Managing the entire contract commitments and obligations lifecycle via an automated platform that creates, reviews and approves contracts, tracks commitments and obligations, and reports on ongoing contract compliance.
Generica Contracts adapts to your requirements and processes so that contract managers don’t have to master complex new procedures.
Any contract term can be identified as a commitment, risk, option, renewal, milestone or other actionable item using KCS innovative technology called "Smart Objects". Without leaving the contract document (whether in MS Word or PDF), contract managers can create and manage these objects just like database entries – with descriptive data, due dates, responsible parties and more, available right in the contract dashboard.
New contracts can quickly and easily be created with accuracy and consistency. Working within MS Word, you can import relevant, up-to-date standard terms and clauses from the standard terms repository into the contract draft.
Whether authored by your organization or counterparty, draft terms are easily turned into Smart Objects and automatically routed to reviewers for their approval or comment. Ongoing progress can be tracked in the Generica Contracts dashboard to ensure that commitments, milestones and risks are managed in a timely manner. Generica Contracts can also send reminders to begin the renewal cycle.
When amendments are created, amended terms can be highlighted, linked to the original commitments, and automatically distributed for review, approval, and tracking in dashboards. Later, managers can track the evolution of a term or commitment across its entire lifecycle.
Examples of common Contracts Management needs supported by Generica:
Contracts Risk & Options Management