n. Contract Lifecycle Management (CLM) Stage and Status
- Nazar Abdul
- Niziya Saleem (Unlicensed)
Contract Stage and Status
| Status ID | Contract Status | Triggers (When Contract Status is changed?) | Contract CLM Stage | Description |
|---|---|---|---|---|
| 500 | Draft | Creation of Contract using Create Contract User Click | Authoring | New Contract document request has just arrived and starting to generate a contract from the template or starting to create a contract document from scratch. In this status, the Contract Document is being drafted or prepared with all the legal clauses in place. |
| 501 | Sent for Review & Approval | Send for Internal Review & Approval Action Click | Review & Approval | Contract Authoring is complete and Contract is ready for internal review and approval process. When the Contract is sent for Internal review, Stage is changed to "Review & Approval" and Status is set to "Sent for Review & Approval" |
| 502 | Approved | Internal Review & Approval Flow Completion by all persons in the workflow | Review & Approval | The contract is approved by all levels of approvers in the Approval Workflow Steps. At this time, the approved Contract status is set to "Approved" and Stage is "Review & Approval". |
| 503 | Sent for External Review | Send for External Review Action Click | Review & Approval | The contract is sent for external review, for example to an external party who is not already in CMx users list. At this time Contract Status is set to "Send for External Review" and Contract Stage is set to "Review & Approval". |
| 504 | External Review Completed | External Review Completion - Once an external party review is completed in CMx | Review & Approval | Contract review is completed by an external party (For eg: by an external lawyer). At this time Contract Status is set to "External Review Completed" and Stage is set to "Review & Approval". |
| 505 | Sent for Signature | Sent for Signature Action Click | Execution | The contract is sent for signature. At this point Contract status is set to "Sent for Signature" and Contract stage is set to "Execution". |
| 506 | Signed | Signature (manual or e-Sign) | Execution | The contract sent for signature is signed by all signing parties. At this time, contract status is set to "Signed" and contract stage is set to "Execution". In this Stage and Status: If there is an expiry date available CMx sends automatic expiry reminders 90,60,30,1 day(s) prior to the expiry date to all emails in Contract Owner + Notification List. |
| 507 | Active | Once the contract is signed by all parties and on the effective date of the contract when the contract starts to be in effect. | Live | The contract is signed by all parties and the effective date is current. At this point, Contract Status is set to "Active" and Contract Stage is set to "Live". In this Stage and Status: If there is an expiry date available CMx sends automatic expiry reminders 90,60,30,1 day(s) prior to the expiry date to all emails in Contract Owner + Notification List. |
| 508 | Expired | On Expiry Date | Closed/Discontinued | On Expiry date of the Contract, it is set to Status: Expired and Stage as "Closed/Discontinued" unless the Contract is renewed. |
| 509 | Canceled/Inactive/On Hold | On Cancel Contract Action Click | Closed/Discontinued | When the Contract is no longer required by the user, Contract is in-activated or de-activated using option "Cancel Contract". At this time, Contract Status is set to "Cancelled" or "Inactive/On-hold" and Contract Stage is set to "Closed/Discontinued". |
| 515 | Requested Changes | When a change is requested by a user for the contract | Review & Approval | The contract is sent for internal review and approval and in one of the workflow step an approver request changes to the contract with comments. At this time, the contract is set to Status: "Requested Changes" and stage to " Review & Approval". |
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