Automated Contract Lifecycle Management
This use case automates the management of contracts from creation through renewal or termination. By orchestrating document workflows, approvals, and alerts for key milestones, organizations can streamline negotiations, reduce administrative delays, ensure compliance, and mitigate risks associated with contract mismanagement.
How It Works:
1. Contract Drafting: Contracts are generated using standardized templates and pre-approved clauses.
2. Negotiation Workflow: The system routes contracts for review and negotiation among stakeholders.
3. Approval & Signing: Once finalized, contracts are automatically routed for electronic approval and signing.
4. Storage & Tracking: Signed contracts are stored in a central repository, and key dates are tracked.
5. Renewal/Termination Alerts: Automated alerts notify stakeholders of upcoming renewals or termination deadlines.
6. Audit Trail: A detailed audit trail is maintained for compliance and future reference.
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