End-to-End Contract Lifecycle Process Model

A End-to-End Contract Lifecycle Process Model is a end-to-end process model that ...

• Context:
  • It can be referenced by a End-to-End Contract Lifecycle Process (e.g. the one at Bank of America).
  • …
• Example(s):
  • one that decomposes it to: Contract Presignature Tasks (contract drafting, contract review, contract negotiation, Contract Signing, Contract Enactment) and Contract Postsignature Tasks (Contract Storage, Contract Monitoring, Contract Amendment, Contract Renewal, Contract Termination).
  • …
• Counter-Example(s):
  • Invoice Workflow Process Model.
• See: Contract-Related Process Model, Contract Workflow System.

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References

2024

• GPT-4
  • Main Stages of the Contract Lifecycle
    • Pre-Signature Phase
      • Contract Planning and Request
        • Contract-Related Needs Identification
        • Contract Stakeholder Engagement
      • Contract Authoring and Drafting
        • Contract Document Creation
        • Contract Template Utilization
        • Clause Selection
      • Contract Negotiation
        • Contract Redlining and Amendments
        • Contract Document Comparison
        • Contract Stakeholder Consultation
      • Contract Review and Approval
        • Internal Contract Review
        • Contract Revisions
        • Contract Approval Process
    • Post-Signature Phase
      • Contract Execution
        • Contract Signature Collection
        • Contract Record Keeping
        • Contract Notification
      • Contract Performance and Monitoring
        • Contract Obligation Management
        • Contract Performance Tracking
        • Contract Issue Resolution
      • Contract Amendment and Modification (if applicable)
        • Contract Change Management
        • Documenting Contract Changes
        • Contract Re-approval
      • Contract Renewal or Termination
        • Contract Relevance Assessment
        • Contract Relevance Decision Making
        • Execution of Contract Decision

2023

• GPT-4

Start Contract Process
 v
Stage 1: Intake
 |--> Receive Request
 |--> Initial Requirement Gathering
 |--> Triage and Routing
 v
Stage 2: Draft (if contract will be on org’s own paper)
 |--> Pre-draft Research and Analysis
 |--> Identify Templates or Precedents
 |--> Draft Preliminary Version
 |--> Internal Review and Approval
 |--> Send to Counterparty
 v
Stage 3: Review (esp. of third-party paper)
 |--> Pre-review Research and Analysis
 |--> Identify Playbook, Templates, or Precedents
 |--> First-pass Review
 |--> “Redline” Agreement
 |--> Internal Review and Approval
 v
Stage 4: Negotiate
 |--> Send Proposed Revisions to Counterparty
 |--> Additional Counterparty Communications and Negotiations
 |--> Manage Revisions and Maintain Version Control
 |--> Review Counterparty Revisions
 |--> Accept or Reject Changes
 |--> Final Review, Approval, and Escalation
 v
Stage 5: Sign
 |--> Send for Signature
 |--> Authorization Validation
 v
Stage 6: Store and Manage
 |--> Document Storage
 |--> Data Extraction
 |--> Obligation Tracking
 |--> Audits and Reporting
 |--> Renewals, Amendments, and Terminations
 v
End

2023

• https://contractlogix.com/contract-management/what-is-contract-workflow/
  • QUOTE:
  • Contract workflow entails the entire process of creating and executing a legal contract. Every organization’s contract workflow is unique, but all workflow falls into the same general pattern, as you’ll learn in this article.

    Key Takeaways

    • Contract workflow involves every step in the process of creating, executing, and managing contracts.
    • Contract workflows are used to follow the eight general steps of a contract’s lifecycle, starting with request and intake and ending with renewing or terminating expiring contracts.
    • Contract workflow can be made more efficient with the use of contract lifecycle management (CLM) software.
    • CLM software provides numerous benefits, including streamlining and automating the workflow, improving compliance, increasing speed, reducing errors, and reducing costs.
  • Contract Workflow Defined
    • Contract workflow is every activity an organization takes to create and legally execute a contract. Workflows can be defined for every step of the process, from inception and authoring through negotiation and approvals to execution and renewal or termination. Workflows are a key component of business process management and are designed to follow business rules to ensure compliance with an organization’s approved contracting processes.

2023

• https://de.hellosign.com/blog/refining-the-contract-management-process
  • QUOTE:
  • Not every step in the contract management workflow requires human hands. While each step in the process requires adequate attention to detail, many also allow for automation of certain key steps.

2023

• https://www.pandadoc.com/blog/contract-workflow/
  • QUOTE:
  • Contract workflow is the process of managing a contract from the time it is created to the time it is completed.

    It might seem simple at first, but there are a lot of steps along the way to take a contract from inception to completion...

  • Developing the right contract workflow for your organization is a complicated dance that involves bringing together multiple people, customers, users, and departments to facilitate the progression of the contract from creation to signature.

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