Contract Management

Contract Request

• Organizations typically have a large variety of contracts which makes it difficult for employees to be consistent when requesting contracts. They may struggle with a lack of a formal request processes and request contracts via word of mouth, email, or by phone. With an OnBase contract management solution, employees have access to a self-service request process. Having a formal request process in place eliminates the chance for requests to fall through the cracks.
• Unqualified requests may reach your legal department before you have enough information. Ensure the right data and documents are collected from the start.

Authoring- Pains

• Depending on your organization, attorneys have to start drafting contracts from scratch or start from a prior agreement. You can now store all approved contract templates in a single repository, eliminating manual tasks like filing, retrieving, etc.
• Individual contract creation can lead to inconsistencies. A Standard contract template library increases consistency, efficiency, and saves time.
• Automate the creation of high-volume contract types like employment agreements or NDAs.
• Have the flexibility to accommodate fully negotiated contracts and equip legal to upload on an ad-hoc basis.
• Take advantage of revision and version control, increasing visibility.

Negotiation & Collaboration

• If you typically manage contracts through individual email inboxes and network folders, the OnBase solution offers a way for you to track internal threaded discussions and side notes on the contract.
• Quickly capture contract revisions and correspondence directly from Outlook.
• Increased visibility into collaboration
• Better manage revisions and versions with a full audit trail of all the changes made.
• Leverage Microsoft Word functionality, including Track Changes and Comment.
• Minimize delays and improve decisions with access to all information.

Review & Approval – Pains

• The review and approval process frequently changes depending on the type of agreement and people involved. Ensure the right people are approving contracts and you have the flexibility to add or remove additional approvers.
• Contracts are often lost during the review and approval process.
• Depending on your organization, some approvals may be given verbally, leaving no audit trail. The contract management solution provides you a full audit trail of reviews and approvals.
• Approvers have access to the most recent version of documents
• Approvers are able to review and approve contracts from remote locations, i.e. office, home, mobile devices, line-of-business apps, etc.

Execution

• Minimize your process cycle time by automatically routing contracts to the right people for execution.
• Reduce the need to hunt down individuals for wet signatures. Spend less time waiting for a signature and more time executing your contract.
• Increase visibility and control into what is signed, when, and by whom.
• Offers flexibility in signature solutions to meet organizational standards
• Digital, wet signatures, cloud-based signing.

Obligations Management

• Send and receive automatic notifications to the parties involved in fulfilling and tracking contract obligations.
• Mitigate your risk of overlooking key terms and provisions.
• Send task reminders to those responsible for obligations.
• Supports improved adherence to beneficial commitments.

Expiration & Renewal

• Provides visibility into contract expiration dates through ad-hoc reporting. Instead of relying on inefficient spreadsheets to manage expirations and renewals, utilize ad-hoc reporting.
• You may lose revenue and incur a higher cost if your renewals expire. Clearly see contracts expiring in 90, 60, or 30 days to mitigate that risk.
• Provides proactive notifications as due dates approach
• Minimizes the risk of missed auto-renewal dates. Many organizations miss auto-renewal dates and get stuck in relationships that don’t add value
• Minimizes the risk of missed opportunities for review and renegotiation.

Amendment

• If amendments are added to a contract and managed in folders and file cabinets,  it is difficult to ensure contracts and amendments are linked. OnBase provides the ability to easily connect amendments to existing contracts.
• Difficult to determine which contract an amendment relates to, but with a contract solution improves visibility into contract relationships
• Burden on legal department to locate and verify changed terms
• Challenges in reviewing and approving amendments, when all supporting information cannot be easily located.  OnBase provides a complete view of a vendor, customer, etc.

OnBase – Contract Management

OnBase – 5 Ways to Transform Your Contract Management Process