Learn how PDFs, along with changed processes and tools, can help you improve and update your contractual process!
Contracts are used by companies to manage performances, negotiations, modification or termination of contracts with different parties such as other companies, customers, distributors, contractors, vendors, or employees.
Any contract involves working closely with another person to reach mutual agreements and understanding on what is expected out of this contract. Generally, contract management involves 5 steps. Many companies follow these steps, but are stuck in the same old routine when the process could use an overhaul to improve the experience for everyone involved.
Here are the steps you should be taking, along with suggestions on how to improve each step through the use of a PDF tool like PDFelement:
Selecting the right contract template.
It is important to choose a contract type that is the most suitable for your transaction. Different contract types include terms and conditions, letters of intent, letters of agreement, interagency agreements, leases, and more. Working off of a pre-made template is incredibly helpful in this step, because you aren’t just starting from scratch. PDFelement has many templates available to choose from, and other similar software programs usually do as well. It is also helpful to have assistance from a lawyer or legal expert when putting your contract together to ensure that it meets all necessary requirements.
Easily collecting the required information.
All important documentation need to be assembled quickly so you have it beforehand to avoid any delays in the agreement. These documents may include paperwork and decisions such as payment schedule, budget plan, a proposal routing sheet, the scope of work required, etc. Again, tools like PDFelement help you collect this information quickly and easily with features that let you create and fill forms that can be easily sent to the person you are negotiating with over email. PDFelement’s data extraction feature also helps in this step.
Choosing the right negotiator.
It is usually the authority in power that acts as the negotiator. This official institution negotiates between the two contracting parties and ensures terms and conditions are acceptable for both. This negotiator consults all head department and offices before reaching any decision. The process could take up to several months depending on the complexity of the contract.
Reviewing the contract
This process is carried out by any high entity or corporation that reviews all clauses andnature of the agreement. This body ensures that all rules and regulations, sponsor rules and the company’s policies are followed. All original documents need to be sent for this process. Again, with PDFelement, collaboration and annotation tools allow many people to review and comment on a contractual document, so that you are aware of sections that need to be changed or updated.
Signing the contract.
This is the final step in the contract management process. Once the contract has been evaluated and approved, both parties need to sign the contract agreeing to comply with the terms of this agreement. With the digital signature features, scanning tools, or printing to PDF functions provided by PDFelement, this process is easier than ever. Either party can scan their signature to appear in the document, or digitally sign the contract. They can even scan the document by hand and then scan and print it to PDF so it can easily be sent back electronically. As well, with the security tools available in PDFelement, both parties can encrypt the document with a password to ensure confidentiality.
With the right digital tools like PDFelement, as well as by re-thinking old processes, you can vastly improve your company’s contractual process, resulting in much more timely agreements, and greater efficiency overall for your business!
Have any other tips? Let us know in the comments!