and managing contract templates. This ensures that legal and standardized language is used across contracts, saving time and reducing the risk of errors during contract creation.
Enables collaboration among multiple stakeholders during the contract drafting phase. Users can work collaboratively on contract documents, making comments, suggesting edits, and maintaining a clear audit trail of changes.
Maintains version control for contracts to track changes and revisions. This feature ensures that users are working with the latest version of the contract and helps in auditing changes made over time.
Choosing Contract dedicated modules for your business streamlines contract management processes. These modules automate tasks such as drafting, approval workflows, and monitoring deadlines. By providing a centralized platform for contract-related activities, they enhance efficiency, reduce risks, and improve compliance. This results in better control over contractual obligations, leading to increased transparency and overall business success.
Dedicated modules for your business offer specialized solutions, optimizing processes, enhancing efficiency, and ensuring seamless integration. They cater to specific needs, providing customization, scalability, and adaptability. This leads to increased productivity and competitiveness in the market, addressing unique business requirements effectively.
