Staying Alert and Aware of Contract Deadlines
By Karen Howe
Timing is everything. Well, it might not be everything, but it sure is important, in contracting and in life.
The switch from Daylight Savings Time to Standard Time two weeks ago reminded me of the perils of bad timing. While at this time of year, it might just mean an extra hour to sleep in (but also – so dark so early!) next spring it could mean you arrive an hour too late for an important meeting.
Timing is critical in contracting too. Missing a notice for one of your contract deadlines or failing to see that a contract is renewing can have severe financial implications and put your organization at risk. Recently our Sales team shared some comments from a new customer on what’s important for them in a contract management solution. They stressed that the most important driver for their team was to make sure the correct reminders were being sent proactively from Contract Logix’s contract management software, such as 90/60/30 day reminders of impending renewals. They didn’t want to be stuck with a contract they didn’t want to renew.
Obviously, having a CLM solution that effectively manages system alerts is key—for contract deadlines and many other important contract obligations.
Global Alert Rules
With Contract Logix, you can set up Alert Rules (based on your specific business needs) and apply them to all contract types or just certain ones. Each rule will define when notices go out, how they go out (via email, in-system alert, or both), how often they go out, and who gets them. Flexible options for defining recipients allow you to send alerts to a named user or email address, a contact associated with the contract, a department or even a specific role, and email templates allow you to customize the message language. Once set, the rule takes effect without users having to do anything else.
Contract-Specific Alerts
Of course, some contracts might have special requirements not covered by an Alert Rule, and users can set these on an individual contract basis. The same options apply as with Alert Rules.
Alerts on Any Date
Getting notified of contact deadlines like contract renewal or expiration dates is certainly critical, but other dates could be important too. With Contract Logix, users can set alerts on any date field, including dates for multiple line items, so you could be notified of, say, multiple licensure or insurance expiration dates, various payment due dates, or several equipment leases coming up for renewal within a master agreement – any date that you track.
Takeaway
In contract management, making everyone aware of contract deadlines and meeting those deadlines is critical to overall contract performance. Want to learn how a “set it and forget it” tool like the alert capabilities in Contract Logix can keep your team informed and on track? Contact us for a contract management software demo.