Contract Workflow and Approvals
An important goal of contract automation is to reduce the cost of reviewing low risk deals and to streamline the review of high risk deals. If a standard form deal can safely be closed without the cost and delay of legal review, it should be auto-approved for immediate signature. If high risk clauses and non-standard pricing are used, the contract should be routed for the appropriate level of legal, commercial, credit or executive approval. Exari Contract Management software includes a workflow module that allows you to streamline approvals, and eliminate bottle-necks, without compromising risk management.
By tightly integrating the approval workflows with Exari’s dynamic interview process, any answer to any question can be a potential trigger for approval. If a sales rep or negotiator chooses a high liability cap, excessive price discounts, high risk termination provisions or weak intellectual property protection, each of these choices could trigger a legal approval workflow before any agreement is generated and sent to the prospect. Rather than asking your team to spend hours reading through 20+ pages of complex corporate delegation of authority (DOA), Exari lets you embed the DOA rules into a user friendly wizard. The result is higher compliance, less risk and less red tape.
Role-based dashboards make it easy for users to track the status and progress of their deals; ensure that approvers are alerted to new and outstanding approval tasks; and allow management to monitor and address slow-moving deals.
The Exari Workflow engine supports:
- Ad hoc and rules-based approvals
- Serial and parallel approvals
- Multiple levels of approver
- Email notification of approval tasks and activity
- Audit trail of workflow steps, with comments
You can find more information on Exari Contract Management software here.