Chapter 1: Overview

The Contract Management product in GEP Quantum enables you to create, negotiate and aggregate contracts in a single centralized automated repository. Its end-to-end capabilities simplify the process of contract initiation, creation, approval, negotiation and management.

This product brings together procurement, legal, sales and other stakeholders across the contract life cycle in one intuitive, easy-to-deploy contract administration, management and compliance solution. It allows you to author, collaborate, and aggregate contracts in a central repository for effective contract compliance, administration, and utilization.

Every contract goes through several phases. Typically, after a successful sourcing, suppliers are identified, and the contract creation process is initiated. The contract language is then authored, further negotiations with suppliers take place, and then finally, the contract is approved and signed. The signed contract is then ready to go live on the contract start date. When a contract is live, you usually monitor supplier performances against the contract, assess risks, and make changes to the contract if required. Towards the contract end date, contracts are either renewed, terminated, or closed.