Never Miss a Commitment Again: Obligation Tracking with Contractzy
The moment a contract is executed, most businesses can heave a sigh of relief but in reality, it's only the start. Contracts are breathing contracts, full of obligations that must be monitored, managed, and met on an ongoing basis. From a payment date, a services delivery date, a compliance date, to a renewal date, missed obligations can result in penalties, litigation, and loss of reputation.
That's where Contractzy's Obligation Tracking feature helps.
The Problem of Keeping Track of Contractual Obligations
Most companies continue to use spreadsheets, hand reminders, or isolated emails to keep tabs on obligations. This method is susceptible to:
- Overdue deadlines due to absence of central visibility
- Audit compliance lapses
- Finger-pointing when accountability isn't explicitly owned
- Revenue loss due to forgotten renewals or delayed payments
When businesses have hundreds (thousands) of contracts to manage, this issue accumulates rapidly.
How Contractzy’s Obligation Tracking Feature Fixes It
Contractzy streamlines obligation management by converting every contract into an actionable task system. Through AI-driven extraction and intelligent reminders, obligations never slip through the cracks.
Core Features of Obligation Management in Contractzy:
Automated Obligation Extraction:
- Our feature reads contracts and automatically detects obligations like payment terms, delivery schedules, SLAs, or compliance obligations.
- No more manual data entry. Obligations are recorded at the source.
Centralized Obligation Dashboard
- One complete view of all obligations across contracts.
- Filter by department, contract type, or responsible stakeholder.
Ownership & Accountability
- Assign obligations to specific team members.
- Everyone knows what needs to be done, by whom, and by when.
Smart Reminders & Notifications
- Automated reminders of future due dates, overdues, or renewals.
- Reminders are customizable to be sent via email, Slack, or internal systems.
Audit-Ready Compliance
- Each satisfied obligation is documented with timestamps and digital evidence.
- Compliance audits are quicker, simpler, and hassles-free.
Real world example
Suppose a procurement team in a manufacturing organization:
- The supplier agreement calls for the delivery of raw materials in 45 days.
- The finance team needs to release a milestone payment within 10 days of delivery.
- The compliance team has to submit an annual report in order to comply with the regulations.
With Contractzy:
- Every obligation is mined and allocated to the appropriate team.
- Automated reminders keep everyone on schedule.
- Audit trail reveals precisely when every obligation was met.
Result? No missed deliveries, no payment delays, no compliance fines.
Why Obligation Tracking Matters?
No matter the region, contracts carry obligations that extend far beyond signatures. In India, missed compliance can lead to regulatory fines. In the US, it can trigger litigation. In Europe, it may mean GDPR violations. In the Middle East, it could disrupt billion-dollar infrastructure projects.
Contracts in India's regulatory environment tend to have elaborate compliance burdens (RERA in real estate, RBI in banking, SEBI in finance, etc.). Falling behind on obligations is not only a business issue but can also trigger legal attention and financial loss. Contractzy's obligation tracking helps companies remain ahead of these issues using automation, transparency, and accountability.
Conclusion
A signed agreement is the beginning of a sequence of obligations that can break or make business relationships. With Contractzy's Obligation Monitoring feature, companies have peace of mind with the assurance that each commitment is monitored, each stakeholder is held accountable, and each deadline is adhered to.
Because in contracts, missing an obligation is not a choice.
Also read: How to Effectively Manage Contractual Obligations: Best Practices
