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Managing Contracts in Procurify
Updated this week

What is Procurify's Contract Management Tool?

With Procurify, you can manage contract spending by storing contracts in a centralized repository and linking them to POs and Bills. Our Contract Management tool captures critical contract details so your organization can intelligently manage spending and improve compliance. Contract Management is best used for capturing SaaS subscriptions, leases, consultants/contractors, insurance, statements of work, and milestone-based payments.

What are the benefits?

  • Upload active and historical contract documents to centralize important information, such as renewal dates, payment terms, and contract ownership.

  • Link Contracts to POs to capture how much spending has been completed against a contract, especially statements of work contracts.
    Note: Bills cannot be directly linked to contract management, only Purchase Order. Bills created against linked POs automatically appear under the bills tab in contract spend.
    (You must respective permission to view POs to see POs linked to a contract.)

  • Receive notifications about upcoming contract renewals so decisions can be made in advance to help with vendor negotiations and build better relationships. For information on how to set your notifications, see How to adjust notification settings.

Smart Upload for Contract Management

The Smart Contract feature mitigates the time and potential errors associated with manual contract entry, offering a solution that aligns with Procurify's commitment to streamlining procurement and contract management processes.

  • Automatic Data Extraction: Utilizes AI to automatically extract information from uploaded contract files, turning a time-consuming manual entry process into a seamless, automated flow.

  • Batch Processing: Allows for the upload and processing of up to 5 contracts simultaneously, each no larger than 20MB and 15 pages long, facilitating batch imports and enhancing efficiency.

  • Error Handling and Notifications: Provides immediate feedback on processing status, including alerts for uploads that exceed limits or fail due to size constraints, and notifications for successful or incomplete data extraction.

  • Auto-match extracted data against existing records such as vendors, payment terms and currency

How do I use the Contract Management Tool?

With Procurify's Contract Management tool, you can:

Contract management is part of the Procure Module. You must be a Purchaser or have custom permissions to access creating/editing Contracts and owning Contracts.

Creating a Contract

To enter a new contract into Procurify:

  1. Navigate to Procure → Contracts

  2. Click + New Contract

  3. Enter all applicable information.

  4. Click Submit

Note: Users must have access to access Contracts to be selected as a contract owner. If a user does not appear in the contract owner drop-down, please contact your organization's Procurify administrator(s) to grant custom permissions to access Contracts.

Editing a Contract

To edit a contract's details:

  1. Navigate to Procure → Contracts

  2. Select the applicable contract

  3. Click the 3-dot options button in the top right and select Edit Contract

  4. Make changes as applicable

  5. Click Submit

All changes will be captured in the audit log below.

Terminating a Contract

Important: Marking a contract as terminated in Procurify cannot be undone. Ensure that a contract has been terminated with the vendor before marking a contract terminated.

To terminate a contract.

  1. Navigate to Procure → Contracts

  2. Click the applicable contract

  3. Click the 3-dot options button in the top right and select Terminate contract

  4. Make changes as applicable

  5. Click Submit

Frequently Asked Questions

Who receives notifications?

Notifications are pushed/sent to the contract owner by email/app, depending on their notification settings.

What happens when a contract reaches the end date?

If the contract has not been marked for auto-renewal, the contract will expire on the end date. Otherwise, it will renew for the specified length/term.

How secure is my contract data during upload and processing?

Your contract data's security is our top priority. We use encrypted data transmission, secure storage solutions, and strict access controls to protect your data throughout the upload and processing stages.

Can I still manually input or edit contract details with the Smart Contracts feature?

Absolutely. While the Smart Upload option automates data entry, you always have the flexibility to manually input or edit contract details, giving you complete control over your contract management process.

How do I know when a contract has been successfully processed?

You'll receive notifications in-app once a contract has been successfully processed, keeping you updated at every stage.

What support is offered if I encounter an issue with Smart Upload for Contracts?

Our dedicated customer support team is always here to help. You can reach out through our support portal, email, or directly within Procurify for assistance with any issues or questions related to the Smart Contracts feature.

Additional Information:

  • If you are a Procurify administrator and are interested in this feature, please contact a Procurify representative.

  • If you do not see Contracts in your Procure module, contact your organization's Procurify admin to ensure the user permissions to access Contracts have been granted.

  • For all other vendor documentation not related to organizational spending, use Vendor Documents.

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