Vendor Agreement Generator

Fast track procurements by creating self-service, automated agreements that are ready to go.

The Challenges

Contracting with a vendor can become a bottleneck for progressing procurements. Document templates can be time-consuming to find, and outdated - one that doesn’t accurately reflect the current position of the business. The procurement team will often turn to the legal team to draft up procurement contracts that can take many back-and-forth conversations. This process is repetitive and tedious and is magnified by the hundreds of contracts that are involved with procurement processes each year.

How Checkbox Solves Vendor Agreement Generation

Challenges

How Does Checkbox Address It?

Many back-and-forth communications are often needed to generate bespoke vendor agreements between the procurement and legal division, leading to a long turn-around time. 

Empower the procurement team to self-serve the generation of draft contracts without having to rely on the legal team unless a review is required. 
 
Checkbox builds in smart, intuitive forms with complex rules and decision-tree logic, including calculations and weighted scoring to produce compliant-by-design contracts. 
 
These documents are automatically customised and can feature: 
 
1. Conditional clauses – only the relevant clauses are inserted into the document and numbered automatically. 
 
2. Dynamic tables to structure information in rows and columns that are adjusted automatically to the content. 

High risk of human error from manually creating agreements, and non-compliance if the incorrect, or an outdated template is used. 

The generation of documents is automated by populating an underlying master template which is compliant by design. 

Manual look up and rekeying of data from multiple sources, such as CRM systems. 

Data required for the documents is automatically retrieved from various systems including Hubspot, Salesforce, and SharePoint through REST API. 

The document execution process is hard to navigate with little guidance on key contact personnel and the conditions under which they should be contacted. 

Checkbox can codify complex document execution frameworks and delegation of authority to facilitate the approval process with a digital audit trail. 

Vendors experience a tedious and lengthy contract signing process by having to download, sign and re-send the contract. 

Leverage out-of-the-box e-signature functionality in Checkbox to provide an effortless experience and reduce friction and time to execution. 

Minimal visibility on the status of the document for internal staff who are asked to provide updates to vendors. 

The status of the document workflow is tracked on customisable Checkbox dashboards. Generated and signed documents are all stored in Checkbox and can be sent to store in other document repository systems. 

How Does Checkbox Automate This?

1. Member of the procurement team accesses the self-serve tool from their company portal:

A URL can be embedded inside the company portal for easy access.

2. Information is provided for the agreement:

Smart forms with on-screen guidance enables a self-serve but intuitive experience for the procurement team to provide necessary information to create contracts, e.g., contract start and end date, type of vendor, licence amount.

3. Checkbox automatically retrieves information from other systems:

Information from ERP, CRM, SCM systems, such as customer details, pricing, and clauses, can be retrieved to be used in contract generation.

4. Checkbox automatically generates the bespoke document:

Legally correct contracts are created inside Checkbox based on the customer details provided and in-built complex decisioning logic including calculations and weighted scoring.

5. Checkbox automates the decisioning process:

Built in decisioning logic to determine whether an approver is needed, and which level of approval is required.

6. Checkbox automatically sends the contract to relevant parties with requests to e-sign:

All relevant parties follow the DocuSign or AdobeSign experience to quickly and easily sign the document.

7. Checkbox can automatically store signed contracts in other document systems:

Signed documents are sent to store in central document repositories such as Google Drive, SharePoint, iManage, or NetDocuments.

8. Track the end-to-end lifecycle of the document through the Checkbox dashboard:

The real-time stage of the document, along with all contract and e-signature details can be viewed.

What’s the Return on Investment?

On average, with Checkbox, the procurement team save 1 hour* through streamlining the entire end-to-end journey. By assuming that 3,000 documents are generated per year, 3,000 hours from the procurement team can be used to re-focus on higher priority work.  

* Dependent on the document size 

Benefits

  •  Shortening the time for the procurement team to generate documents empowers them to focus on high value strategic work 
    Providing an intuitive, self-service tool for the procurement team reduces the dependency on the legal team for drafting the contract.
  •  Faster turnaround time for vendor contracts ensures projects and operations can be progressed faster
    The self-creation of compliant-by-design documents means that the legal team does not block the progress of their work. 
  •  Eliminate contract errors and maintain compliance
    By using compliant-by-design standard templates which are on-brand, human-errors are eliminated and greater compliance is achieved. 
  •  Improve maintainability
    Through no-code, the solution can be easily modified for any contract content, logic or format changes. 
  •  Improve vendor’s experience
    Moving from manual paper-based contracts to e-signature makes the contract generation process convenient and effortless for all parties. 
  •  Oversee the contract and e-signature status 
    Track the contract across the stages of its life-cycle process through the Checkbox dashboard. Upon signature, documents are automatically directed to the repository of choice. 

Key Features

  • No code app builder & studio
  • Smart and dynamic forms
  • Decision-tree logic 
  • Document automation and generation 
  • Automated email notifications
  • Approval workflow
  • E-signature and contract status tracking
  • Integrations with third-party systems
  • Tailored dashboards

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