[Use Case Templates] Contract Management 📑

 

❗️Note: Please make sure you’ve checked out our announcement about the changes related to the Use Case Templates in Wrike. In short, the Wrike’s Use Case templates are now available in the Space creation dialogue instead of Wrike Assistant.

 

Hey Community! 🙌

Our template series continues, and today we’d like to discuss Wrike’s Contract Management template.

Using Wrike’s Onboarding Templates

Account owners and admins on Business and Enterprise accounts and account owners on Professional accounts can access the Onboarding Templates gallery through Wrike Assistant.

Launching a template from the gallery creates a ready-to-use space in your account that consists of sample folders, projects, and tasks and may include additional work items and tools like Request Forms, Workflows, Custom Fields, Dashboards, Reports, and more.

Contract Management

Managing contracts can be complicated. Wrike’s Contract Management template is customized to help you manage all stages of a typical contract life cycle, from the request through approvals to renewals. 

In short, this template helps you to:

  • Never miss a contract request
  • Get early notifications of expiration dates
  • See everything in one customizable view 
  • Guide each contract through multiple phases using a single workflow

Consider this template a checklist for managing all your contracts, whether requests come in from your team or other departments. You can also use it as a ready-made structure by adding new projects and folders and/or editing the ones provided in the template. 

Let’s take a deeper dive into what’s included in the template and how to work with it.

Step 1: New incoming contract requests

New contract requests get submitted using the pre-created ‘Contract Request’ form. The requester fills out the client name, contract subject, requirements, length, estimated contract value, date submitted, and preferred draft completion date so your team has the necessary detail to get the contract process started.

Once the form is submitted, a project is created in the ‘New Contract Requests’ folder. Answers from the request form auto-populate the custom fields and descriptions within the new project so all-important details are in one place. 

Within the created project are six steps listed as tasks for completing the contract: preparation, draft, internal review, legal review, signing, and pre-renewal outreach. It’s best that you complete each task in order so that no detail, review, or approval gets missed along the way. Once you’ve completed every stage, you can cross-tag tasks to the ‘Active Contracts’ folder for easier organization. 

Projects use the included custom workflow and can be used to signify status updates.



Step 2: View all contracts at a glance

An important part of managing contracts is being able to track them at a glance.

The ‘Contract Stages’ dashboard – available by clicking the link under Tools in the top-left of the navigation panel – allows you to see all contracts’ statuses in one view. Completed contracts are not included in the dashboard, but can be referenced in the ‘Active Contracts’ folder at the left.

The contract tracking template also comes with a personal dashboard within the dedicated Contract Management area of your Wrike workspace based on tasks and filters assigned to the current user. The personal dashboard helps provide visibility for individuals working on the project or contract task because they can see what work is due today and this week along with overdue items.

Step 3: Contract reporting

When managing contracts, reporting on the status of requests, existing, and terminated contracts is just as important as progressing contracts to an ‘Active’ state. Wrike’s contract management template comes with a pre-built report to help you track your contracts – available in the Tools section of the Contract Management space:

Here, you’ll see a list of contracts and customers filtered by contract status. The columns display key values such as contract end dates, the draft completion date, estimated contract value, contract value, and contract length (annual renewal, short term, one-time, etc.). This centralized view gives your team a glance at all the critical details of contracts in flight without having to dig through separate contract folders.

Tip: you can also add custom fields such as ‘Contract Value’ to the report to get a more granular view.

You can customize this template to fit your organization’s needs - for example, changing the stage names and/or order of the stages. Admins can also change the workflow names.

 

We hope this dive-in is useful to get you started with contract management in Wrike.

If you’re not managing contracts in Wrike yet, but are interested in learning more about this template, be sure to let us know below 👇

 

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

Lisa Wrike Team member Become a Wrike expert with Wrike Discover

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I have a call tomorrow to discuss this very topic, so this is perfect timing!

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Oh, perfect, Sarah Dungey 😊

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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I appreciate this 'Template Series' as some of the topics are good timing for activities or evolution we are going through as a PMO. Plus, these templates can help speed up the onboarding process, wish some of this was in place when we started our Wrike journey.

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I'm really glad to hear you like the series Kevin Thalacker

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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We don't have a use case for this template, but it's super informative to see the custom workflows and dashboards associated. Thanks!

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Not really relevant to us - but I can see how a legal department would find this useful.

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Thanks Carolanne Mak, Debbie Brownlie 👍

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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I don't see a use case for us at the moment, but definitely sparking ideas down the road!

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I don't manage contracts inside of Wrike, but it's good to learn about this capability!

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Not relevant to us at the time but if the legal department changes or moves platforms, I will be able to provide this information.

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Thank you for your interest, folks! 😊

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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Thanks for sharing, but what I definitely suggest would be that you allow us to select individual colors for each stage. The pre-defined colors are not enough for this purpose (an issue/feature request already exists).

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Thanks for your feedback Sebastian Nemetz 🙌

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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I love this. Like some others, its not relevant for us right now, but I could see us using this template in the future. 

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Elizabeth Kennedy Bayer Thank you! 🙌 Hope it will come in handy when the time comes 😊

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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This template is great! I had created something very similar but extended it using Zapier to connect to Pipedrive CRM. When a deal is marked won in Pipedrive, it starts the process for contract and financial tasks.

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Thanks for sharing your process here Neyl Walecki 🤗

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

Lisa Wrike Team member Become a Wrike expert with Wrike Discover

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An idea we have not thought of, but could be a nice extension of Wrike usage.

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Please share your setup if you decide to start managing contracts in Wrike in the future, Sven Passinger 😊

Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover

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