Once a customer has gone through all the required bid processes, they may wish to initiate a contract with a winning vendor. A contract can be created by going back to the sourcing dashboard and selecting to create a new contract.
Aside from the general information and estimates, a contract can have milestones. These milestones are used to keep track of the important points in the lifetime of the contract. It could start from keeping track of initial service agreements, to deadlines for final signings, to 30-day expiration notices for initiating new contract negotiations. The platform will automatically inform the stakeholders when a milestone is approaching and if they need to act on it.
All the previous projects and bids that led to selection of a vendor and the creation of this contract can be linked as well. This allows stakeholders such as managers and the legal team to easily reference previous agreements with the vendor.
Scanned legal documents and e-signature documents can be attached to the contract as well.
One the contract summary section the customer can set special properties of the contract, like whether any new change needs to be reviewed by the legal team, who is the legal contact, if there are any legal readlines to be aware of, and whether this is a perpetual contract.