Enhance client contact management in legal agreements with airSlate SignNow

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foreign [Music] world of service now and its incredible features in today's episode we will be driving into the powerful realm of servicenow contract management if you are looking to streamline your contract process increase efficiency and reduce risk you are at the right place so let's get started before we dwell into the specifics let's first understand what contract management is all about in simple terms contract management involves the creation negotiation and management of contractual agreements between organization and the vendors or partners it's a critical process that can often be a complex and time consuming now traditional contract management method in more often involves manual paperwork spreadsheet and fragmented communication this can lead to misplaced document delays and missed opportunities but fear not service no contract management provides a comprehensive solution to overcome this challenge one of the standard feature of contract is it centralized contract repository so you can store all your contract at one place with all your contracts stored in one place you can easily access search and review them whenever needed no more hunting through files cabinet or digging through countless emails right creating contract can be cumbersome task okay but not so not with service now with its intuitive interface and pre-built template you can quickly generate new contract plus you can configure automatic workflow that guide you through the entire contract life cycle for Drafting and to approval negotiating contract terms can often involve back and forth exchange with stakeholders simplify service now simplifies this process with this collaboration tool okay you can track changes and comments and inform multiple parties in real time discussion so say goodbye to Version Control headaches ensuring complies and managing risk a crucial aspect of contact management service now contract management comes group with the robust compliance tracking feature you can set up alerts for key dates monitor milestones and receive notification where contract terms uh due to review and so on okay so without wasting further time we will jump into the basics of contract management to the service now we will see how a contract is created okay what are models are available for the same and then we'll be thinking how we can see the overview of all the contracts which is within your organization so as you can see on my screen this is my personal development instance uh what do you have to do um in the filter Navigator just type contract and we'll get the application for the same and it has tons of things it's overview my approval and if you look into the contracts it has model one is the all okay which shows all the contrary business organization and then we have a segregation for the contract so the contract may be of type Insurance lease maintenance non-disclosure purchasing agreement purchase order yourself service software license subscription warranties term Center and so on so this kind of context can be there okay so let's create a new country first of all we go to the all and let's see how the contact looks like so this is the list View for the contract okay and as you can see the most important thing is like contact number okay what is the contact number which is the render for your contract okay name of name of the contract when it's get started when you get in what is the state so there are two things State and substrate we'll be looking forward for the same when we'll be creating a new contract Okay so let's get started and let's create a new contract so I will click on new to create a new contract and the first and foremost thing what you have to do is Define what kind of contract model you want to create okay so if you click on this it solves the segregation different categories so as you can see uh the contract came may be of insurance league is maintenance NDA and AI is non-disclosure agreement right purchase agreement purchase order and so on right so let's create um what we want to do let's create a service contract what service contract defines is like if you are if you are using service from some vendor right so that for example if if some some company is providing a support two incidents okay as one L2 incident so all the service agreement are drafted in the service contract then we have to define the vendor what vendor we have will be applying this contract to so let's select anything so let's take from Apple let's say service contact from Apple pretty nice right but then we can give any number so why they didn't specify a specific number right because the contract based on the vendors and based on the partners okay the contract number May Vary so they have made it an open string field so let's make it as as our demo one two three this is a contract number okay I will copy this out the name like now Apple service contract okay so in the model the contract assigned to for example leasement is more intense service all those things we can do right okay then after that we have parent contract what parent contract defines is like parent contract of the new contract if applicable okay you can select power contract for example there can be a pan contract and there can be some child contracts also right so for instance we don't have it then we have started so I will give the start date for tomorrow and then we have to give the end for the same so I will give it on 21st so this is the tenure in which this particular contract will be active and you can see currently the stage this draft the subsidies awaiting review so state may be our state defines the life cycle for the contract right so state may be draft active expired or canceled okay these are the four steps uh State and if you will talk about substrates so it can be awaiting review as you can see on the screen under review approved or rejected perfect then we have contract administrator okay so we'll keep it blank for now and then we have approval so we'll not give approve at this particular point of time which is just we'll keep all the things this business on and all this empty will go to the financial field so Financial Field we have invoice payment terms so basically the terms that explain how to pay the contract right for example net monthly account okay on net 30 something like that so I will I will I will give 30 okay then payment schedule is like what schedule will be following whether it's a monthly annually so on so it will come over here then we have payment amount What will the agreed payment amount so I will just give 320 200 for now then applicator tax defines whether a tax is applicable or not for the same right so we will get accepted total cost if if you add tax right if you have sales then if you add you can add percentage of tax right so for example for 200 rupees now if you put the effective tax rate at 7.75 percent it comes 15.50 of 200 and the total cost will be 215 then okay okay then we will have vendor account okay so when the account is the account number PO number and cost Center cost center is very important right so which call center it belongs to so for example let's go for customer support because we are taking a service service to do then we have renewal the water renewal defines is like what will the renewal option once the contract when should the counter get renewed and what should be the option during the renew and