Creating Contracts – Step 1

Posted by: (September 14, 2023)

  1. Describing your contract
  2. The value of the contract
  3. The goal type
  4. How the payment will be made
  5. Setting the timeframe
  6. Allowing subcontractors to use these metrics

Achieving optimal performance in any project is heavily reliant on effective contract management. Econic offers a comprehensive solution by ranking and scoring all participants involved in real time. By closely monitoring contract performance, Econic generates insights and trendlines that provide a clear visual representation of progress, allowing for easy analysis and identification of areas that require attention. With Econic, you can streamline your contract management process with real time reporting and ensure efficient project execution.

1. Describe your contracts

When it comes to managing agreements with your buyers or suppliers, keeping track of performance becomes crucial. By providing the necessary details, this block will help you effectively track and audit the progress of your agreements.

Agreement Types – Choose from a variety of agreement types such as contracts, jobs, or projects to accurately categorize your agreements.

Title – Assign a unique and descriptive title to each agreement, enabling you to easily identify and differentiate them.

Description – Use this section to provide a comprehensive description of the work or services required for the agreement. Be sure to include all the important details to ensure clarity and avoid any misunderstandings.

2. The value of the contract

Here you enter the full value of the contracts, assuming all the payments associated with the contract, job or project.

3. Selecting your goal

You can choose the type of goal you want to track in this agreement.

Financial – follow the money

Productivity – follow the progress

Service level – follow how well the service is performed

4. Paying and getting paid

Econic allows you to effortlessly handle transactions, whether you need to make or receive payments. With the added convenience of third-party services and the option to invoice outside of Econic, managing the finances of your work or project is seamless. Meanwhile, the software tracks contract performance data and associated revenue in real time, ensuring you have comprehensive visibility into your business transactions.

5. Setting start and end dates

You can easily set the term of the agreement by clicking on the “Start Date” and “End Date” links. This will open a user-friendly date selection widget from which you can choose your desired dates to set the timeline for the agreement.

6. Allowing subcontractors to use the metrics

You may need to hire subcontractors to execute on your contract. In this case, you can allow them to use the same contract metrics if they will also hire out to fulfill their service for you.

Tap Continue to go to the next step, Payment Terms.