Here is a demo video that shows you how to create your first contract:
Contract name*: The name given to the contract. For example, "Contract for cleaning services".
Contract number: Some contracts have a unique contract number. You can enter it in this field.
Status*: Select among the following statuses: Draft, Pending, Active, Terminated and Archived. By changing the status of a contract, you can manage the entire contract lifecycle in Contractpedia.
Category: Select a category from the default list or create a new category by clicking "Add new". You can edit and delete categories from Burger menu > Categories.
Company type: Select what type of company is to you the other party to the contract - the company that this contract is (would be) made with. You can choose between Supplier, Customer and Partner.
Company name: Select from the list the other party to the contract - the company that the contract is (would be) made with. Or, you can create a new company, by clicking "Add new".
Responsible person*: This is the person who is responsible to manage, review and take care of the contract. You can either select a responsible person from the list, or create a new one, by clicking "Add new". If you want Contractpedia to create automatic to-dos and notify the person when a contract is due to expire, then the Responsible person for the contract should be a user of Conractpedia. Make sure to connect the person's record to their Contractpedia user account. You can learn how to do this from here.
Location*: The Location in your company that the contract belongs to. For example, "London Office", "24 High Street" or "Building A". If you only have one location in the Company, you can simply create a Location called "Company HQ" of "Main Office". Your can either select a Location from the list or create a new one, by clicking "Add new".
Department: The Department that the contract belongs to. For example "Administration", "Sales" or "Finance".
Linked assets: You can link assets to this contract. For example if you are saving a service agreement for a photocopier, you can create the asset in Contractpedia and connect it to this contract. You can also link multple assets to the same contract. For example, a contract with a mobile network operator can have 20 SIM cards which you can create as individual assets and then connect them to one supplier contract. Dates & Periods Start date*: The start date of the contract. The date when the contract comes into force.
Dates & periods
Start date*: Select when the contract starts, or in other words, comes into force.
Expiration type*: "Fixed period" means that the contract has a set period, for example 1 year or 24 months. "Open-ended" means that the contract will run until it is terminated. This could be a contract that is billed month-to-month and the customer can terminate it by informing the supplier one or more months in advance.
Contract period*: If you select "Fixed period", here you have to enter the period of the contract. For example 1 year or 24 months.
End date*: Instead of selecting the Contract period (for example "24 months"), you can select the End date of the contract.
Automatic renewal: Many contracts have an automatic renewal clause. This means that if the contract is not terminated by a specific date, it would be automatically renewed and prolonged for a certain period of time. For example, if a supplier contract with an automatic renewal clause runs for 24 months and the customer does not notify the suppluer on time that he wishes to discontinue the contract, it would be automatically renewed for a new period, for example for another 24 months.
Renewal period: This is the automatic renewal period - the period of time that the contract would be prolonged for if no action is taken by a certain date to terminate it. In many cases the renewal period is the same as the original contract period - meaning that if a contract is originally running for 24 months, it would be automatically renewed for another 24 months.
Max. number of renewals: In some cases a contract can have a maximum number of renewals clause. This means that the contract cannot be renewed (prolonged) more than X times.
Termination notice: A termination notice is the formal notification of the end of the contract. For example, it can be 3 months. In many cases this means that if the customer does not notify the supplier in writing 3 months before the end date of the contract that he wishes to termiante it, the contract will be automatically renewed for a new period.
Denunciated: If the contract is about to be terminated, this information should be filled-in. Check the box next to Denunciated and select the Actual termination date (the date when the contract is terminated by sending a termination notice) and Actual expiration date (the date when the contract expires).
Type*: Select if the contract is related to paying money (Expense), receiving money (Income) or neither of these two (Non-monetary). Usually a contract made with a supplier is Expense, and a contract made with a customer is Income. Some contracts don't have a monetary value, such as Non-disclosure agreements and Data processing agreements.
Fee name: Enter the name of the fee, for example "Main contract fee", "Original fee", "Start-up fee", etc. Click on the plus sign to add another fee.
Amount: Select how much the fee is, for example enter 1000 if the payment is €1,000 paid every month.
Period and period type: Select the recurrence of the payment. For example, if it is paid every month, write 1 and then choose "Month". If it is a one-time payment, then simply choose "Paid once".
Billing start date: Optionally, you can specify the first billing date of the payment. Otherwise the default first billing date will be the contract's start date.
Billing end date: Optionally, you can select the last billing date of the payment.
If your last payment is after the end of the contract period, then you should enter a Billing end date for the last payment. This way the payment will be included and calculated in Expenses (or Income) and Remaining obligation even though it is outside the contract period. Otherwise the payments will end when the contract ends.
Estimated value: Check the box if the payment has an estimated (approximate) value. For example, if a software supplier charges you €100 per user every month and the user number varies between 8 and 12, then you can check the box here. Then you will see in other places in Contractpedia that the fee has an estimated value.
Index terms: This is an information field and it will not affect calculations.
Payment terms: Outline how, when, and by what method payments should be done. For example: Cash on Delivery, Net 8 days, Net 30 days, Please make payment within 10 days from invoicing, etc.
Attachments: You can attach contract documents from your local computer. Simply drag and drop files or click the button to browse files and upload them.
External links: You can paste links to contract documents or folders stored on cloud storage locations or on your local server. Click plus to add more. Comments Comment bubble: No matter where you are on the Contract form, you can click on the floating comment button and a window will pop-up. Simply type your comments and click Save. The text will be saved in the comments section and you can click again the floating comment button and add extra text that upon saving will also appear in the comments section.
Comments box: Add comments about this contract in the text field below. To-dos
Comment widget: No matter where you are on the Contract Edit form, you can click on the Comment widget icon and enter extra comments. They will be saved in the Comments box.
Assigned to*: The person who will be responsible to take action about this to-do.
Category*: There are four default to-do categories: Expiring contracts, Missing contracts, Renegotiate contracts, Review contracts. Select a relevant To-do category from the list or create a new one.
Priority*: Here you should select "High", "Medium" or "Low".
Due date: The date by which action should be taken about this to-do.
Comments: You can add comments about this to-do.