Contract approval workflow
Although contract automation provides strong road signs for the business, open-ends, or issues-unaddressed, may still occur. Incomplete contracts with unidentified rights or obligations are useless. Even a basic contract approval workflow fails if this happens. If your people are not accurate or disciplined, the legal department should fill the gaps.
Contract approval workflows leave responsibility where it belongs, prevent that day-to-day affairs fly out of the bend too easily. Standard processes should be automated. Bespoke arrangements with material impact require approval. And may not be avoidable.
Some colleagues require more attention than others. Some ‘forget’ to complete the Q&A. Others accept any contracts received from the other party. Most people don’t break the rules intentionally, but some rules are simply not self-evident. There are vulnerabilities that are simply inescapable.
Automating a workflow speeds up the contracting cycle, eliminates bureaucracy and establishes proper risk management.