Bidsync

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Save Time, Reduce Costs and Improve Your Contract Management Efforts

A contract is one of the most important procurement documents administered by a government agency. Contracts dictate the financial, business and legal terms that define the relationships between vendors and customers. In fact, up to 80% of all business-to-business transactions are governed by a formal contractual agreement. Larger public agencies report that they maintain as many as 40,000 active contracts.

This sheer volume makes contract oversight difficult. When combined with the demands for accountability, proper governance and transparency faced by public agencies, the task can be daunting.

That’s why we developed BidSync Contract™, an innovative, easy-to-use administrative solution that accelerates contract execution, improves stakeholder collaboration and strengthens regulatory compliance on both sides of the negotiation table. Agencies can implement BidSync Contract as a stand-alone solution or as a fully integrated component of BidSync’s end-to-end procurement suite which includes BidSync Source™ and BidSync Purchase™.

Why BidSync Contract?

Manage and Maximize Contracts

For public procurement professionals, the contract dictates the terms of success. As agencies strive to ensure their constituencies are getting what they’ve paid for, real procurement value can only be achieved and maintained through proper contract management. Save time, reduce costs and boost the effectiveness of your contract management efforts with BidSync Contract.

Interactive Contract Management

Create, negotiate and execute agency contracts within a well-organized workspace that won’t leave you searching for missing contract data and documentation. Eliminate disorganized ink and paper trails and say goodbye to the days of chasing after templates, certificates and other required documents. BidSync Contract offers unparalleled document management and repository capability and seamlessly integrates workflow streams, approvals and key milestone alerts into a single process.

Negotiate Stronger Contracts

Procurement officers, legal teams and contracting officers typically rely heavily upon word processing software and email to draft agreements, establish version control and exchange redline edits. Merging and maintaining numerous multi-party contract documents, language and communications is a tedious effort that can hamper your negotiations and hinder the overall efficiency of the contract management process. BidSync Contract provides a powerful collaboration platform which mitigates risk and reduces clerical burdens so you can concentrate on tasks that matter when negotiating a contract.

Interface With Enterprise Systems

Gain 360 degree insight into the day-to-day processes of contract lifecycle management by integrating BidSync Contract into your agency’s enterprise system. The solution easily interfaces with other applications and systems to monitor total contract value and performance.

Online Negotiation

Make your negotiations more effective and productive with BidSync Contract’s negation portal. This online collaborative workspace provides secure access where buyers and sellers can conduct real-time contract negotiation. It enables users to transition to a fully electronic environment with dramatic improvements in security, efficiency and visibility while reducing contract cycle time.

Electronic Signature

The final step in any contract negotiation process is the signature. With BidSync’s fully integrated electronic signature capability, any document can be legally signed electronically. With simple drag-and-drop functionality, business transactions can be securely and quickly concluded. Many of our customers report that closing cycle time was reduced by half.

Insurance Certificate Management

Certificate of insurance management is an important process for any agency that works with contractors, subcontractors, service providers or vendors. By maintaining current and accurate records, agencies can better manage risk, minimize exposure, and monitor vendor compliance. BidSync Contract allows insurance certification documents to be uploaded and attached to a vendor’s profile and associated with a contract. As part of a comprehensive event notification capability, all stakeholders will be notified via email that a vendor’s insurance policy is expiring.

Reports

Quickly generate reports in multiple file formats for effective viewing of key contract data, such as expiration dates and current status. Use standard report templates or easily generate ad hoc reports to perform unique data analysis.

What’s New

Vendor Management

BidSync’s new Vendor Management portal streamlines vendor registration and qualifications management for BidSync eProcurement™ clients, allowing both government agencies and vendors to replace tedious paper-based processes with an interactive, cloud-based business profile.

Agency procurement teams can now rely on a single solution to create, approve, certify, track and evaluate all of an agency’s vendor accounts. This gives an agency better visibility into who their vendors are and what they can do to meet the specific needs and requirements of agency procurement.

Using the portal, agencies can search the Vendor Business Profiles to identify qualified and certified suppliers, and can assign performance ratings to vendors based on contract compliance or other metrics. Agencies can also provide vendors with specific registration or qualification criteria; vendors can submit required data, documents or certifications directly through the online portal.

In addition, the portal allows agencies to access a larger pool of qualified vendors and enhances tracking of metrics such as diversity qualifications and other program-specific purchasing goals.

Key Features

  • Full integration with BidSync’s suite of e-procurement solutions
  • Secure negotiation portal and contract repository
  • Protected DocuSign™ electronic signatures
  • Automated timetables, reminders and renewals
  • Powerful search tools and version control
  • An accurate audit trail for approvals
  • All contract milestone events automatically monitored and alerted
  • Standard and ad hoc reports
  • Requires only a web browser for user access, eliminating the need for internal IT support and hardware costs

Key Benefits

  • Realizes full savings and revenue through contract visibility and awareness
  • Ensures more control and better compliance throughout the contract lifecycle
  • Reduces legal, financial and regulatory risk through standardized language and reporting
  • Automates contract creation and collaboration to accelerate time to contract
  • Measures compliance, deliverables and performance on contracts and suppliers
  • Encourages rapid user adoption

Integration

Integration is crucial to effectively monitor contract performance and maximize the value of your contract management system.

BidSync Contract uses standard release scripts to connect seamlessly to business systems from Tyler Munis, SAP, JD Edwards, Oracle, Lawson, SunGard and many others. BidSync integrations can also export in real time or batch to any XML-compatible database or to a delimited ASCII flat file. Click here to learn more.

FAQs

Can I track expiring insurance certificates?

Yes. Insurance certificates and other documents can be uploaded and attached to a vendor’s profile and associated with a contract. As part of a comprehensive event notification capability, all stakeholders will be automatically notified via email that a vendor’s insurance policy is expiring.

Can contacts be signed electronically?

Yes. Our simple drag-and-drop functionality allows any document to be legally and securely signed using DocuSign™ electronic signature technology. All signed documents are encrypted and a complete audit trail is maintained.

Will I get a notice of contracts expiring?

Yes. As part of our contract management capability, key milestone events can be defined and automatic alerts generated.

Can I generate reports as PDF or Excel files?

Yes. With a single click, standard and ad hoc reports can be generated and downloaded in PDF, Excel and csv formats.

Can I negotiate with the vendor through the system?

Yes. Our online negotiation portal provides a collaborative workspace where buyers and sellers can conduct secure, real-time contract negotiations.

Can I search all contracts for specific information?

Yes. Through our intuitive search engine, any word or clause can be identified down to a document level.

Additional questions

Please feel free to contact us if you have additional questions.

BidSync Contract

 


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Resources
BidSync Contract™ Resources

 

“BidSync has increased our efficiency by 90%.”

Robin Rios
Administrative Manager in the County Executive Office, Orange County

BidSync Contract™ | Cloud-Based CLM | BidSync.comBidsync.com

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