Contract approvals allows you to associate an approval status with each contract. New contracts are given a status of “pending”. Once submitted for approval, the status will change to “in progress”. At this stage the contract will be subject to a workflow (which either you or the system can decide) that can be different for each contract depending upon the type or value of the contract. Once the approval process is complete, the contract will either be “Approved” or “Rejected”
Why Should I Use Contract Approvals?
Approvals can be used to replace one or more of your current paper based processes or to introduce new controls into your contract process. The reasons and the scenarios for using approvals will differ from organisation to organisation but here some typical use scenarios
- All new contracts within an organisation over a specific value must be reviewed/approved by the legal department;
- In order to ensure no contract data is missing and all entered data is correct, each new contract must be approved by the centralised Contract Administrator before being considered “Live”;
- The commercial arrangements on all new sales contracts over £1,000 must be approved by the Sales Manager;
- All procurement contracts entered into must be reviewed and approved by the Head of Procurement before the contract is committed to.
TIP: To be able to approve or reject a contract you will need to be set up as user. Note that Read only user have the ability to approve and reject
If you wish to start using approvals in your account, following the Approval Quick Start steps will help you get started with the least amount of effort. For more detailed information about Approvals functionality you can refer to the detailed Approval articles: Approvals