In a Contract Lifecyle, stage by stage the status of the contract changes in RIVO.
Below are the list of statuses available in RIVO.
When a contract is in drafting stage, User will have a option to input the data and save it for later
stage. user can retrieve the Saved contract at later stage and proceed to save the guarantee contract.
When the contract is under processing stage - contract will be "in process" status.
When Processor process(Sign) and Submit the contract for Authorizer's approval- the status
of the contract changes from "In Process" to "To Sign"
The contract is pending approval of Authorizer's signature.
When authorizer sign's and approves the contract, the status of the contract changes from
"To Sign" to "Approved" .
The contract is sent to Bank for issuance.
Once the bank verifies the data and release the contract. the status of the contract
changes from "Approved" to "Issued" status.
The Contract is issued to Beneficiary / Beneficiary bank.
If the bank is not happy with the provided data and if bank needs some additional data.
bank will have option to send back(Reject) the submitted contract to applicant.
in that case contract changes from "Approved" to "Rejected" status.
The contract is rejected back to Applicant.
If the purpose of the contract is done - bank user will have option to close the contract.
in that case contract will be moved from "Issued" status to "Closed" status.
Amendment signifies any change made to the terms and conditions of an LC after it has been issued
The Applicant will be allowed to amend the details(for instance changing the Expiry Date Increase/Decrease, Amount Increase/Decrease, and other related amendments) of the Issued LC and this request will be sent to the Bank for the Amendment to be Issued.
The status of the contract will be presented on the card:
See here additional information about the possibility to filter using the Status widget