Contracts Management (Conventional Method)

• Contract Drafting:
  • Contracts are manually created using standard templates or custom drafting for specific agreements.
• Contract Review and Approval:
  • Contracts are reviewed by multiple stakeholders (e.g., legal, finance, and operations teams) through email exchanges.
• Negotiation:
  • Negotiations through in-person or online meetings, email threads, or phone calls.
  • Changes are tracked through different versions for future reference.
• Execution:
  • Execution through physical signatures or basic electronic signature solutions.
• Storage and Retrieval:
  • Contracts will be stored in physical file cabinets or scanned copies in digital folders.
• Monitoring and Compliance:
  • Deadlines, renewals, and compliance requirements are tracked using spreadsheets or calendars reminders.
• Amendments and Renewals:
  • Amendments are managed through addendums.
  • Renewal processes through auto renewal or periodical renewal.
• Closure:
  • Once obligations are fulfilled, contracts are marked as closed.
  • Manual archiving is used for record-keeping.