Best Practice Guideline – Contract Documentation Complete Flag on the Contract Abstract
The VendorInsight® Contract Abstract has many flags designed to be used as tools to help you with your Vendor Management Program. One useful flag is the “Contract Documentation Complete” flag, which can be set to “Yes” or “No”; it defaults to “No”.
Is the “Contract Documentation Complete” flag useful for my Program?
If set to “No”, the “Contract Documentation Complete” flag will keep the contract record on the Outstanding Actions & Items report as a record that has incomplete contract documentation. This is helpful if your program dictates that you house fully executed contracts, amendments and addendums in VI, as well as any other contract documentation you may want to file to ensure your records are complete. The documentation incomplete status will continue to show on relevant reporting to remind you that you still need to gather documentation.
The flag should be used in conjunction with the abstract Notes, which will allow you to type a list of the documents that are missing. The Notes will also appear on the Outstanding Actions & Items report, allowing you to use the report to gather the missing documents rather than going back to the contract record(s) to figure out what may be missing.
Once you have uploaded all documentation for a contract record, you would edit the contract abstract and change the “Contract Documentation Complete” flag to “Yes”. Once the change has been saved, the record will be removed from reporting as having incomplete contract documentation.
The use of this tool is considered a “Best Practice” in the system.
What if I do not want to use the “Contract Documentation Complete” flag?
The “Contract Documentation Complete” flag is part of the Contract Abstract, and cannot be turned off. If you decide it is not a useful tool for your Vendor Management Program, you would switch the flag to “Yes” when establishing the contract abstract for a record. Once saved, the record would show that all required contract documentation is considered complete.
This option is best if your Program does not require your VI system to house all contract documentation.
Keep in mind, you can reach out to your VI Program Administrator!
If you are still unsure about how to best use the “Contract Documentation Complete” flag for your organization’s Vendor Management Program, remember you can always reach out to your VI Program Administrator for help.