Guarantees and Other Securities
Does your business or administration regularly give or receive guarantees or other securities in connection to contract liabilities?
Contracts are not the only liability type organizations need to manage. Often during contract management development, these crucial questions are raised:
- How do we manage the terms and documents related to permits?
- Where do we save our contract guarantee documents?
- Who will manage and monitor guarantees, their terms, renewals, and terminations?
Organizations often have guarantees related to contracts but may different parties, documents and terms (expiration) from the main contract. Similarly, the access principles may vary from contract management system environment since guarantees are often managed by different personnel.
It is essential to know which guarantees or other securities are linked to your contracts. Managing a connecting guarantees’ library within the same system as the contract management system has proven very beneficial for many customers. Contracts and guarantees can easily be linked or managed separately through categorization, metadata, and access profiles.
Contractia has designed guarantee system environments for a range of organizations, including transportation entities and consulting companies.
Does your organization manage various permits: e.g. building permits, environmental permits, export & import permits, or permits given by government authorities or other public organizations?
How do you currently manage permit-related documents, their validity terms, renewals or follow-ups?
Are permits related to contracts? Does a sales agreement include an export permit or construction agreement include building permits?
When permits are a significant part of your business functions or your organization has a large number of them, it is recommended to design and implement a permit management system.
Since permits can be given or received, a permit management system must include categorization and metadata sets to manage data related to permits. Permits typically will have their own access roles and are viewable to those who need access.
When a permit management system is created in the same system environment as the contract management system, it is possible to link and create relations between contracts and permits.
Contractia has designed permit management system environments for various organizations, including energy companies and telecommunications corporations.