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Contract Execution And Approval
Contract execution is a critical stage of the contract negotiation process. At this point in the process, you will have decided on a final agreement. Now it is time to sign and finalize the contract, meaning you want to ensure you caught everything, that nothing is missing, and that all necessary parties have approved the agreement. Contract execution is the most important step in the contract management process.
Contract Visibility and Search
Create a single source of truth in your enterprise by consolidating all your existing contracts into a single, enterprise-wide repository. The Icertis platform enables the setup of all contract types and any associated metadata within a single system, with easy access to a centralized repository of all contracts, contract documents, contract data, contract terms, and related business transactions.
Contract Analytics: Making Your Business Better
Contract analytics brings a new dimension to contract lifecycle management, not merely automating your contracting processes, but also adding new insights and creating value.
Contract Negotiation & Collaboration
Contract negotiation is the process through which two or more parties deliberate over the contents of a contract to reach a legally binding agreement. The goal of contract negotiation is to come to an agreement that meets the needs of both parties. In order to achieve this, both parties must be willing to compromise and be open to discussing different options. Contract negotiation can be a difficult process, but it is important for both parties to remember that the goal is to reach an agreement.
Practical Ways to Improve Your Contract Management Process
An effective contract management system requires implementing best practices at all levels of an enterprise and ensuring that the contract management process is repeatable and consistently applied.
RFx Management
Procurement managers can now better manage the request management process, RFx formulation, event management, and supplier evaluation costs and selection, while seamlessly integrating RFx processes downstream into the contract lifecycle.
What is Contract Compliance?
Contract compliance is the process of ensuring that a company is living up to the terms of its contract. This can include making sure that the company is delivering on its promises, meeting deadlines, and not violating any terms of the agreement. Compliance officers are responsible for ensuring that contracts are being followed and often work with legal teams to ensure any potential issues are addressed. Contract compliance can be important for businesses large and small, as violations can lead to expensive lawsuits or other penalties. By taking steps to ensure compliance, businesses can protect themselves from these risks.
What is Contract Risk Management?
What is contract risk management? Contract risk management assesses a contract's maximum value through compliance tracking by identifying, managing, and minimizing the potential risks throughout the contract lifecycle. This may include loss of opportunity, legal exposure if things go wrong, and potential business impact the contract will have on the involved parties.
Smart Contract Initiation
Accelerate speed to market with self-service contract initiation that has templating safeguards set by legal. A seamless experience that is integrated with your existing line-of-business applications enables no-touch contracting to help with the contract management process.