Obligation Management

Effective contract management systems should be able to provide greater visibility and control over the contract process by not only providing a more logical environment to manage contract documents and milestone data, but also an environment where contract obligations can be tracked and adhered to. Contract obligations can include anything from service level agreements and delivery times to customer service targets and can be directly linked to penalties for non-performance; or even bonus payments for achieving targets. However, often contract obligations get such poor air-time from legal departments and other stakeholders who are tasked with contract management activities.

To reduce these challenges, smartContract, allows obligations to be allocated to business users, who are then automatically alerted when a relevant obligation is due. smartContract enables stakeholders to provide greater visibility and control over the contract process by not only providing a more logical environment to manage contract documents and milestone data, but also an environment where contract obligations can be tracked and adhered to. Best-practice procedures and KPIs can be linked to contract obligations and form part of a comprehensive program of contract obligation management.

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smartContract – Obligation & Task management Benefits

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