Contract Advantage offers many features that will ensure effective management and control of your contracts. The Web versions offer you a high degree of flexibility allowing clients the ability to use the system in various ways and to different extents. Each Web product will provide you with a different level of functionality. Regardless of which product you select, you may choose the modules to implement, and the level of detail and control in each area. You may rename fields and populate your dropdown menus to suit your industry and specific business needs.
Starting the Process
The Contract Advantage contract tracking process may start in any one of several ways:
- Request For Proposal
- Contract Request Portal
- Workflow During Contract Negotiations
- On Either Party’s Paper
- Or, On Legacy Agreements
Not all contracts will follow the same process. Contract Advantage provides support for all these scenarios.
Contract Advantage can import contract language from outside sources, or use a library of contract clauses and templates to create contract records and generate documents.
Contract Document Repository
Documents – PDF images, DOC files, spreadsheets, any electronic file, can be attached to the contract records. Each record can support many documents, and you have the ability to organize them in “folders” created by you to help you locate the right file as you need it. The system supports document versioning. As drafts are attached to the contract record, versioning will maintain each intact and record your changes as a next version. A detailed document history is kept on each document. Documents attached with a text layer are full-text searchable. Security lets you control who has access to the Document Repository and what they can do once they are there.
A key feature in building contract documents is the Clause Library. The Clause Library contains preferred and approved alternate language clauses. It enables you to select from approved language to draft a contract document for routing and final approval. Only approved contract language will appear for selection to draft an agreement. System roles will allow you to designate personnel authorized to approve contract language.
Contract Query and Selection
The Contract Selection screen is the pivot point for your contract management activities. From this window, you can create contract records, retrieve contracts that you are authorized to see, open contract records, report on groups of contracts, export data to Excel, or perform global updates on contracts. Additionally, you can view documents and update Actions here without having to open the records. The system allows you to select from over 200 Search Parameters to locate the contract(s) you wish to retrieve and/or report on.