FORM 2
THE PATENTS ACT 1970 (39 of 1970)
COMPLETE SPECIFICATION
(Section 10, rule 13)
An Integrated System for Automated Creation of Contract
Zycus Infotech Pvt. Ltd
an Indian Company registered under the provisions of the Companies Act, 1956,
with our Corporate office at GJ-07, SEEPZ++, SEEPZ SEZ, Andheri (East), Mumbai -
400096., Maharashtra, India.
THE FOLLOWING SPECIFICATION PARTICULARLY DESCRIBES THE INVENTION AND THE MANNER IN WHICH IT IS TO BE PERFORMED

FIELD OF THE INVENTION
The present invention relates to electronic procurement.
In particular, the invention relates to an integrated system for automated creation of contract.
PRIOR ART
The patent application US2004215467A1 discloses a system and method for electronic generation of RFQ.
Another patent application US2002007324A1 discloses a system and method that facilitates communications and commercial transactions between buyers and suppliers which further helps to make contract between buyer and supplier. But in this case, contract is not made by automated process.
There are many other patent applications which provide system and/ or method for contract management but there is system or method which is meant for automated creation of contract.

BACKGROUND OF THE INVENTION
Present invention provides an integrated system for automated creation of contract which includes integration of contract database with Auction and Bids Information system (iSource) and e-procurement system. Auction and Bids Information system (iSource) contains RFQ and/ or RFI sent by buyer to different suppliers while e-procurement system is meant for electronic procurement process for goods/ services. Present system is adapted for creation of contract between buyer and supplier by accessing information from RFQ and/ or RFI and requisition. Thus, present system saves time of entering information on contract template manually.
OBJECTS OF THE INVENTION
An object of the present invention is to provide an integrated system for automated creation of contract.
Another object of the present invention is to provide a system containing an integration of contract database with Auction and Bids Information system (iSource) and e-procurement system.
Yet another object of the present invention to provide an integrated system adapted for flipping the information from RFQ and/ or RFI of Auction and Bids Information system (iSource) and from requisition of e-procurement system into contract template based at least upon one/ more decision rules.

SUMMARY OF THE INVENTION
The present invention introduces an integrated system for automated creation of contract which is adapted for flipping the information from RFQ and/ or RFI present in Auction and Bids Information System (iSource) and information present in requisition from e-procurement system into contract. Said system comprising:
a processor unit; and
a computer readable medium storing instructions executable by the processor unit comprising:
Retrieval System to retrieve the necessary information from RFQ and/ or RFI for different suppliers present in Auction and Bids Information System (iSource) and from requisition present in e-procurement system;
Storing System to store the retrieved information of RFQ and/ or RFI and requisition on a computer readable storage medium;
Mapping System to map the information of RFQ and/ or RFI and requisition with contract fields;
Metadata Flipping System, adapted to flip the mapped information from RFQ and/ or RFI and requisition into metadata; and
Contract Creating System, adapted to create contract from the information of metadata. Present system saves time of entering information on contract template manually.

BRIEF DESCRIPTION
The invention will now be described in relation to the accompanying drawings in which:
Figure 1 illustrates a schematic of the system containing integration of Contract Database with Auction and Bids Information System (iSource) and e-procurement system.
Figure 2 illustrates the steps for automated creation of contract involved in the system.
DETAILED DESCRIPTION
According to the system of present invention, there is provided a database of contracts of suppliers. So while creating the contract which is present in this database, required information will automatically be fetched from Request for Quote (RFQ) and/ or RFI for different suppliers, present in Auction and Bids Information System (iSource) as well as from requisition, approved for raising purchase order (PO), present in e-procurement system.
Auction and Bids Information System (iSource), wherein, before providing bids for an auction, bidders fill information about their product details, prices of products, RFQ, etc. RFQ is information to the set of questions which are present in standard format. While, RFI is Request for Information.

