Contract Management Functions
Why Should Contract Management Be Used?
Contract management consists of several functions. We can list these functions as follows:
- Office integration,
- Tracking of contracting parties,
- Effective management and reporting of contracts,
- Deadline reminders,
- Multi-layered organizational structure,
- Deadline reminders,
- Signature date reminders,
- Option for ERP connection integration,
- Searching and finding words within contracts,
- Secure version and revision tracking,
- Establishing relationships with counterparties,
- Integration with LDAP connection option,
- Secure archiving of documents,
Contract management is crucial for accelerating a company's workflow. It ensures that companies' contracts are stored securely. Contract management brings many advantages. We can list these advantages as follows:
- Penalty clauses,
- Tracking of contracts,
- Payment date,
- Many aspects such as contract renewal can be tracked.
With contract management, company employees are notified via message or email about the issues mentioned above. We can say that it is a system open to multiple accesses. Therefore, it increases the company's productivity. All versions of contracts can be accessed quickly thanks to contract management. All transactions and correspondence are recorded. Business partners' information can be shared with a single click. Contracts are automatically generated from dynamic document templates. Addenda and versions of the contract can also be accessed through a single window.
What Are the Losses of Not Using Contract Management?
We can say that companies that do not use a contract management system incur significant losses. Delays begin to occur in many areas. We can list these delays as follows:
- Contract delivery,
- Site delivery,
- Subcontractor and personnel notifications,
- Record keeping,
- Work increases and decreases,
- Meeting work safety and quality standards,
- Advance payments,
- Price difference payments,
- Work permit applications,
- Liquidation and termination procedures,
- Agreement on new pricing,
- Accurate account keeping,
- Delay in progress payments,
You can access more detailed information about process management, which ensures the healthy management of companies' workflows transparently, at https://www.paperwork.com.tr/cozumler/sozlesme-yonetimi.
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