- Automate contract creation and support cooperation to accelerate contract drafting.
- Recognize savings and revenues by contract visibility and awareness.
- Ensure more control and better compliance during the contract life cycle.
A contract includes the following elements:
Manage throughout the life cycle of a contract: preparation, drafting, approval, compliance, renewal, and termination:
- All related documents
- All tasks (matters)
- Discussion.
- History.
VT Contract - Contract management supports these following functionalities:
- Automatically assigns permission (read or write) on the contract to ensure only individuals involved can view and access.
- Create contract documents from standardized templates.
- Allow multiple coordinating editors with features supporting collaboration:
- Control document modification: Check in - Check out
- Versioning – Functionality of automatic archiving and numbering versions of documents after modification.
- Create Word documents on Web interface.
- Provides workflow designs and visual interface for process designing that allows organizations to implement all approval processes automatically.
Each contract can be assigned to one or more people responsible monitoring and implementation.
- On Date of Renewal Reminder, the system automatically creates task and send reminder emails to the responsible.
- On Date of Termination Notification, the system automatically creates task and send reminder emails to the responsible.
- On Date of Expiry, the contract is automatically switched to expired status.
