Keeping track of a contract's location and status is vital to maintaining strong vendor management practices and is beneficial on multiple levels:
- Tracking hard copies or digital documents makes them easier to find when a contract needs to be referenced.
- The contract may be awaiting approval on either side of the deal – tracking it helps monitor workflow internally and between the contractual parties.
- Keeping a tab on contracts that are up for renewal gives the enterprise time to evaluate the vendor before the renewal date has passed.
Use this tool to track location, status, and expiry dates of ongoing contracts. The tool provides advance warning of checkpoint dates for timely contract renewal decisions.