A contract is an agreement between the organization and the third-party vendors for carrying out the maintenance activities. These contracts must be maintained and monitored. Hence, Motadata provides a solution called Contract Management. This keeps a track of the contract details along with their date of commencement and expiry. Also, you can send reminder alerts before the expiry of the contract and attach related documents.
Contract Management is the practice of managing the life-cycle of contracts. It includes contract creation, execution, management, and renewal . It is used to maximize the operational and financial performance of an organization, while minimizing the financial risks. Contract management is a difficult and time consuming activity, which is why there is a need for effective and automated contract management system.
The Contract module of Motadata automates the Contract Management process with respect to:
- Automatic status change which shows the life-cycle of a Contract.
- System notifications that broadcasts the present status of a Contract.
- Auto renewal and expiry of Contracts