Project Contract Renewal planning

[sameer-bhardiya]

Goal/Vision:-

We aim to make managing contracts easier by setting up a system that sends alerts when deadlines approach. By automating emails and streamlining communication between finance and account managers, we want to ensure contracts are reviewed, renewed, and updated quickly and smoothly.

Problem Analysis

• The current project contract report lacks a system for managing contract renewals approaching their deadlines.
• Lack of automated notification: No automatic emails are sent to Finance upon deadline alerts.
• Limited approval flow: The process lacks a clear path for Finance and Account Manager approvals.
• Draft Creation: Currently, there is no interface available for contract draft changes.

Workflow:

1. Deadline Alert Notifiaction: The workflow begins when the system detects that a project contract's end date is within 30 days (or any specific day).

2. Email Notification to Finance: Upon receiving the deadline alert, the system automatically sends an email notification to the finance department.

3. Finance Initiates Trigger to Account Manager: The Finance Team, upon receiving the email notification, triggers a request to the respective account manager responsible for the contract.

4. Account Manager Drafts Changes: The account manager reviews the contract and drafts any required changes, such as adjusting dates, prices, scopes, etc.

5. Renewal Request to Finance Team: The account manager submits the renewed contract to the finance team for approval.

6. Approval or Edit Request by Finance Team: Upon receiving the renewed contract, the finance team reviews it and decides whether to approve it or request additional edits.

7. Account Manager shares Contracts with Client for signature:

8. Contract Signature by Account Manager: Once the contract is approved by the finance team or after any requested edits are made, the account manager signs the contract.

9. Upload Renewed Contract: Finally, the finance team uploads the renewed and signed contract into the project contract report table.

Suggested Solution

1. Deadline Alert Notification:

   • We are notifying the project contract whoever deadline is near.

2. Notification to Finance:

   • 2.1 Email Notification:

     • The system is configured to send emails to the designated members of the finance team.
     • The email contains pertinent information about the expiring contract, such as the contract number, client name, expiration date, and any other relevant details.

   • 2.2 Portal: Notification will be sent to Portal as well.

     • The portal includes a notification system that can send alerts or messages to users ( we can create a notification icon on the navbar).
     • When a specific event occurs, such as a contract nearing its expiration date, the system triggers a notification to be sent.
     • The notification contains relevant information about the event, such as the project name, contract name, and expiration date.

3. Finance Initiates Trigger to Account Manager

   • 4.1 Is there any UI or Screen?
     • Currently, within the project contract report UI, all project contracts are listed in a table format. We can add a button to initiate a request to an Account Manager. Additionally, an action icon can be included to redirect users to the UI where the project renewal process takes place. This Button is enabled only when a contract's deadline alert is triggered.
   • 4.2 From where the finance team will trigger a request to the respective account manager?
     • In the Project Contract Report table, a button will be provided in the action column to trigger a request to the respective account manager.
   • 4.3 What should be the UI options?
     • Text fields or comment sections where finance team members can provide additional context or instructions.
     • Buttons: triggers to initiate the request to the Account Manager for the renewal of the project contract.
     • Renewed Contract: Account manager Will upload New Contract.
     • Approved and Edit Req: There will be Button to approve or Edit Req. by the Finance Team.

   

4. Account Manager Drafts Changes:

   • 5.1How does the key account manager get renewal requests?
     • The Account Manager will receive renewal request notifications through both email and the portal.
   • 5.2 Can the account manager access the project contract?
     • After the finance team triggers a request to the respective account manager, an action icon will become enabled on my Project page. Clicking on this icon will allow the Account Manager to navigate to the action page. In Action page Account.

5. Renewal Request to Finance Team

   • How key account manager will create a draft?
   • How Renewal request will be triggered.
   • At this point, we can get the contract created through the Google Doc template.
   • In the future, we need to automate the process of creating a contract in the portal itself
   • where the renewed contract will be submitted.

6. Approval or Edit Request by Finance Team:

   • Where finance team will see the draft contract?
   • UI for Approval and Edit Request.
   • How does the finance team approve or request additional edits?
   • Is a UI screen needed for This process?

7. Contract Signature by Account Manager:

   • Signing contract emails with clients will be triggered from the portal.
     The key account manager will upload the signed contract on the portal itself.
   • If needed, we can remove the draft contract as well.

8. Upload Renewed Contract:

   • While uploading, the start and end dates will be updated, and the renewed dates will be visible on the project contract report.
   • The project Contract will be updated.