Procurement Contract

Procurement Contract provides you tools to estimate contractual costs, set an agreed budget and manage the actual and forecast costs against that budget.

Procurement Contract provides you the workflows for identifying, evaluating, and choosing third-party product suppliers or service providers. It involves seven main stages, starting from determining the needs of your organization and ending with managing the relationship with the supplier. The entire process ensures that suppliers meet the organization’s specific needs and requirements for their operations. 

Procurement Contract provides you tools to collect and specify requirements that are to be imposed on the design and verification of the product. The specification also contains other related information necessary for the design, verification, and maintenance of the product.

Procurement Contract allows you to gather information to understand the credibility and suitability of the prospective supplier that you intend to have a business relationship with.

Procurement Contract provides you tools to specify and track the commitment to the standards the provider must adhere to, and the metrics to measure the performance.

Procurement Contract allows you to set the rules of how the product or service may be used including, but not limited to, things like copyright conditions, age limits, and the governing law of the contract.

When two companies negotiate, both parties seek to obtain favorable terms and minimize financial, legal and operational risk. Procurement Contract provides you the communication tools to work with your suppliers to  come to an agreement on a set of legally binding terms.

Procurement Contract provides you the electronic signing tool to allow you and your supplier to append signatures to your contract, symbolizing agreement and understanding between the parties involved. This process is fundamental to business transactions, serving as the final step in formalizing agreements. The act of signing a contract holds significant legal weight.

provides you tools for project initiation.  Project initiation is the first step in starting a new project. During the project initiation phase, you establish why you're doing the project and what business value it will deliver—then use that information to secure buy-in from key stakeholders.

Procurement Contract provides you and your supplier tools to manage each activity and deliverable in your procurement project to meet the delivery requirements. 

Procurement Contract provides you tools to manage unexpected changes to ensure that impacts are minimized, changes are made smoothly and without disrupting the other tasks.

Under the common law of contracts, upon final acceptance, the owner takes control and ownership of the project and the risk of loss passes from the contractor to the owner. Procurement Contract provides you tools to record the final acceptance of the work as completed, including any deficiencies known to exist.

Procurement Contract provides you tools for your supplier to submit invoices to you and you to request payments to pay the invoices according to the contractual payment terms.

Procurement Contract provides you tools to manage support service levels to ensure nursing activities and defect repairs are done according to the contractual terms.

Procurement Contract provides you tools to track contractual renewal periods and pre-agreed upon prices and automatically generate reminders and renewal contract drafts for you.

Procurement Contract helps the paying process happen online. Businesses may use online transaction tools, where products are essentially chosen from Product Master (Catalog) that are pre-sourced and submitted for electronic approval. Procurement Contract can be linked to an ERP's to enable payments and collate management information.

After a procurement contract is signed, businesses with contract management tools usually store hard copies in different places. It gets filed by legal departments, stacked by procurement managers, and transported to stockholders. With Procurement Contract, companies can organize and store contract records in a centralized and easily accessible repository. One can just click on the mouse to review the agreements, by guessing where the contract documents are located and giving the business a visibility where contracts are kept at that instant.

A major issue lies in compliance and unorthodox spending in any organization. It is not because employees intentionally overspend on processes, but because they are not aware. With e-procurement, one has tools like catalogs for processing standard orders.

Key identifiers may be commodity codes, business units, cost centers and so on. The unique identifiers reduce errors and provide extremely elaborate everyday accessible data. This is necessary to maximize data use for strategic sourcing. e-Procurement successfully implemented will give high-end information that is detailed. It will discourage additional expenditure on functions like data warehousing or mining.

With Procurement Contract,  you have searching and sorting functionality and can quickly locate whatever documents are needed. With a comfortable product catalog of the company’s agreements, the first way to minimize off-contract expenses can be formulated. It will help managers to quickly search all kinds of agreements being searched. Moreover, with an organized database, businesses may be able to spend smartly.

last few years have continuously evidenced the benefits of e-Procurement. Better sourcing and management information, user satisfaction and improved compliance are just a few of them. As for maintaining an easy flow of the agreements, Procurement Contract can  help to increase the effectiveness of your organization.