What is WorkflowContract Management
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The two most important contract workflows in contract management are for new contract approvals and contract amendment approvals. Each organization has variations of each workflow, and there are other workflows depending on company, industry, or process, but these two will illustrate the principles of contract management workflow.
Contract Request and Approval Workflow
Lextree takes advantage of your existing investment in Microsoft Word and Google Docs templates and contract library. You have an existing process for managing templates and redlining changes to contracts. Word processing applications like Microsoft Word and Google Docs do an excellent job of document redlining down to the comma. As word processing applications, they are especially focused on document authoring.
Lextree provides the contract request and approval process around the document authoring controls through Microsoft Word or Google Docs.
We will review how to create a contract request and approval workflow in Lextree and then how to use that request process in the field.
Contract Amendment Request
New contracts represent particular risk for the organization because there is a new set of obligations and requirements. While amendments might represent less contract risk, many organizations still want to impose an amendment request and approval process.
We will review how to use a contract amendment request and approval process in Lextree.