What is a contract management template?
A contract management template keeps one record per agreement: what state it is in, what it is worth, when it starts and ends, and whether it renews on its own. Its point is simple: no contract auto-renews, or quietly expires, without someone noticing first.
In PromptLab it installs as a custom object linked to your accounts, with six sample contracts from an MSA to an NDA.
What's inside
| Field | Type | Choices and details |
|---|---|---|
| Contract | Text | |
| Status | Status | Draft, In review, Signed, Expired, Terminated |
| Value | Currency | USD |
| Start date | Date | |
| End date | Date | |
| Renewal | Select | Auto-renew, Manual, None |
| Counterparty email | ||
| Contract file | File | |
| Account | Link | Links to Account |
1One record per agreement
Contract, Status, Value, Start date, End date, Renewal, Counterparty email, Contract file and Account. Northwind MSA is Signed at $120,000, ends in a little over two months and is set to Auto-renew; Stackwise SLA is still In review.
Status runs Draft, In review, Signed, Expired and Terminated, and Renewal is Auto-renew, Manual or None, the field that matters most when the end date comes round.
Use templateContracts
Object · 9 fields
2End dates and renewal type together
End date is a real date field, so sorting by it puts the next contracts to end at the top, and the Renewal column next to it says whether each one will roll over on its own. The signed document goes in Contract file, on the record it belongs to.
3Make it fit your paperwork
Add a notice period, an owner or a link to the opportunity the contract came from. Every field and choice can be renamed after install, and a CSV or Excel list of your current agreements can be imported into the object.