Contract Initiation and Review Process – Phase 1 of 6
Moving from ad-hoc to standardized contract requests and origination
The efficiency of any contract process begins with how easy it is to request or kick-off a new contract, and to place the new contract into review. Well-designed contract management software incorporates tools for contract initiation.
As the starting point of a contract’s lifecycle, it’s important that everything be organized from this point. Contract review software can enable consistent naming and organization of files which is critical. Automating naming and filing procedures, for instance, eliminates guesswork and saves time building a standardized system.
Templates, which are themselves managed documents, are important in this phase to gather facts that drive organization, notifications, and lay the groundwork for the origination process.
Consider electronic forms in place of emails, word documents, or paper templates, to further streamline requests for contracts. eForms gather data directly from requestors and can kick-off procedures automatically without the need for people to manually submit paper documents or send requests by email.
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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 2, the Contract Authoring Process.