Contract version

Contract version is functionality that allows making changes to the loan contract. A contract has an unlimited number of versions.

Contract version flow

1. Draft - the initial status of a loan contract version.

2. Draft confirmed - assigned when an initial loan contract draft version is confirmed.

3. Waiting for signature - appears if the loan product configuration requires the borrower's signature.

4. Waiting for activation - an intermediary status that appears once a draft is confirmed or signed.

5. Accepted - assigned when a loan contract version is accepted.

6. Activating - an intermediary status that appears before the contract version becomes active

7. Active - the primary contract version status, assigned once the draft is fully activated.

8. Blocked - indicates that the contract version is blocked. The version can be unblocked if necessary.

9. Default - appears when a loan contract is defaulted.

10. Replaced - a final status assigned when a new draft version is activated, replacing the current active version. Once replaced, the version cannot be reactivated.

11. Canceled - a final status assigned when a draft version is canceled. Once canceled, the version cannot be reactivated.

12. Closing - an intermediary status that appears before a contract version is closed.

13. Closed - indicates that the contract version is closed.

14. Reactivating - assigned when a closed loan contract is being reactivated.

Contract version use cases

Common use cases for loan contract versions:

• Setting up a payment holiday,

• Topping up a loan contract,

• Changing the loan contract end date,

• Changing repayment conditions,

• Changing interest conditions,

• Changing fee conditions,

• Changing penalty conditions,

• Changing limit amount.

Contract version management

In order to manage the loan contract version, the BackOffice offers the following options:

• Create contract version,

• Find contract version,

• Activate contract version,

• Cancel contract version.

Create contract version

To create a new contract version, do the following:

1. Find the loan contract in question.

2. Go to the Contract tab > click the Change contract button.

1. Fill in the new contract version details > Create.

Find contract version

1. Click the sign on the Version tab to view a list of available contract versions.

1. Review the list of all existing versions.

2. Click the desired version to open it.

Activate contract version

To activate a draft version, do the following:

1. Find and open a draft version.

2. Click the Activate button.

1. Confirm the draft activation.

Cancel contract version

To cancel a draft version:

1. Find and open a draft version.

2. Click the Cancel draft button.

1. Confirm the draft cancellation.