What is meant by Contract approval workflow?
The term "contract approval workflow" refers to the structured process that organizes and automates the approval of contracts within an organization. This workflow ensures that all relevant stakeholders are involved in the approval process and that the necessary steps for reviewing and releasing contracts are followed.
Typical software functions in the area of "contract approval workflow":
- Workflow Management: Automation of the approval process with defined roles and responsibilities for participants.
- Notifications: Automated reminders and alerts to stakeholders about pending approvals or necessary actions.
- Versioning: Management of different versions of a contract to track and review changes.
- Digital Signatures: Integration of electronic signature functions to expedite the approval process.
- Reporting: Creation of reports to track the approval status and analyze the efficiency of the workflow.
- Access Control: Management of user rights to ensure that only authorized personnel can access specific contract documents.
- Audit Trail: Logging of all changes and approvals for legal documentation and compliance purposes.
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