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Glossary

What are contract versions?

Contract versions are the successive drafts of an agreement made during redlining and negotiation, tracked so everyone knows which text is current and final.

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How contract versioning works

Every round of negotiation produces a new draft: one side proposes language, the other redlines it, and comments go back and forth. Version control gives each draft a number, keeps the earlier ones, and records who changed what and when. At signature, one version becomes the executed contract, and every later change should come through a formal addendum or amendment rather than an edit to the file.

Why it matters

Signing or performing against the wrong version means committing to terms nobody agreed, or missing obligations that were added late. Shared drives keep file history, but they do not tie versions to the contract record, compare drafts for unmarked edits or keep an audit trail that legal and auditors can rely on.

  • Consistent naming so the latest draft is obvious
  • A record of every redline, comment and approver
  • Comparison that exposes changes made without tracked changes
  • Protection against overwriting a draft
  • A history that shows how each clause reached its final wording

How Aavenir handles it

Contractflow keeps every version on the contract record, from the first draft to the executed copy, with Word redlines, comments and the approver of each change. Reviewers compare any two versions, and Aavenir AI flags edits that moved away from the approved playbook so a person can accept or reject them.

Keep reading

Contract execution Contract execution is when all parties sign the final agreed contract, making it binding, and carrying out its obligations begins from the effective date.Read more Contract addendum A contract addendum is a document added to an existing contract that adds new terms or detail, such as a new service, location or schedule, without rewriting the original agreement.Read more Contract approval Contract approval is the step where the right people review and authorize a contract before signature, based on rules such as contract value, type, risk and any deviation from standard terms.Read more

Frequently asked questions (FAQ)

Common questions

What is contract version control?

It is the practice of numbering, storing and comparing each draft of a contract, with a record of who made each change. It makes sure people negotiate, approve and sign the right text. See Contractflow.

Is a file sharing tool enough for contract versions?

It keeps file history, but usually not the link between a draft, its approvals and the final signed copy, and it will not catch edits made without tracked changes. Contract teams need both the history and the context. Read about contract approval.

How do you change a contract after the final version is signed?

Do not edit the executed file. Agree the change in writing, usually as an amendment or addendum signed by both parties, and link it to the original contract so the full set of terms stays in one place. Read about contract addendums.

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Schedule a demo

See your contracts run on one record.

  • 1 A 30 minute walkthrough Built around your team, whether that is procurement, legal, IT or finance.
  • 2 Your contracts, not ours Bring a few sample agreements and watch Aavenir AI extract and review them.
  • 3 ServiceNow or standalone We show the deployment that fits the systems you already run.

Prefer to talk first? Contact the team.