Contracts often do not stand alone but are part of a network of related agreements, and they typically result in fulfillment and payment obligations. These are important reasons to use a system that can manage the complete contract life-cycle, which starts at contract creation, moves to contract negotiation and signature, then active contract supervision, and finally, contract disposal.
A system that keeps track of contract milestones provides timely reminders and notices of critical dates, and searches for conflicts is an essential component of any sophisticated business today. Missing a renewal or a payment or overlooking a related party obligation can be expensive mistakes that are entirely avoidable with the aid of M-Files and our contract management solution.
Contract Creation, Approval, and Adoption
Reduce contract development time by enhancing coordination, avoiding duplicates, managing versions, and maintaining a library of contract templates and contract drafts.
Manage and organize, Contract Templates and Libraries.
Avoid Client Conflicts.
Efficiently work in Teams.
Track Contact Drafts, with Major and Minor Versions, Revisions.
Deploy finished Contract as Contract Templates.
Easily handle multi-party contracts, attachments, and related contracts.
Contract Signature Phase
Coordinate the final stages and refinements of contracts, getting them ready for signature, including updates to conditions, dates, milestones, and signatories; then fine-tune signature flows, types, and priorities, followed by contract distribution for signature tracking progress, including last-minute amendment requests.
Define Notifying parties.
Control signature priority and order.
Ability to handle internal and external signers.
Combined electronic and handmade signatures.
Ability to resend, cancel or amend a contract sent for signature.
Audit trail, including approvals, amendments, and signatures timelines.
Active Contract Management
Reduce Business Risk and Improve Compliance; avoid the negative impact of failing to act in a timely fashion to deadlines, react to Notifying Party changes, send and manage reminders, effect all payments and deliveries on time, and track counterparty performance.
Avoid penalties, aided by the active notification system.
Receive timely notifications of milestones and expirations.
Track payment and physical delivery obligations - in both directions!
Take advantage of flexible Renewal Management.
Take advantage of built-in Contract Retention Management.
Avoid the leakage of sensitive data.
Want to see our Contract Management Solution in Action?
Schedule a demo and find out if Baystream is right for you!