Contracts are among the key documents of each legal entity. The process of their creation, management, and application is very often influenced by numerous factors from various places within the organization, and it is therefore necessary to ensure their mutual coordination. Many organizations face the challenge of inconsistencies when storing contracts, amendments, and related documents in various places. IXTENT offers solutions for Centralized Contract Management to ensure long-term uniform and efficient procedures for working with legal documents throughout their entire lifecycle, from creation, to material content application, to secure archiving and/or shredding in line with applicable legislation.
Contract Management provides system access to all types of legal documents - foundation deeds, employment contracts, supplier contracts, lease contracts, license agreements, contracts on cooperation, and more.
Contract Management provides the company with a solution for contracts from both a formal perspective (usage of templates, approval scenario definition, contract classification, etc.), and contractual content monitoring from a material perspective (subject, validity, volumes, prices, etc.) for their entire lifecycle (from creation to changes, amendments, termination, and archiving terms).
Contract Management facilitates centralized repository of contracts, sophisticated retrieval and recordkeeping for each individual contract, including archiving after contract termination. Each legal document always has only one valid counterpart with immersed change tracking functionality (i.e., its versioning including authorization) and amendments. When the document is being processed, it is possible to allocate it, lock it, define the access rights, use links (shortcuts) instead of attachments, use annotations through an e-mail client, etc.
Contract Management and its Further Characteristics:
- integration of Contract Management into enterprise information systems, such as ERP, CRM, integration with records management, or connection to E-mail Management;
- comprehensive management of contract lifecycles from their creation to archiving and/or shredding;
- integration of basic functionalities of the Document Management System (workflow, versioning, audit, notifications, reports);
- data organization with virtual folders and the option for variable views by categories/attributes or reports that are not available with physical folders;
- template management and guide through new contract establishment – category for automatic contract folder generation with relevant type of Word document template, etc.;
- recording metadata and/or contract attributes;
- recording links, such as general contract versus partial contract, main body of the contract versus amendments, contract versus related invoice;
- task management in relation to a contract (checking deadlines, etc.);
- management of authorizations for individual team members during contract creation.