The Internal Review process is the first stage following a contract request. Once the contract creation is approved (if required), the user can initiate the Internal Review Process.
Overview of the Internal Review Process
Internal Review is a critical step where the contract is meticulously reviewed, edited, and refined within the organization before it is sent for third-party approval or e-signature. This process ensures that all followers have reviewed and agreed on the contract terms, maintaining accuracy and consistency.
Steps for Conducting an Internal Review
Receiving Contract Approval
Once the requested contract receives editing approval, the user can proceed to the Internal Review stage.
Editing the Contract
Navigate to the contract page and click on the "Edit Contract" button.
The editor tool opens, displaying the contract.
Using the Editor Tools
The editor tools provide a variety of features to streamline the review and editing process:
Minimize/Maximize Editor: This button allows you to minimize or maximize the editor. If you click "Maximize," the editor goes into full-screen mode, making it easier to work on the contract. Minimizing it will allow you to view and select other features of the tool.
Share Contracts: You can share the contract with third parties directly from the CMT tool for approval or negotiation. This feature enhances efficiency and ensures that all internal followers are promptly notified throughout the contract lifecycle.
Notify: Use this feature to send the contract to anyone within your organization. Simply enter their email address, subject, and a brief remark. This ensures that all relevant parties are informed and can participate in the review process.
Legal Gen (AI-powered Legal Assistance): This tool provides AI-powered legal assistance to help refine the contract. It offers suggestions, identifies potential issues, and ensures compliance with legal standards.
Clause Library: Access a repository of pre-approved clauses used by your company. This feature streamlines contract creation and ensures consistency across all documents. You can easily add clauses from the library as needed.
Notify
Send the contract to anyone in the organization by entering their email, subject, and a remark. This ensures that all relevant parties are notified and can participate in the review process.
Collaborative Editing
All contract followers can access the editor page. Followers can edit the contract, and any changes made are highlighted with the editor's name and timestamp.
Each change can be approved or rejected, with the decisions being visible to all followers.
Tag followers by typing "@" or "+", selecting from the list, and adding a comment. Tagged followers receive an email notification and can join the contract review.
Comment Section
Use the comment section on the left side of the editor to leave remarks or suggest changes. All followers can view and respond to comments, facilitating real-time collaboration.
Collaboration & Version History
In the editor, all edits are meticulously tracked, allowing users to manage changes efficiently. Users have the flexibility to accept or reject changes from the collaboration section. This can be done either individually for each change or all at once.
Version History
The version history feature displays all versions of the contract along with the changes made in each version. Whenever a change is made, a new version is created, enabling users to track modifications and view the specific alterations and their timestamps.
Finalizing the Contract
Once all edits are completed and approved by the followers, the contract is finalized.
The finalized contract can then be sent for third-party approval or e-signature, depending on the contract's purpose.
By following these detailed steps, users can efficiently navigate the Internal Review process, ensuring that all contracts are thoroughly reviewed and accurately prepared for the next stage.