No more excuses for missing that contractual deadline

Felix   |   July 15, 2023

Contracts are lengthy documents containing business terms that you’ve agreed on, including milestones and key dates. 

Delivering on contracts post-execution requires a timely focus on deliverables, notices, and other tasks. Keeping track of dates and deadlines for numerous contracts, on top of your other everyday tasks, can be challenging – and unfortunately, sometimes mistakes happen, and an important date or deadline is missed.  

You no longer need to look sheepish in front of your manager, explaining why a deadline was accidentally missed due to a manual process (which could also have adverse financial consequences!). 

You can easily stay on top of your contract obligations from within Felix. The Felix Contracts module is your very own contracts repository that’s purpose-built. It’s designed specifically for Felix customers so you can store contracts against vendor profiles (when used with Vendor Management) and against projects (when used with Sourcing).  

Not only does Felix Contracts allow you to centrally store agreements within Felix, but it also features functionality enabling you to track key dates and add reminders so that you can: 

  • Proactively manage contract end dates that may change with extensions or renegotiations. 
  • Ensure contracts are closed or completed in time to avoid latent risks and manage financial health. 
  • Set reminders before a contract expiry to take necessary actions to extend a contract, start a new tender, or retender. 
  • Prevent missing an extension or cut-off for a contract, leaving you open to new rates, terms and negotiations. 

Let’s look at the key dates and reminders functionality in more detail. 

1. Use Felix to track key dates in one summary view 

Suppose you need to refer to a specific date within a contract. In that case, your current process might involve going back to the original document and skimming through lengthy files to find the information you need to reference. 

Felix Contracts brings key dates to life in one summary view so that you don’t risk missing important milestones that require an action completed on or before it’s due. 

Make key dates more accessible and bring them to life out of the contract document 

2. Set up email reminders for your team members 

Throughout the life of the contract, you may need to complete tasks on or before a key date specified in the contract to meet its obligations. To ensure these aren’t missed, you might find yourself setting a series of reminders in your calendar or making notes in a spreadsheet, which is time-consuming (especially when managing multiple contracts) and leaving you open to human error.   

Felix Contracts has a centralised and standardised method to track and remind you or your team members of important tasks. By creating reminders that align with key dates found in a contract, Felix will send out email reminders to designated recipients, prompting action.  

Organise your team and reduce risk by setting reminders

Reminders may be required for tasks surrounding upcoming pricing reviews, expiring liquidated damages or looming audits.  

See key dates and reminders in action 

Watch our on-demand webinar How smart contract storage begins with Felix, where we take a closer look at the Felix contracts module, including how to set key dates and reminders to ensure critical deliverables never get missed.  

 

felix-contracts-on-demand

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Want to see Felix in action? Feel free to request a demo here.

Felix
Felix operates a cloud-based enterprise Software as a Service (SaaS) and marketplace platform for the commercial construction and related industries. Felix connects Contractors and their third-party Vendors, automating and streamlining a range of critical procurement-related business processes.
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