What is a Contract?
A contract is an officially enforceable agreement between organizations and people for the purchased products and/or services.
A contract includes the responsibilities, terms, and conditions each party agrees to accept and agrees to do. This document helps to avoid future misunderstandings between the parties. A contract protects the rights and needs of both parties and can drive them to be responsible for what has been promised.
A contract can be defined in a specific document, as a linked document, or as a separate part of the document.
What is Contract Management?
Within the context of ITSM, contract management is used to manage the life cycle of contract maintenance, such as AMCs, quarterly contracts, or custom duration contracts. It encompasses contract drafting, execution, and analysis to improve an organization’s operational and financial performance while lowering financial risk.
Organizations are under increasing pressure to save costs and enhance their overall performance. Contract management is a time-consuming task requiring an efficient and automated contract management system.
Contract Lifecycle Management
Motadata ServiceOps as Contract Management Solution
Motadata’s contract management solution is ideal for creating, maintaining, and managing business and AMC contracts. It helps companies in managing legal agreements from a single platform. In addition, it makes creating, renewing, and maintaining contracts easy and on time.
What can you do with ServiceOps’ contract management feature?
Motadata’s ServiceOps allows adding various types of contracts that you can easily manage, such as –
Windows OS (license)
Apart from that, the contract management solution also allows businesses to –
Create Child Contracts
Contract Renewals/Renewal History
Reminder for expiration