right so if we look at the options we have one year renewal two years in your three year annual right so we'll keep it one year renewal start date will be let's keep it 30. end it and you can queue on got adjustment type fixed manual CPM these are on the financial Downs right so we'll keep it fixed only and so on and then we have terms and condition so you can as you know whenever you you define any contract it will have some terms and condition which will be defined by a partner or vendor right so that terms and condition you can Define over here so let's select some predefined terms and condition probably it will have so let's go yeah and I will go standard India okay and now we'll save it out contract inserted it's a star drafted awaiting Duo okay now if you click on this build terms and condition right so it will extract the content from that document and put it on on the on your page so for example if I click if I select the start ready now if you want to get the extract for it right so just click on this build terms and condition out of that dock and as you can see it has it has pulled all the information from that Dock and just how Incorporated it and on this particular contract so if I try to submit this out for review now it will probably not allow me because we have not provided the approval for this contract right and the state is draft itself so if I go for submit for approve it select and approve to view this contract perfect so in order to review this contract a person should have a contract manager role or admin role okay so let's select an approval so these are the people who have the contact manager role so I will click path and I will submission for you okay as soon as you submitted for review right so as you can see the state is under review okay and the state is trapped so what we'll do let's impersonate with Beth okay but until so first let's check whether the approach got generated for it or not if you scroll down we can see we can see the approval history in approval history it got triggered too bad engine at the same time let me explain you what are the related list also for the thing the child contracts will hold all the child contracts okay it's pretty uh straight for expense lines will be what expense will I follow this particular contract rate location cover is like for example a contract may be a geographical diversion can be there right one contract for example for India it will be different for us to Independence of that location what location it covered it will give over here user is like if it's a user based contract right so you can Define what all users are covered as a part of this contract if it's a group you can give group if it's a set you can give asset if it's CS you can give c as offering so you can Define what all things this particular contract is dealing with okay and then we have SLS what are the essay agreements for the same right so this is pretty clear let's go and I will just impose in it select just in personal path alternative user come on okay now we have impersonated a path okay now let's do one thing I will go to all contracts and in context there is my approval one I don't want to what is dashboard I'll go to my previous and you can see there is one contract checked created this particular what I have yeah service contract so let's just approve it out I can see the information okay this looks good this looks good and I'll just approve it out so as soon as I upload it out let's just end the impersonation and we'll go to free demo contract why to navigate through that and now you can see the substrate is approved the state is still dropped why right you must be asking the same question because it has a trigger you can see right what you have defined that the contract is getting started from 12th right but today is 11th that's the reason it can start as soon as it reaches the start date okay it it it will get triggered okay so basically how exactly it works at the back end so we have a scheduled job okay defined on contract table okay and basically what it does um it get executed every midnight okay and it will take care of all these contracts and what all needs to be done right so let's do one thing in order to move it to active right now that I will move the date to today's date so I will go to go to today so it's 11 I'll save this out and now as you can see it's got active right so currently is active and always keep in mind in contract date and subscript is always straight only okay so now a contract is active okay now as you can see on the top we have couple of options you can either update the contract adjust contract cancel the contractual construct or to release the contract so let's see how this option works okay so if you want to update the contract okay what all things you can update because the sorry for this if I go on and back so if I click on update so because we are not updating anything out right so you can update the control if you are changing certain things out whatever will be or what editable right so if I make a contact as then you can update it out right so that's one thing the other thing is adjust so what are things you can adjust so if I click on adjust so you can adjust start it and end it if you want to extend if you want to make the um make the con adjustment with respect to end it you want to combust into date or you want to extend it out you can go here or you can um change the amount also and if you do submit the adjustment it will again go forward okay then we have option to cancel the contract which will cancel the contract out okay okay then we have renew if you go to renew it it will give you options with respect to the renewal we have seen the renewal tab right so you can do the modification over there and then we have delete one right so these are the options which are present and you can see on the workflow side also how exactly it works the other interesting thing what we can see if you want to see the entire picture how the contact management works into your connection right what all contacts have you have what is the state of your contrary what is about to expand so on and so forth right so if you go to contract and if you go to this overview model so it's a dashboard okay which gives complete inside of your contract management module so if you see you can see active contracts by vendor what are the active contacts based on the vendor Group by vendors okay is that then what are the expanding contracts end of this week no contracts are getting expire end of this month two or the end of this year two are there so you will be on on alert Zone when when this particular contract will be about to end okay then we can see contract expenditure vendor on which particular vendor so as is the vendor on which the highest expenditure is done right then asses the next as apple and so on we have contract list and so on right so you can get the completely complete us uh complete overview from you okay so you can keep an eye over here so if I click on this end of this month so it will give mortal contracts is gonna end within 30 days you can see the expiration within 13 days right so this is how a contract management helps okay um so that's wrap up for today's episode on service now contact management I hope you found this over helpful be sure to like this video And subscribe to my channel for more exciting service on content don't forget to leave any questions or comment down below until next time stay tuned and stay productive with service now thank you