Contract workflow management in large part depends on keeping abreast of the various events in a contract’s lifespan. TractFile makes it easier than ever to stay on top of important dates, such as upcoming expirations and rate increases. Thanks to a full automation suite replete with automatic alerts, you’ll stay well ahead of critical contract events and be able to keep all relevant parties in the loop, as well. From easy scheduling of important contract dates to automatic rate changes, you and your company can rest assured of keeping tabs on all the important dates of all your contracts, all with just a few clicks of a mouse. Let’s take a look at some of the specific features tractFile offers to help you manage your important contract events.
Contract Approval with Automatic Alerts
Obviously, contract generation is the first important event in any contract’s life cycle. TractFile makes it a cinch for Contract Administrators and Contract Approvers to keep on top of any new contracts generated and make sure they are correct, accurate, and ready to send out, by sending out automatic alerts to anyone designated in the system as having either Contract Administrator or Contract Approver privileges, as soon as a contract is submitted for approval. This gives you the chance to review and revise new contracts immediately. It is a simple as looking over the contract’s details, such as contact information, pricing, dates, etc., and either approving the contract if it’s ready to go, or rejecting it and commenting what changes are necessary. An alert will subsequently be sent out to the contract creator, so s/he can review these comments and apply the needed changes.
Automatic Expiration Date Alerts to Avoid Oversight
So that you never have to worry again about missing contract due dates throughout a contract’s life cycle, tractFile will automatically help you set up Contract Expirations. During contract generation, you will be prompted to enter an Effective Date, a Contract Expiration Date, and an End Date. And even if you don’t manually enter a specific Expiration Date in your contract, tractFile will automatically set the contract’s Review Date to three months prior to its specified Effective Date.
Automatic Rate Increases to Keep Pricing Up to Date
You can apply automatic Rate Increases to a contract’s Transaction Amount, specifying the length of time over which, the percentage of increase by which, and the dates on which to apply the desired increase. It’s as easy as adding the Contract Event “Adjustment” to your contract, which will allow you to enter a periodic rate increase that will subsequently recur automatically according to your specifications, freeing you from any further worry.
Built-In Contract Event Rules Keep You from Missing Important Dates
While entering in the right information is vital to making sure your contracts get billed or paid on time, tractFile offers a suite of Contract Event Rules to help make the process even easier, with numerous default settings to ensure prompt billing or payment even in cases where the contract creator has not specified certain key information. For instance, if you create a contract without specifying its End Date, tractFile will simply extract the date entered as the Effective Date and apply it as the End Date, as well. Alternatively, if the creator does not specify a Review Date, this field will be filled in to reflect the date 90 days prior to the entered Effective Date.
TractFile’s built-in rules can also help you avoid missing deadlines or possibly incurring late fees. For instance, if a contract has not been reviewed a month or less before its Review Date, it will be highlighted in blue within the system. Additionally, if a contract has been entered with a Review Date that coincides with the current, or an earlier, date, it will be highlighted in red within the system.