Counterparty Initiated Contracts Overview
Contracts do not always originate from your organization. A vendor may send a draft proposal outlining service terms, a client might forward a signed agreement, or a partner may initiate a new business agreement. To manage such contracts, Zoho Contracts offers the Counterparty Initiated Contracts feature. This enables you to import externally initiated contracts into Zoho Contracts and record their entire contract lifecycle process, just like contracts created from your organization.
You can import the counterparty-initiated contracts in two ways:
- Draft contracts: When the counterparty initiates a contract and shares a draft copy with you, you can import it into Zoho Contracts to review and edit as part of the negotiation process, add signature details, and manage the post-execution activities.
- Signed contracts: When the contract is signed and a copy is shared with you, you can upload it and manage the post-execution activities within Zoho Contracts.
Feature Availability: Professional and above plans.
Counterparty Initiated Contracts' Workflow
1. Importing the Contract
You can import both draft and signed contracts initiated by the counterparty into Zoho Contracts by filling the contract details form. For more information, see Importing a Counterparty Initiated Contract.
2. Negotiation
You can review the draft contract by suggesting edits and adding contextual comments. Before sharing it with the counterparty, you can also collaborate on the contract draft internally. Once reviewed, share the document with the counterparty and continue negotiations until both parties reach an agreement on the terms. For more information, see Negotiating a Counterparty Initiated Contract.
3. Collaboration
Collaborators can edit the contract document, add comments, and contribute to the review, ensuring the document matches to the agreed terms. For more information, see Collaborating on a Counterparty Initiated Contract.
4. Signature Process
Once the contract is signed and a copy is shared with you, you can upload the signed document, attach any supporting materials such as the digital signature certificate, and add the signer's details. The contract will then be marked as legally binding and set to Active in the system based on its effective date. For more information, see Managing Signature Process of a Counterparty Initiated Contract.
5. Managing the Post Execution Activities
Once the contract is active, you can continue managing the post-execution activities of a contract, such as Obligations, Renewals, Extensions, Amendments, and Termination.
- Obligations - You can add obligations, assign them to obligation owners, and easily track and manage their progress. For more information, see Adding and Managing Obligations in a Counterparty Initiated Contract.
- Renewals - If the counterparty proceeds with the contract renewal, you can add and track the renewal details. For more information, see Renewing and Extending a Counterparty Initiated Contract.
- Extensions - When the counterparty-initiated contract term is extended, you can record the extension details to the contract and manage them accordingly. For more information, see Renewing and Extending a Counterparty Initiated Contract.
- Amendments - When a counterparty-initiated contract is amended, you can add and manage the amendment details. For more information, see Amending a Counterparty Initiated Contract.
- Termination - For counterparty-initiated contracts, you can either request termination from the counterparty or add termination details if already terminated. For more information, see Terminating a Counterparty Initiated Contract.
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