Explore Contract Management Pro

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 8 minutes to read
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    Summary of Explore Contract Management Pro

    Contract Management Pro is a user-friendly contract management solution designed for efficient contract handling. It allows users to create contract templates, clauses, and initiate both self-served and non-self-served contract requests. The solution supports e-signatures and integrates with external storage systems.

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    Key Features

    • Clause Management: Manage a comprehensive library of clause variations.
    • Word Document Templates: Create templates to generate contracts based on request data.
    • Microsoft Word Add-in: Add content controls in Word documents for dynamic data filling.
    • Contract Requests: Initiate self-served or non-self-served requests efficiently.
    • Obligation Management: Track and manage contract obligations for compliance and risk mitigation.
    • Contracts Dashboard: Gain insights into contract request volumes and manage workloads effectively.

    Key Outcomes

    Utilizing Contract Management Pro enables streamlined workflows for contract requests, whether self-served or non-self-served. Users can expect:

    • Efficient collaboration among users through structured workflows.
    • Reduced errors and faster processing of contract documents.
    • Improved compliance tracking and risk management.
    • Enhanced visibility into contract statuses and metrics.
    • Centralized access to signed contracts through the contract repository.

    Learn more about Contract Management Pro through a sample workflow and review the benefits it can provide.

    Contract Management Pro overview

    Contract Management Pro is a contract management solution that's easy to use and adopt. You can use it to set up contract document templates, clauses, clause variations, and initiate contract requests. It also supports e-signatures and external storage systems.

    The components of Contract Management Pro are:

    Contract Management Pro benefits

    Table 1. Benefits of Contract Management Pro features
    Benefit Feature Users
    Effectively manage a library of clause variations. Clause Management Contract configurator
    Create contract templates or standard letters used to generate contracts or documents based on the values in the submitted request. Word Document Templates Contract configurator
    Add content controls that act as placeholder for the content in Microsoft Word documents on macOS systems and Windows systems using an add-in. Content controls can be added manually only on a Windows system. Microsoft Word add-in for ServiceNow Contracts Contract configurator
    Initiate self-served or non-self-served contract requests. Self-served and non-self-served contract requests Contract user
    Servicing of self-served contract request Use self-served contract request Contract user, Contract fulfiller
    Revisions, approvals, and signature for non-self-served contract request Use non-self-served contract request Contract user, Contract fulfiller
    Get review and feedback from the internal subject matter experts on contract documents. Internal review overview Contract fulfiller, Contract reviewer
    Get an insight on the volume of contract requests handled by your team. Using the Contracts Dashboard Contract fulfiller
    Work with actionable widgets to categorize, prioritize, and efficiently work on contract requests. Contract Workspace Contract user, Contract fulfiller
    Track and manage contract obligations to help ensure compliance and minimize risks. Obligation Management Obligation user, Obligation fulfiller

    Contract Management Pro workflow

    The following sample end-to-end workflow shows how different users can work together to configure the foundation data and submit, review, and finalize contract requests.

    As a Contract Management Pro configurator, take the following actions to set up the end-to-end workflow.
    1. Contract configurator creates contract type and associates with a contract model.
    2. Contract configurator creates clauses and their variations to be used in the document templates.
    3. Contract configurator creates document templates used to generate the contract document.
    4. Contract configurator configures placeholders for signatories.
    5. Contract configurator completes template mapping to automatically fill in information used in the contract template.
    6. Contract configurator publishes the document template to make it available.
    7. Contract configurator creates a template selection rule to identify the contract template to be used to generate the contract document for the contract request.
    8. Contract configurator creates an internal signatory rule to map the signatory to a template using signatory mappings.
    9. Contract configurator defines the contract repository where contracts are stored and maps data added to the contract document.
    10. Contract configurator creates a contract repository rule to configure reminders for expiring contracts.
    11. Contract configurator configures external storage to store signed contract documents and its revisions.
    12. Contract configurator configures electronic signature providers to enable signers to sign contract documents electronically.

