Faster and accurate change management
Smart letters
As construction projects progress, contractual changes are inevitable. Contract managers often receive requests to modify services, materials, or timelines after the commencement date of contracts. Zoho Contracts simplifies this change management process with its customizable smart letter templates and approval workflows. The platform automatically generates an amendment letter capturing all changes in a contract and ensures the letter undergoes approval before becoming active. These smart letter templates are also available for renewals, extensions, and termination.
Advanced analytics
Staying compliant with the latest regulations in the construction industry is non-negotiable. With clause-based reports, Zoho Contracts can help you analyze the number of contracts containing a specific clause and amend the clause language if necessary. With over 35 downloadable reports across different aspects of contract management, you can glean insights for better decision-making and derive maximum value from your construction contracts.
Automated renewals
Missing contract renewals in construction projects can lead to project delays, cost overruns, damaged relationships with suppliers or subcontractors, and expose your business to risks. Zoho Contracts automates renewal processes and provides timely alerts via in-app notifications and emails. This proactive approach ensures uninterrupted services, mitigates risks, and strengthens vendor/supplier partnerships.
Enhanced accountability and compliance
Obligation module
Construction contracts are often long-term and require tracking payments and other obligations. Without a proper tracking system, contract managers may overlook these contractual obligations, resulting in revenue leakage and broken relationships. Zoho Contracts simplifies this process by offering an obligations module for adding, assigning, and managing obligations at a contract level. This improves compliance and accountability.
Central repository
Tracking and managing numerous construction contracts becomes effortless with a central repository. By providing centralized storage with advanced search and filter options, Zoho Contracts allows users to organize all of their contracts in one place and easily access necessary information. This also secures construction contracts from unauthorized access while improving visibility into all contract details.
Audit logs
All actions performed in Zoho Contracts are tracked at multiple levels and recorded in a central audit system. The activity tracking system provides granular insights on whether stakeholders have received email notifications, viewed documents, or performed the intended actions, along with the relevant timestamps. This ensures improved compliance and project performance.
Streamlined collaboration and reduced risks
Automated approval workflows
Given the volatile and regulatory nature of the construction industry, having mandated approval workflows for critical construction contracts becomes crucial. Zoho Contracts allows admins to create multiple approval workflows and associate them with different construction contract types. This provides an early opportunity for relevant stakeholders to review a contract's terms and conditions and stay aware of the involved risks and opportunities.
Online negotiation capabilities
Effective negotiation is vital in construction contract management. Your negotiation strategy and approach can greatly impact revenue and set the tone for your commercial relationships. With its extensive negotiation features, Zoho Contracts eliminates the hassle of multiple email exchanges by allowing vendors to review and redline construction contracts with secured access. It also allows you to keep track of the negotiation history and easily compare changes from previous rounds, enabling effortless collaboration among counterparties.
Contract authoring and real-time collaboration
Zoho Contracts accelerates contract creation with customizable templates and advanced document assembly features. Most importantly, collaboration during contract creation helps avoid silos between procurement, finance, and legal departments. Engaging with the right project stakeholders at the right time improves overall contract performance and mitigates unforeseen risks.
