IWT’s Contract Management solution delivers higher performance by staying ahead of expiring contracts, renewals, insurance certificates and supplier relations. As a contract repository, contract details such as term and renewal options, documents, contacts, bonding requirements, and insurance certificates are easily accessible and available on-demand.
An unlimited number of Email notification reminders can be customized for each contract, allowing the responsible user to set their desired delivery time. Contract Managers establish the contract term and available renewal options setting the basis for all event reminders and status reports. Using the application’s Term Wizard, users enter the contract start and end date and renewal options which can be based on weeks, months, and years. The wizard automatically schedules renewal dates and cues the associated reminder notifications for distribution at the appropriate interval. The activities of each contract are tracked and reported in the historical audit logs. A listing of actions is displayed chronologically. Reports include expiring contract lists, available renewal options, and insurance certificate expiration reporting. The contracting process can begin with a Bid Award from IWT’s Sourcing establishing a common link between the two.
Contract Management – Key Benefits
- One cloud-based, centralized system for all contract documents and attachments eliminating data stored in filing cabinets, various hard drives, spreadsheets, databases and address books.
- An unlimited number of Email notification reminders can be customized for each contract, allowing the responsible user to set their desired delivery time.
- All contract documentation including key supplier information, contract term (and renewal options), related resources, attachments, insurance certificates, notes, and reminders are available from a standard web browser.
- Role based security and audit trail generation help to ensure compliance with centralized policies and procedures.
- Government and education customers may provide public access to active contracts enhancing public relations.
Insurance Certificate Management
Insurance certification documents can be uploaded and attached to a supplier’s profile and associated with the contract. The insurance tracking feature will cue up and schedule email notifications reminding the responsible user that the supplier’s insurance policy is expiring. Key insurance information can be stored for re-call including the attached certificate, the start and end date, and related contract. Insurance information can be organized into client-defined types such as Auto Liability, General Liability, Workers Compensation, and more.