Contract life-cycle administration focus on the cradle-to-grave management of contracts made with customers, vendors, partners, or employees. The process includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of minimizing risk and maximizing financial and operational performance.
Every contract life-cycle begins with an agreement, or contract, between two parties, a customer and a provider (contractor). The customer, who is the owner of the job or project, requests a product or service. The provider company, or his agent, bills the customer for the product or services that is delivered under the contract. The contract specifies the billing terms for the delivery and is the basis of the invoices that is send to the customer for payment.
The Purple Window Contract Billing solution supports he entire contract live-cycle from creation to retirement, supported by multi-level, multi-line contracts and an extensive list of payment calculations methods. Read more…
