Contract Status

Contract Status - See the lifecycle stages of your contracts.

• Draft: The contract has been created using a template but hasn’t been sent to the counterparty yet. During this stage, we expect you and your teammates to make edits to the contract and ensure it’s ready for redlining. The next task is to send the contract to the counterparty for review.

• Redlining: The contract has been shared with the counterparty for review. During this stage, you can also request information using a customer questionnaire, which could be set up separately. In the redlining stage, you will expect the contract to be reviewed by the counterparty. You can expect contract terms and language changes based on discussions between the counterparty and your organization.

Note: A third-party contract/ customer paper that is uploaded starts off in the redlining stage, where the next task is to either edit the contract, mark it for execution, or send it across to the counterparty for review.

• Awaiting Signature: Once the contract has completed all negotiations, it moves to this stage, where the signatories can eSign and execute the document.

Note: A contract uploaded via the Sign Contract workflow starts off in this stage, where the next task is to place all the signature fields and send it across to the signatories.

• Executed: Once all parties sign the contract, it reaches this stage, wherein it becomes a read-only document and gets saved in the SpotDraft Repository.