The Contract Approval Process: Multi-Party Review & Approval
Many organizations require multi-party review and sign-off in their contract approval process. While this is important for the business to gain tremendous insight into the commitments as well as to have multiple eyes on the contract obligations, milestones, and other terms; it can be a quite difficult and challenging to manage the contract redlining and all the associated language throughout the process. Typically when such occurrences happen it creates a bottleneck in the contract management process and workflow. Document revisions are not captured, important comments and redlines may be missed or out of compliance with business standards, and document integrity may be overlooked as proper version control and revisions are not maintained or tracked.
Today businesses attempt to teach “best practices” or try to deploy systems to gain control over the review and approval processes. This often fails. Businesses need to have the right software system or tools in place to be effective at managing not only the contracts themselves, but also the contract approval process within them.
Contract Management Systems today have sophisticated tracking and management features to mitigate problems thoughout the full contract lifecycle. Contract review and approval processes can be completely automated – and better yet – rules-based around your exact business requirements!
Contract Logix’s Contract Management System is one of the few systems out there which has the right tools to manage even the most complex single or multi-party approval and review processes. Its’ comprehesive features will alleviate the risks associated with document revisioning, or capturing important dates, milestones, comments and mark-up. Businesses will maintain complete document integrity while maintaining compliance standards and language standards throughout any process.
Contract Logix’s Contract System has a complete document manager built-in, so you’ll be using industry standard tools to create, edit and mark-up your contract documents. Check-in/out features for both single and multi-party review or approvals provide formal features to send documents to internal and external parties for review and/or approval. Even during a multi-party contract review process, the system has comprehensive combine tools and comparison tools which automatically capture and maintain the latest revisions – even when parties don’t send the documents back at the same time!