Contract Revisions
Internal and external parties can both create revisions of a contract.
Definition
Revisions are maintained at the party level and are viewed differently by the internal and external parties. Revisions administer the updates of different users and enforce user-level locks. Until a revision is open, you can save multiple changes to it.
Revisions are available for review only to the members of the party. Revision numbers are maintained separately by each party.
Open revision
A contract revision remains open until a single user is modifying it. A new revision is created when a different user starts updating the contract.
A contract revision contains all the updates that are made by a single user that occur between updates by other users. It contains all information that is saved to the contract by that user. Even when a user saves a contract several times before someone else opens it, only one revision is applied.
When a new user starts changing the contract, the previous user’s revision is closed and available only for viewing by all users. Any changes that are committed to the contract by the second user become the next revision.
A user who has the contract lock can explicitly close a currently open revision by using the Close Revision icon. Changes to the header, parties, terms, language, lines, renewal terms, and events results in the enabling of the icon.
Close revision
A current open revision of a contract closes in one of the following ways:
- A user, who is not the same user who created the current version, saves the changes that are made to the contract.
- Reviewer finishes the reviewing task.
- Substatus is updated.
- User initiates contract approvals.
- Approval task is finished.
- Contract is executed or withdrawn.
- Current version is closed.
When a revision is closed, other users can compare it with other revisions. A new revision is also started.
Referring to contract revisions
While communicating with the members of your party about a contract, use the revision number and the last modified date, because a revision might be modified multiple times before it is closed.