Standard vs. Bespoke Contract Repository

Nomio offers two distinct kinds of contract repository – Standard and Bespoke. While both provide instant visibility over the key information in your contracts, they cater to different use cases and levels of complexity.

Standard Repository

A Standard Repository is designed to capture a common set of data points across every single contract in your portfolio. At its core are Standard Data Points, which cover essential details like the term of the contract, the parties involved, and any renewal mechanisms. These are routinely captured across all contracts in Nomio and form the basis of the repository.

For businesses with additional requirements, a Standard Repository can also be extended to include Custom Data Point packages. These packages allow you to track a list of additional data points that are tailored to your specific needs during the onboarding process, such as Payment Terms or Intellectual Property Rights. Once defined, these Custom Data Points are applied consistently across all contracts in your repository, just like Standard Data Points.

A Standard Repository is ideal for businesses with simpler contract portfolios. It provides a reliable, structured way to manage contracts where key information is universally captured and easily accessible.

Bespoke Repository

For portfolios with more complex agreements that contain a series of obligations, a Bespoke Repository provides a more tailored approach where each contract is treated as its own project.

In this type of database, Nomio surfaces every single time-bound obligation, deliverable and key date within each contract on top of the Standard Data Points that are already captured. This information is used to create unique timelines for each contract that highlight critical upcoming dates such as reporting obligations, review meetings, and key milestones.

Bespoke repositories are particularly beneficial for large contracts comprising of multiple schedules or appendices. Each schedule in the contract is split out its own document within the agreement, making it easier to locate and reference specific sections of the agreement.

For companies managing complex contracts littered with critical dates and obligations, a Bespoke Repository makes it easier to track these dates and gives you a clear view of what needs attention, ensuring commitments are met across a portfolio of large-scale agreements.

How to Choose

The choice between Standard and Bespoke repositories depends on the nature of your contract portfolio and your organisation’s priorities.

1. Portfolio complexity: If your contracts are fairly standard and don’t typically contain a significant number of time-bound obligations or key dates that you need visibility over, a Standard Repository offers simplicity and efficiency.
2. Pricing: Whilst a Standard Repository might have 50 different data points, a Bespoke Repository can involve thousands of unique obligations and deliverables, each varying from contract to contract. This added complexity, as well as the level of additional support typically required, means Bespoke repositories require significantly more work on our end. As a result, they are priced significantly higher than Standard repositories and are charged on a per-contract or per-project basis.
3. Scaling Up: A Standard Repository is a scalable and cost-effective starting point for growing contract portfolios. If your business requirements evolve, a database can be transitioned from Standard to fully Bespoke. It’s also possible to discuss doing bespoke work on a subset of your more complex agreements rather than the entire portfolio.
4. Compliance Risk: Certain industries and use cases involve contracts that carry high risks associated with non-performance of contractual obligations. In these instances, the Bespoke Repository is a powerful tool to ensure oversight of upcoming dates and deadlines across all of your agreements.