Its function is to automate contract authoring, execution and compliance and provide visibility into contractual agreements. The company says its aim is to enable contract administrators to standardize contracting processes, accelerate sales cycles and ensure compliance with negotiated terms.
The new module enables organizations to work to standard templates, incorporating clauses and contract policy rules that can be enforced across the enterprise and draw from a central contract repository.
It’s also designed to improve the organizations’ knowledge of contractual obligations with automatic price and delivery enforcement and proactive management of customer performance against commitments. Monitoring contract obligations, pricing, and timelines is normally a manual process.
