What is the purpose of the Contract Management module?
The Contract Management module serves as a centralized platform to manage all your contracts efficiently. This tool allows you to store, monitor, and manage contracts from a single repository. It helps procure work as needed and identifies opportunities to save money. Once you verify a contract, we will email you a reminder before it ends (90 days by default). You can change this under Reminders.
Contract Management is available to companies that have it turned on. Contact your Customer Success Manager to get access.
How do I upload a contract?
You can upload contracts to the system in two primary ways:
Through an Awarded RFQ:
Navigate to an awarded RFQ and click the 'Upload Contract' button. This action will automatically attach the uploaded contract to the RFQ.
From the Contracts page:
Go to Contracts in the left menu and click Upload contract.
You can upload up to 10 contracts simultaneously. Upon uploading, our system uses artificial intelligence to extract key fields from each contract. If you upload one contract, you review it right away. If you upload several, they go to the Unverified tab so you can verify each one later.
These details will be saved alongside your contract.
Contracts must be PDF, DOC or DOCX files under 50MB. Supporting documents can be JPG, PNG, PDF, DOC, DOCX, XLS or XLSX files under 25MB.
What do we use artificial intelligence for?
We employ artificial intelligence to extract key information from your contracts, aiming to save time and reduce manual errors. This technology helps streamline how you access and utilize data within the contracts, such as identifying new opportunities for savings and efficiency.
How are my contracts organized?
Contracts are organized into different tabs within the module:
Active: Contracts with expiry dates that have not yet passed
Unverified: Newly uploaded contracts awaiting verification. These show the badge "Verification required".
Expired: Contracts past their expiry date
Archived: Contracts moved to this tab are archived
Right after you upload, contracts show as processing while we read them. This may take some time.
You can easily search and filter your contracts using several criteria:
Days to expiration
Property and property type
Region and service
Vendor and contract length
Effective and expiry dates
Annual contract value
Applying a filter will display an overview of the relevant contracts.
How can I identify opportunities to save money?
You can utilize the 'Opportunities' button to explore further savings by selecting from three options:
Identify highest spend vendors
Discover overlapping contracts
View all contracts expiring soon
The system will list all vendors meeting your specified criteria, including the number of contracts associated with each and their total spend.
What else can I do with my contracts?
Export: Export all your contracts, or only the rows you select, to Excel.
Quick filters: Show "contracts expiring in 90 days" or "Unverified" contracts in one click.
Summary: See the number of contracts, properties and vendors, and the total annual value, for the contracts in view.
Supporting documents: Attach related files to a contract.
Rename contract: Change a contract's name from the contract page.
Reminders: Choose how many days before the contract end date you want to be notified.
Vendors not on VendorPM: Select Enter a vendor not on VendorPM to track a contract with a vendor who isn't on the platform. They won't be invited to VendorPM.
Contracts on other pages: A property's contracts appear on its Contracts tab, and an awarded quote request links to its contract with View contract.