Contract Approval Process – Phase 3 of 6
Clear bottlenecks and move contracts through approval processes faster
Legal, executives, stakeholders, internal teams, and the customer must all be in alignment. Whether it is the contract itself, or all the clauses, terms, and templates that are associated with contracts, the contract approval process is pivotal to the success of a contract system.
Electronic routing of files helps move the approval process forward in a fast and efficient manner, and eliminates the need to manually send and track files throughout the approval process. Electronic approvals digitally record all decisions, avoiding confusion and maintaining accountability.
The approval workflow process must be configured to match the requirements for different contracts and their supporting documents. Approval procedures that determine routing based on dollar amounts or contract types, for example, make sure the correct decision makers are informed in a timely manner.
Eliminating the time spent routing files leaves stakeholders with more time to make important decisions, avoiding bottlenecks in the review and decision-making process.
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- Six key phases of the contract life-cycle
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Want to learn more? Read about phase 4, the Contract Negotiation Process.