What is the difference between Lifecycle and Auto expire/reminder?
These two features of the platform Juridoc are distinct but can be confused and sometimes their goals can be mixed up.
We will avoid any misunderstanding thanks to this help article.
What Is a Typical Contract Lifecycle?
First, you need to understand what is a lifecycle of a contract.
There is no such thing as a universal contract lifecycle that every company uses and follow. Each has their own processes and steps but a contract will typically follow a lifecycle with the following steps:
- One or more drafts will be created before the contract is signer
- The contract will be signed and will be activated
- The parties perform their obligations according to terms of the contract
- If the contract is a master, one or more orders may be drafted, negotiated, and signed
- Parties may change contract terms through amendments over time
- If certain rights or triggers in the contract require it, parties may send each other formal “notices”
- A contract may be renewed for a certain term when the original term ends
- A contract may be assigned or replaced by one party to another, in events such as a merger
- The contract may expire or be terminated
Lifecyle of a contract is the monitoring of the timeline of the contract. From drafting to expiration! With this option, the platform will advise and notify you for each red-line and specific dates coming up!
What Is Auto expire/reminder option?
With this option, you can setup reminders to be emailed automatically to the signers that have not completed the document.
You can disable/enable when creating the document just above the “Workflow Section.”
We recommend setting up auto reminders on templates.
All new documents created from that templates will inherit the reminder settings.
Note: reminders can be sent to signers only