Contract Execution Process – Phase 5 of 6
Digital signatures speed contracts into action
Fast action at contract signing kick-starts the agreement and initiates activities quickly. During the contract execution process comes a series of actions that must occur quickly to initiate the agreement, whether it is kicking off a procurement procedure, or launching a new customer relationship.
When managing contracts there is perhaps no better way to jump start the execution of any agreement than with digital signatures. Digital signature technology automates signature gathering and eliminates the manual steps in getting contracts signed and returned, sometimes eliminating several days or more from the signing period.
Once signed, contracts must be routed and filed. File descriptors, along with full text searching, make everything organized and easy to find again quickly. Security protocols prevent anything from happening to the files. Key stakeholders are notified with email alerts informing them of the actions to be taken.
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- Six key phases of the contract life-cycle
- A centralized, unified system for contract management
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Want to learn more? Read about phase 6, the Contract Renewal Process.