    Self-served contract request workflow

    A workflow for a self-served contract request might progress as follows:
    1. The Contract requester initiates a contract request. For more information, see Initiating a contract request.
      • If there are no validation errors, a contract request is created in the Work in progress state.
      • If there are any signatory validation errors, the contract requester resolves them and resubmits the contract request.
    2. A contract document is generated from a contract template and the metadata, clauses, signatories, and tables are added dynamically as per predefined conditions.
    3. The contract requester edits the requests for any changes and creates a new version of the contract document using the Regenerate or Sync document option.
    4. The contract requester views the contract document.
      1. If no changes are required, the document is sent for signature.
      2. If any changes are required, the contract requester submits a change request.
    5. Based on the change request, the contract fulfiller can take the following actions.
      1. The contract fulfiller initiates an internal review process.
        1. The contract fulfiller submits a review task for internal review.
          Note:
          You can create parallel review tasks for the same contract document for different reviewer groups. However, you cannot create a review task for the same document with the same reviewer group if another active task already exists.
        2. A contract reviewer group manager can assign the review task, or a contract reviewer can self-assign it.
        3. The assigned contract reviewer starts working on the contract document.
        4. If the information is incomplete, the contract reviewer requests more information from the contract fulfiller.
        5. If a request for more information was submitted, the contract fulfiller shares the information.
        6. The contract reviewer reviews the document, accept or reject redlines, proposes edits, and adds comments.
        7. The contract reviewer completes the review and shares the updated contract document if available.
        8. The contract fulfiller receives updated document and makes the necessary changes based on the feedback.
          • For internal storage - If any changes are required, a new document version is created after finalizing the document.
          • For external storage - Reviewers collaborate on the contract document revision online in real time. Once the review is complete, the fulfiller can finalize the contract document that is available online or create a new offline version with the changes.
      2. The contract fulfiller initiates an ad-hoc approval from the stakeholders. If the review reveals any required changes, the changes are made and a new document revision is created.
      3. Once the document is finalized, fulfiller sends document to requester.
    6. The contract requester previews the generated contract and, if no changes are required, sends it to the signatories. If changes are required, the review and revision process continues.
    7. If external storage is configured, contract documents is stored in it. Otherwise, they are stored in ServiceNow instance.
    8. If any signatory declines the document, it is sent back to the requester to be reworked and the revision is sent for signature.
    9. The signed contract is attached to the contract request record.
    10. The signed contract is stored on the ServiceNow instance or an external storage system and referenced in the contract repository. The requester and department members can access the signed contract document from the Contracts repository.

    Non-self-served contract request workflow

    A workflow for non-self-served contract request might progress as follows:
    1. The Contract requester initiates a contract request from the workspace. For more information, see Initiating a contract request.
    2. A contract request is created in Draft state.
    3. The Contract requester uploads a single contract or multiple contracts and their supporting documents and classifies them.
    4. The contract fulfiller views the contract document attached to the contract request.
    5. If necessary, the contract fulfiller reclassifies the contract and supporting documents.
    6. If an expert review or feedback is required from internal teams, the contract fulfiller initiates internal review process.
      1. The contract fulfiller submits a review task for internal review.
        Note:
        You can create parallel review tasks for the same contract document for different reviewer groups. However, you cannot create a review task for the same document with the same reviewer group if another active task already exists.
      2. The contract reviewer is assigned the review task
      3. If the information is incomplete, the contract reviewer requests more information from the contract fulfiller.
      4. If a request for more information was submitted, the contract fulfiller shares the information.
      5. The contract reviewer reviews the document, accept, reject, or proposes edits, and adds comments.
      6. The contract reviewer reviews the contract and provides feedback. If a revised document is available, it is also shared with the contract fulfiller.
      7. The contract fulfiller receives updated document and makes the necessary changes based on the feedback.
        • For internal storage - If any changes are required, a new document version is created after finalizing the document.
        • For external storage - Reviewers collaborate on the contract document revision online in real time. Once the review is complete, the fulfiller can finalize the contract document that is available online or create a new offline version with the changes.
    7. The contract fulfiller uploads the revised contract to the contract request.
    8. The contract fulfiller emails the revised contract document to third-party contacts.
    9. View responses from third-party contacts in the activity stream of the contract request.

      Multiple iterations of revisions between your company and the third party might be necessary before the contract document is finalized by all parties. The review process may be conducted again with different reviewer groups.

    10. The contract fulfiller initiates an ad-hoc approval from the stakeholders. If the review reveals any required changes, the changes are made and a new document revision is created. The contract document can be sent for signature only when it has been approved.
    11. The contract fulfiller prepares for signatures by specifying the order in case of multiple contract documents, adding fields required in case of e-signature and sends the contract document for signature.
    12. Signatories review the contract document.
      • If no change is required, the contract document is signed by all the signatories.
      • If any changes are required, signature is declined, the user who is working on the contract request generates a new document and resends it for signature.
    13. The signed contract is stored on the ServiceNow instance or an external storage system and referenced in the contract repository. The requester and department members can access the signed contract document from the contracts repository.