Phase 1: Setup
Setup begins when a new contract is generated.
The phase ends when all elements present in the Overview are filled in. Elements are the dynamic placeholders that get filled in with deal-specific info for each new contract.
If the Overview doesn't include any elements, or if no Overview layer is present, deal flow will skip Setup and move directly to Phase 2 (Draft).
If any elements are "open" (don't have responses filled in), the contract will remain in or revert to Setup phase.
Phase 2: Draft
At the beginning of this phase you are prompted to share the contract with other parties on the deal, and the phase ends when you have done so.
In addition to Draft phase, Contracts can be shared at any time by opening the Manage User's panel found at upper right of the contract screen:
Click here to learn more about sharing contracts.
After the contract is shared for the first time, it proceeds to Phase 3 (Review) and will not re-enter Draft again.
Phase 3: Review
Once a contract has been shared it enters Review phase, in which users are prompted to "review full contract." Users must click on "Contract" at top center to view the full legal contract document:
Once users have reviewed the full contract, they are prompted to sign. If parties are happy with the document as-is, they can immediately move on to Phase 4 (Sign). Otherwise, they may use in-platform negotiation tools to modify the agreement until it is acceptable to all parties or, alternatively, export the document to Word/PDF.
Click here to learn more about in-platform negotiation tools.
Phase 4: Signing
Once edits and comments have been resolved, parties may sign the document by tapping the signature box and e-signing with touch screen or keyboard.
Each signature box indicates "awaiting signature" until all parties have signed. Parties will be notified via email as signatures are added.
If one party signs the deal but it turns out further revision is necessary, a signer may clear their own signature before the contract is fully executed.
Clearing signatures returns the contract back to Review phase for continued editing.
Phase 5: Done
Once all parties have signed, the contract is "Done." At this point, the agreement is a legal document and cannot move backward.
All parties receive an email notifying them of the completed agreement, including a PDF attachment of the signed contract. The signed document remains in users' Contracts tab indefinitely, or until archived.