A contract, by definition, is a collaborative document, especially when it’s a procurement contract. There are multiple stakeholders on the buyer side who will collaboratively work on the contract, and the supplier is a rather important part of the process too.
A procurement contract will probably involve the category manager, a buyer or several buyers, the legal department, a senior stakeholder or two for signature, and the account manager, legal, and executive on the supplier side. Several stakeholders may want to offer inputs to the contract terms. Legal, of course, will provide the main structure of the contract, but your category team and buyers may have specific service-level and pricing requirements, perhaps to be included as addenda. Senior team members may ask for inputs and then review and select the edits they want to use.
All of this is possible in SMART by GEP procurement software. Collaborative editing, access control, redlining, check-out/check-in, version control, side-by-side comparison, approval routing and attorney review processes are all part and parcel of SMART by GEP’s contract management function.
When the final draft is sent to the suppliers, the same editing and reviewing functionality is available to them. Suppliers can add their redlines and return the amended contract to you for review, before the final contract document is created. Everything is recorded for full audit trail, with full logging and non-destructive editing. This is how contracts work, this is how SMART by GEP works.