The Must-Haves to Easily Manage Contract Workflows
For many businesses, revenue usually depends on available contracts with customers and vendors. This is the reason why you need to have an efficient and effective way to manage these contracts to ensure your business succeeds. The best thing with streamlining contract work-flows is that it handles both complex and simple contracts. Below are some of the must-have tools for your business:
Pre-drafting is perhaps the initial task you may come across in the contract workflow. It’s important for your business at this stage to determine what it considers a beneficial agreement. This should relate to all the stakeholder needs, market conditions, the performance of past contracts, and other factors. Therefore, you should focus on the right tools that may help you draft a contract that is beneficial to your business.
To achieve your goals, you should have effective communication channels to make sure that the contract outline fulfills the needs of your team members. In this way, all the stakeholders can contribute by sending email contract drafts and notes, which is risky as such important information can easily get lost.
To prevent the changes and comments from being lost, look out for a secure and centralized tool that allows you to exchange notes and make changes. This will help to capture everything in a single version and can be accessed by all people involved.
Once you have achieved to plan your contract, and have reached an agreement with your customers and vendors, the next important stage is to get the contract signed. You need to get the contract signed faster so that you can see its benefits quickly. Besides, you can only keep things moving only if the contract is signed.
The bottom line is that the unsigned contract has the risk of seeing your contract failing or stalling. To prevent such breakdowns or delays once you reach an agreement on the terms of the contract, consider getting the contracts signed as soon as possible. The good news is there are now legal electronic documents signing that you can do from any device securely and quickly.
Once you have your contract signed, it’s also quite important to abide by the contractual terms. This involves monitoring the achieved milestones and performance until the project is complete. However, to succeed with this monitoring, you should have an execution plan which describes what needs to be accomplished during the duration of the contract.
The best way to track tasks and milestones related to the contract is to automate the system. Here is why it’s important to have an automated system to easily manage contract workflows. You see, it can be cumbersome to handle tons of contracts. Worse still, doing it manually can also not be safe, especially if you forget to remind other parties of their duties.
But with the automatic notification system, you can significantly optimize the execution phase because it handles all the reminders. This means you can set up automatic email reminders to make sure that each team member and other stakeholders can take action when it needs to be.