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.
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:
Navigate to Procure → Contracts
Click + New Contract
Enter all applicable information.
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:
Navigate to Procure → Contracts
Select the applicable contract
Click the 3-dot options button
in the top right and select Edit Contract
Make changes as applicable
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.
Navigate to Procure → Contracts
Click the applicable contract
Click the 3-dot options button
in the top right and select Terminate contract
Make changes as applicable
Click Submit
Frequently Asked Questions
Q: Who receives notifications?
Notifications are pushed/sent to the contract owner by email/app, depending on their notification settings.
Q: What happens when a contract reaches the end date?
A: 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.
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.