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
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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