In the post-execution stage, Zoho Contracts offers streamlined management of amendments, renewals, extensions, and terminations. A standout feature here is the use of automated letter templates: once any necessary changes are made and the draft is submitted, Zoho Contracts automatically generates the corresponding letter. This letter is then sent directly to the counterparty via email, ensuring efficient communication for all post-execution updates. This automation not only saves time but also minimizes the risk of errors in critical contract modifications.
In contract management, obligations represent the duties each party is responsible for under a legally binding agreement. To ensure compliance, these obligations must be properly tracked and fulfilled by both parties. Zoho Contracts simplifies this with an ‘Obligations’ tab within each contract, allowing the contract owner to manage all organizational responsibilities associated with a contract. They can create and assign obligations to team members, set reminders, and ensure timely completion.
In Zoho Contracts, obligations that require specific actions are termed ‘Task Obligations’ and are further categorized based on frequency:
- One-Time Obligations: Obligations that occur only once during the contract term.
- Recurring Obligations: Obligations that occur repeatedly, such as monthly or quarterly reviews.
This structured approach to obligation management helps organizations stay on top of contract requirements, ensuring smoother compliance and accountability across all stages of the contract lifecycle.
Reports:
Zoho Contracts offers a variety of standard reports grouped by key aspects of contract management:
- General Reports provides contract data based on attributes like status, type, department, approval workflow, and renewal type.
- Activity or Milestone Reports track contracts through different stages, from draft to active. Reports here include Contracts Pending for Approval, Contracts Pending for Signing, and Upcoming Renewals.
- Performance Reports analyses contract cycle efficiency, highlighting areas requiring attention. Such as an average Cycle Time by Contract Type, Top Contracts with Long Cycle Time, and Top Contracts with Most Approval Rejections.
- Clause Reports assesses clause usage, which helps manage regulatory or policy changes. Such as Clause Type vs. Number of Contracts and Clause vs. Number of Contracts.
- Obligations Reports focus on obligation tracking to manage risk. Reports include Overdue Obligations, Recurring Obligations, and Obligations by Priority.
- Counterparty Reports provide insights into contracts by counterparty, useful for strategy adjustments. Reports include Counterparties by Type and Counterparty vs. Number of Contracts.
- User Reports evaluate organizational performance, covering metrics like Users vs. Number of Created Contracts and Users vs. Number of Sign Declined Contracts.
These reports collectively empower businesses to improve contract oversight, identify process gaps, and optimize contract management strategies.
To conclude, Zoho Contracts is a streamlined effective approach designed to simplify contract management.
