Using 3rd party document workflows, contract owners can easily upload and compare versions sequentially, track a document's progress in your deal pipeline, and maintain deal process visibility for all collaborators!
Upload a Contract
Version history for 3rd party documents begins with uploading a .docx or .pdf document in the Contracts tab:
To view the current Version History for an uploaded document, click on the Contract Versions icon (little stack of papers at upper right) to open the version history panel.
Existing versions of this document are listed in sequential order, with information (metadata) about each version, including file name, date and time of upload, name of user who uploaded, and contract "status" assigned to this version:
To view the full text of any particular version, click on its Title (e.g. "Version 6") to open and view the full text.
Set Contract Status for New Version
To upload a new version of the document, click "New Version" in the panel and select a document from your computer to upload.
Then, set the "Contract Status" for this version of the document from the drop down menu. The contract status refers to this deal's location in Outlaw's 5-phase deal flow pipeline. Since you can quickly filter your contract repository by deal status, selecting a status for each version offers powerful tracking capabilities for 3rd party documents.
Quick tip: If you are still negotiating/red-lining, select "Review." If you intend to sign this version, select "Signing." If you are uploading a mutually-executed agreement, choose "Done."
You can attribute changes for this version of the document yourself, or to another user who is shared on the contract (for example, a teammate who approved the counter-party's most recent round of red-lines):
Adjust "Version Date" as needed to accurately reflect when this version was created, and where it should appear in the sequential version history:
Add a Description to give teammates more information about the important differences between this version and the last, such as "changes approved" or "ready for signing."
After adding all desired metadata, click purple "Upload" button to upload your most recent version. This version will be stored in the Contract Versions panel.
Update Version History
If you need to update information for any version, click the three dots to the right of that version; here you can edit the metatdata including deal status, who the version is attributed to, date stamp, and description.
Benefits of 3rd Party Deal Progress & Tracking
Uploading each version of a contract as it progresses from draft to completion provides a record of the deal's history. When red-lines are received from a counter-party, upload this version to save a record of the counter-party's suggested edits:
Once your team reviews these edits, upload your team's next version, which might also have red lines or which might be a "clean" copy ready for signing. Capturing the version history in one convenient location to the side of the contract viewer screen allows you to quickly and easily compare the most recent version to a previous marked up version received from the counter party.
And because sharing is available on uploaded documents, you can extend this visibility to your entire team and even externally:
- Share to provide visibility for current version of a document to any number of users, both internal and external.
- Set other users' permission to "Owner" to enable them to view previous versions and to upload new versions.
- When negotiation is complete, move seamlessly into signing with Outlaw's native PDF e-signature tool.