Setting up a Vendor

Contract Management Process

Vendor contract management is the means of creating, negotiating, accepting, filing, and
tracking vendor (or supplier) contracts to facilitate legal, procurement, and finance depart-
ments to manage contract risks, revenues, renewals, and vendor relationships.

Compliance
Contracts Spend

Approvals Risk

Onboarding Performance

Request Reviews

Vendor Contract Management

Touchpoint between
Buyer and Seller

VS

For Vendors (Suppliers) For Buyers (Customers)

Helps to recognize revenue Helps to keep a track of spend

Vendor Contract
Management Process
Pre-Signature
Editing in MS-word
Negotiating over email
W Discussing internally over Skype / Slack / Messenger
Reviewing and tracking changes
Converting final version into PDF
Getting signed (wet or dry)
Sharing via shared drives

Post-Signature
Filing /Storing contracts
Managing contracts
Obligation Compliance
Renewals /Extensions

Manual processes do not let you manage all your contracts in one
single place and make collaboration challenging. To get approvals
faster and monitor KPIs across contracts’ lifecycle, embrace
contract automation through AI-enabled CLM software like

Aavenir Contractflow