Contract Management on Microsoft Dynamics 365 is an integrated solution for Finance and Operations that helps any line of business that outsources its work to a third-party vendor. Dynamic Netsoft’s Contract Management Software on Dynamics 365 is a comprehensive suite designed to streamline contract creation, execution, and analysis, supporting optimal operational efficiency within the system

Contract Management Lifecycle: A Comprehensive Overview

The contract management lifecycle involves the systematic stages of creating, managing, and concluding contracts. Here’s an in-depth look at each phase:

Initiation: The lifecycle starts by identifying the need for a contract, defining its objectives, and determining the involved parties. This stage sets the foundation for a successful agreement.
Authoring & Negotiation: Drafting the contract’s terms and conditions is the focus here. This stage includes negotiating with the other party to reach mutually beneficial terms, leading to a finalized agreement.
Approval: Before execution, contracts must be approved by relevant stakeholders, including legal, finance, and senior management. This step ensures that the contract aligns with business objectives and complies with internal policies.
Execution: Once approved, the contract is signed, making it legally binding. Signatures can be obtained electronically or in person, depending on the agreement’s nature.
Performance Monitoring: Throughout the contract term, Contract Managers track the performance of all parties to ensure compliance with the agreed-upon obligations. Key performance indicators (KPIs) and milestones are monitored to measure success.
Amendments & Modifications: If circumstances change or issues arise, the contract may need amendments or modifications. This could involve renegotiating terms, revising the document, and obtaining approval for the changes.
Renewal or Termination: As the contract nears its expiration, Contract Managers evaluate whether to renew, renegotiate, or terminate the agreement, considering performance and evolving business needs.
Closeout: In the final phase, Contract Managers ensure all obligations are fulfilled, final payments are made, and necessary documentation is completed. A post-mortem review may be conducted to capture lessons learned for future agreements.

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Key Features

Contract Order Management: Efficiently manage and maintain contract orders to keep projects on track.
Budget Control & Revisions: Monitor budgets and handle revisions with ease, ensuring financial control throughout the project lifecycle.
Submittals & Deliverables Management: Track and manage contract-related submittals and deliverables to ensure timely completion and alignment with project goals.
Inspection & Approval Process: Implement a streamlined request for inspection and approval process, ensuring quality and compliance at every stage.
Change & Dispute Management: Handle contract changes and disputes effectively, with built-in tools for tracking and incorporating changes into contract orders.
Contract Invoicing, Payments & Retentions: Manage invoicing, payments, and retentions with precision, linking deliverables to payment terms and enabling validation at the time of invoicing.

Comprehensive Performance Management

The platform offers a resilient solution for managing the entire contract lifecycle—from creation to execution and analysis—maximizing operational performance. Work progress can be closely monitored, and upon completion, inspections and approvals are facilitated for payment processing. The system also manages contractor disputes and tracks change orders, ensuring that all contract modifications are seamlessly integrated into the contract order.

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Contract Management Software on Microsoft Dynamics 365

by Dynamic Netsoft