How often do you review your signed business contracts? If you’re a procurement professional, it’s likely the last time you looked was when you negotiated it. If that contract includes an auto-renewal clause, you may be unpleasantly surprised when you’re unable to terminate services with that supplier.
AppZen’s Contract Audit ingests your contracts, master service agreements (MSAs), statements of work (SOWs), service-level agreements (SLAs), and any other important documents to extract all the key terms. These key terms are then matched against incoming invoices and other documents to verify that the right contract terms are being enforced consistently. AI notifies you when your contracts are about to expire so you can prepare to renegotiate or possibly seek out a new supplier. It will also enable you to take advantage of favorable payment terms or prices before they’re poised to change. You’ll never have to worry that a deal has already expired or get caught off guard by surprise conditions or costs.
Stay ahead of auto-renewals
We’ve all been victim to sneaky auto-renewal clause. You’re in the process of looking for a new business software or custodial service, only to discover that your contract auto-renewed a few months prior and you’re locked in for another year. AppZen takes away this frustration and notifies you before the auto-renewal clause kicks in so you can determine if you want to continue working with a particular supplier or subscription service.
Identify missing contracts or clauses
You’ll never need to worry about a missing warranty or indemnification clause again. AI identifies missing or out-of-date contracts, contract clauses or requirements, missing expiration or insurance coverage, and any other key contract terms to make sure you’re covered. With this information, your legal team will have plenty of time to request the missing documents, protecting you from potential liabilities related to expired insurance or bad contract terms.
Be notified before contracts expire
Managing contract expiration dates can be tricky. Contract Audit automatically tracks your contract expiration dates. If they’re about to expire, AI will notify you so you have plenty of time to renew, renegotiate, or even consider other suppliers. With Contract Audit, staying on top of your signed contracts is easier than ever. With AI, you’ll have confidence that your contracts are up-to-date and include all key terms, expiration dates, and are supported with any necessary documents, including insurance coverage for onsite contractors. Contract Audit continuously enforces payment terms, pricing, discounts, and more so you’ll never be caught off-guard with a Net 15 payment clause when you negotiated Net 90. Your finance team will have the tools they need to control costs and have stronger negotiations with suppliers down the line. To learn more about how Contract Audit can help your company’s contract negotiations and enforcement, download our whitepaper.