In Tomorro, a contract evolves through several statuses that reflect its progress, from preparation to signature, then throughout its lifecycle.
Here is a clear and structured overview of the existing statuses.
Understanding contracts under negotiation
A contract under negotiation can go through several successive stages.
Being in draft
The contract is being drafted but has not yet been shared with the counterparty.
It is only visible internally.
Being under negotiation
The contract has been sent to the counterparty or is under internal or external negotiation.
Discussions, comments, suggestions, or edits may take place.
Being in signature
The contract is finalized and awaiting signature from one or more parties.
Depending on the defined signing order, the contract may have different statuses:
To be signed by the counterparty
To be signed internally
These statuses make it clear which party needs to sign first in order to move the contract forward.
Managing approvals during negotiation
At each stage, one or more approvals may be required, for example:
Pending approval before sending to the counterparty
Pending approval before signature
As long as the approval is not validated, the contract cannot move to the next stage.
Understanding contract lifecycle statuses
Once the negotiation is completed, the contract enters its contractual lifecycle.
Executed contract
This status applies to contracts with instant execution.
All obligations and effects of the contract apply immediately after signature.
Active contract
The contract is in force and currently being executed.
The terms and conditions are applied and monitored throughout the contract duration.
Terminated contract
The contract has reached its end:
either because its end date has passed,
or because an open-ended contract has been terminated.
At this stage, no further action is required.