In Tropic, contract documents and contract records play distinct yet complementary roles in managing your procurement agreements.
What Is a Contract Document?
A contract document is a file containing the legal agreement for a purchase. This document serves as the foundation for creating a contract record.
Examples of contract documents include:
- Signed agreements
- Terms of service
- SOC 2 reports or other compliance documents
Contract documents can be uploaded in Tropic or forwarded from your inbox using your organization’s email forwarding address.
For details on how to use this feature, see Managing Documents Across Contracts and Suppliers in Tropic.
What Is a Contract Record?
A contract record is the structured metadata extracted from a contract document. It includes essential details like:
- Supplier
- Renewal Date
- Total Contract Value
Tropic uses this metadata to:
- Send renewal reminders, ensuring timely reviews and decisions.
- Track and report on spend and contract status.
- Provide a centralized view of contracts for easier management.
Each contract record includes:
- The main contract document.
- Other related files, such as compliance reports (e.g., SOC 2).
Why Are Contract Records Important?
Contract records streamline contract management by:
- Centralizing documents and key details.
- Automating renewal reminders to avoid missed deadlines.
- Enhancing visibility into contract spend and status.
Additional resources
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