Keep an eye on the fine print

Contracts are an essential part of business and everyday life. After all, they govern relationships and transactions such as payment obligations, agreements and warranties. Mismanagement and inefficiency can quickly lead to liability and unnecessary costs. Without professional contract management software, businesses, especially ones that handle a lot of contracts, find themselves overwhelmed. The risk of missing critical deadlines, or not having oversight of contract obligations, is just too great.

This is where contract management software made by ELO Digital Office comes in. ELO Contract is based on best practice methods for contract processes, enabling businesses to manage contracts with just a few clicks. The solution covers all phases of the contract life cycle:

Contract management calendar screen.

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Phase one: contract initiation

In the contract initiation phase, you can create contracts automatically using templates and the information stored in the contract file. Access rights and roles allow you to protect sensitive data from being compromised.

This is equally important when reviewing and approving contracts. The ELO workflow automates this process and ensures that you maintain transparency.

Phase two: contract management

With ELO, contracts and all relevant documents are stored in a central contract file. Original documents that must be retained can be attached to the digital file using a printed QR code.

When a contract is received, ELO Contract helps the user to record all the relevant contract details. The software provides preconfigured keyword lists (eg, client information, contract numbers or terms) for documenting the entire process in the ELO repository.

Phase three: contract maintenance

Define contract terms to meet your needs using functions for automatically calculating when a contract expires, is up for renewal, or needs to be terminated. A sophisticated reminder feature ensures you don’t overlook any key deadlines. You can also renew or terminate contracts directly in the software thanks to predefined processes and templates. ELO Contract not only provides functionalities for individual contract documents, but lets you keep track of all contracts in your organisation.

Phase four: contract governance

The contract management dashboard provides oversight in all contract phases, displaying information about the status in a convenient table view. Users can access the relevant contract file straight from the dashboard and initiate status changes, approvals, and termination scenarios, as well as monitor and review deadlines. The timeline gives full visibility into relationships between contracts, and there is an option to use daily exchange rate information when creating payment plans.

Contract management dashboard screen.

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ELO Contract has all the standard functionalities but can be easily customised to meet special requirements. “Our solutions can be easily adapted to the specific requirements of individual businesses,” says Kevin Nono, Managing Director of ELO Digital Office Africa. “ELO software is at home in businesses of all sizes and industries. We recognise our customers’ needs and know that everyone faces different challenges – but at the end of the day, it’s all about managing contracts”. 

• Monitor and review deadlines.
• Set up payment plans and monitor liquidity flow.
• Create detailed reports and analyses.
• See deadlines at a glance in the practical calendar.
• Monthly view with quick preview to navigate between days.
• Daily view in table form with filter, grouping, and evaluation options.

Would you like to learn more about ELO Contract and other ELO solutions? Visit our website: www.elo.com/za/contract.