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.

It is only possible to have one active and one draft version at a time. However, you can have multiple top-up draft versions.

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.

A new contract version is created in Draft status and must be activated to apply the new conditions to the loan contract.

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.

A contract can have only one draft at a time. Once a draft is activated, the previously active version is assigned the Replaced status.

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.

Once the draft is canceled, its status changes to Canceled.