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.
To learn about the best practices of contract management and understand the efficiency of your company’s contract management process, download our eBook: Exari Contract Management Marurity Assessment.