Are Your Contracts In A File Cabinet & Who Knows Where Else?
Contracts are the cornerstone of your vendor management program, specifying in writing who you're working with & what the terms are. Too often though, this information is kept on desks, in cabinets, in your email folders — anywhere & everywhere but in a single, easily searchable location. VendorRisk changes that.
Assign contract responsibility
Each contract in VendorRisk is assigned an "owner" — the person at your company responsible for handling the contract throughout its lifecycle. The contract owner receives the email reminders and can easily login to VendorRisk to see the contracts they own, sortable by termination date.
Download your contracts from anywhere
VendorRisk can store all your contract-related documents — signed contracts, addenda, change orders, statements of work, etc. View & download the files anywhere, anytime, whether it's from your home laptop or your phone while sitting at the airport.
Keep track of SLA terms
The service-level agreement (SLA) specifies the deliverables that the vendor provides as part of the contract. Failing to meet certain terms can often result in the vendor being penalized. For example, as part of our VendorRisk contract, we promise 99.5% uptime per month. If we fail to meet this goal, then we add a free month of service to your current subscription period.
Given the importance of SLA terms, it's important that this information is documented and easily accessible so that your company can diligently compare vendor expectations versus actual performance.
VendorRisk handles auto-renewal contracts
If the contract is set to auto-renew, VendorRisk can automatically update the contract's start & end dates on the termination date. The contract will still appear on your dashboard and generate email reminders so that you'll be aware of the contract's impending termination.
Be Proactively Notified Of Contract Expirations Via Email Alerts
An expiring contract can result in up to 8 email reminders — 1 year, 6 months, 90/60/30/14/7 days out & day of. Rest assured that a contract's expiration will never sneak up on you.
Override the email alert schedule depending on the contract
For your really important contracts, you can elect to receive more email alerts than the default settings. And similarly if you don't want to be bothered with email alerts for the low-impact, auto-renewable contracts (such as a low-cost SaaS subscription), you can disable email reminders.
VendorRisk factors in the contract's notification requirement
Sometimes the vendor will require notification a month or two prior to the contract's actual termination date. If the notification period is specified for a contract, then VendorRisk automatically bases email alerts on the notification date rather than the termination date, ensuring that you receive the alerts in a timely manner.
Examples of reports you can run, save & export...
- Active contracts that automatically renew
- All contracts owned by the Marketing department
- All active contracts that don't auto-renew and expire within the next 6 months
- All contracts owned by you with a contract type of "Subscription" and added to the system in the past year
- All active contracts & their service level agreement terms