INTRODUCTION
Zoho Contracts offers a comprehensive solution to streamline every stage of the contract lifecycle, from authoring to post-execution. With tools for drafting, negotiation, approval, e-signature, and automated reminders, it simplifies complex processes, ensuring accuracy and compliance at every step. By consolidating all aspects of contract management into a single platform, Zoho Contracts reduces administrative burdens, mitigates risks, and enhances collaboration, empowering businesses to handle contracts more efficiently. The flow chart below explains the entire process of Zoho Contracts.
STAGE 1 – CREATING AND AUTHORING A CONTRACT
STAGE 2 – COLLABORATION
Once the draft is ready, it’s submitted and a collaborator from within the organization is added. In Zoho Contracts, the contract owner can request a peer review from other members within the organization by sharing it with them. This can be accomplished by adding them as collaborators to the contract and assigning the necessary access permissions such as view only, comment only, fill fields only, comment and fill fields
STAGE 3 – APPROVAL
After this, an approval workflow is set, which can be either sequential or parallel. In a sequential workflow, approvals are obtained in a specific order. Once the approver first approves, the workflow proceeds to the next approver.
In a parallel workflow, however, the draft is sent to multiple approvers simultaneously. During the approval process, approvers can add comments and control the visibility of these comments, choosing to make them visible only to the contract owner or to all team members involved. Once the contract is sent for approval, approvers receive in-app notifications and emails, allowing the contract owner to track each step of the process, including whether the email has been viewed, approved, or is still pending. During the approval process, comments are addressed and resolved in real time, enabling a smoother transition to the negotiation phase.
STAGE 4 - NEGOTIATION
During the negotiation phase in Zoho Contracts, the contract is securely shared with the counterparty by setting password-protected access. The counterparty is notified by email and can then make necessary changes, add comments, and set visibility preferences, as in previous stages. Once they submit a final revision, they have the option to include a message and select a checkbox to ‘Proceed with Signing.’ If the counterparty decides not to proceed with signing, they can submit the revision without selecting the checkbox.
Upon receiving the revised contract, the contract owner gets a summary detailing the number of changes, comments, and whether the counterparty has agreed to proceed with signing. The contract owner can then review and resolve comments, sending the contract back for additional negotiation if needed. Multiple rounds of negotiation can take place, and Zoho Contracts allows users to view and compare all negotiation cycles for a clear record of changes. If the counterparty selects the ‘Proceed with Signing’ checkbox, the contract is marked as negotiated and moves to the next stage. STAGE 5 - SIGNATURE
The final stage involves setting up the signing order through Zoho Sign, integrated within Zoho Contracts, where the contract owner can specify the signing sequence and place signature fields in designated areas. The contract is then sent to the counterparty for e-signing, ensuring a streamlined and secure completion of the contract process. Once the contract is sent for signing, Zoho Contracts provides tracking features to monitor each step, including whether the email has been viewed, if the signing is pending, and whether it has been signed or rejected. Once the contract is signed and becomes active, the parties can download a certificate of completion through Zoho Sign. This certificate includes a complete audit trail of the signed document and serves as a legal safeguard, ensuring authenticity and providing documentation in case of tampering or legal disputes.
CONCLUSION
Ultimately, Zoho Contracts transforms the contract process from authoring to execution. By incorporating user-friendly tools and automated workflows it ensures that contracts are created, reviewed and finalized with ease.
