An e-contracting process or life cycle consists of a number of phases where each phase constitutes activities confined to that phase. At a broad level, we classify e-contracting processes into three phases:
1.E-contract formation. The following steps take place during the formation of e-contracts.
General contract preparations are made, information for a request or offer of services is provided and contracting parties are identified.
Preparatory contracting process is performed where several contract negotiations are administered and managed.
3. Contract Negotiation.
Contract negotiations are performed, preliminary agreements are made regulating the steps on the proceedings of negotiations and a draft agreement serving as an example of the final contract is established.
The contract is finalized and work can commence or goods shipped. The enactment process is executed with signatures of all the participating parties.
2. E-contract management.
Contracting parties may have to apply changes to the e-contracts signed in the enactment phase. The e-contracting management system incorporates any variations (updates) of the e-contracts formed among the contracting parties.
3. E-contract archiving.
The finalized e-contracts along with other related contractual communications among the business parties are archived for future evidential purposes.