E-procurement system is adapted for automated procurement process which includes searching the catalog in catalog database, selection of good(s) or service(s), approval of requisition by purchase department, raising PO and invoice(s).
According to the present system, information flows into contract database (iContract) from Auction and Bids Information System (iSource) and e-procurement system; said retrieved information is being mapped based at least upon one/ more decision rules; thereafter said mapped information is being flipped into metadata, which is further flipped into contract template.
According to an exemplary embodiment, an integrated system for automated contract creation, adapted for flipping the information from RFQ and/ or RFI present in Auction and Bids Information System (iSource) and information present in requisition from e-procurement system into contract; said system comprising:
a processor unit; and
a computer readable medium storing instructions executable by the processor unit comprising:
Retrieval System to retrieve the necessary information from RFQ and/ or RFI for different suppliers present in Auction and Bids Information System (iSource) and from requisition present in e-procurement system;
Storing System to store the retrieved information of RFQ and/ or RFI and requisition on a computer readable storage medium;
Mapping System to map the information of RFQ and/ or RFI and requisition with contract fields;

Metadata Flipping System, adapted to flip the mapped information from RFQ and/ or RFI and requisition into metadata; and
Contract Creating System, adapted to create contract from the information of metadata.
According to another exemplary embodiment, mapping of information from RFQ and/ or RFI present in Auction and Bids Information System (iSource) and the information from requisition present in e-procurement system with contract fields is based at least upon the one or more pre-configured decision rule(s). These decision rule(s) include assigning common unique identifier to fields in RFQ and/ or RFI of Auction and Bids Information System (iSource) or requisition of e-procurement system and corresponding fields of metadata and contract. E.g. if in metadata, field used is supplier name and in contract template, field used is vendor name, then mapping is done by assigning identifier to these common fields.
According to yet another exemplary embodiment, contract creating system is adapted for creating contract(s) by flipping the information from metadata into contract template which is further adapted for adding clause(s) to create new contract.
Present system facilitates user to define the common fields in the contract.
The fields which can be more common in the contract which can appear in metadata include but not limit to - Contract category, Contract sub category, Contract title, Date of contract, Product type, Supplier name, Value of contract, Contract Number, Contract

status, Start date, Expiry date, Renewal Date, Payment terms, Total value, Stake holder information, Contract contact person, Signing authority, Authorities information, Jurisdiction, Arbitration allowed.

We Claim:
1. An integrated system for automated creation of contract, said system adapted for
flipping the information from RFQ and/ or RFI present in Auction and Bids Information
System (iSource) and information present in requisition from e-procurement system into
contract; said system comprising:
a processor unit; and
a computer readable medium storing instructions executable by the processor unit comprising:
Retrieval System to retrieve the necessary information from RFQ and/ or RFI for different suppliers present in Auction and Bids Information System (iSource) and from requisition present in e-procurement system;
Storing System to store the retrieved information of RFQ and/ or RFI and requisition on a computer readable storage medium;
Mapping System to map the information of RFQ and/ or RFI and requisition with contract fields;
Metadata Flipping System, adapted to flip the mapped information from RFQ and/ or RFI and requisition into metadata; and
Contract Creating System, adapted to create contract from the information of metadata.
2. A system as claimed in claim 1, wherein said mapping of information from RFQ
and/ or RFI present in Auction and Bids Information System (iSource) and the

information from requisition present in e-procurement system with contract fields is based at least upon the one or more pre-configured decision rule(s).
3. A system as claimed in claim 2, wherein, said decision rule(s) include assigning common unique identifier to fields in RFQ and/ or RFI of Auction and Bids Information System (iSource) or requisition of e-procurement system and corresponding fields of metadata and contract.
4. A system as claimed in claim 1, wherein, said contract creating system adapted for creating contract(s) by flipping the information from metadata into contract template.
5. A system as claimed in claim 1, wherein, said contract creating system further adapted for adding clause(s) to create new contract.
6. A system as claimed in claim 1, wherein, said system facilitates user to define the common fields in the contract.
7. A method for automated creation of contract, said method adapted for flipping the information from RFQ and/ or RFI present in Auction and Bids Information System (iSource) and information present in requisition from e-procurement system into contract; said method comprises steps of:
- retrieving the necessary information from RFQ and/ or RFI for different suppliers present in Auction and Bids Information System (iSource) and from requisition present in e-procurement system;

- storing the retrieved information of RFQ and/ or RFI and requisition on a computer readable storage medium;
- mapping of the information of RFQ and/ or RFI and requisition with contract fields;
- flipping the mapped information from RFQ and/ or RFI and requisition into metadata;
- creating contract from the information of metadata.

8. A method as claimed in claim 6, wherein said method of mapping of information from RFQ and/ or RFI present in Auction and Bids Information System (iSource) and the information from requisition present in e-procurement system with contract fields is based at least upon the one or more pre-configured decision rule(s).
9. A method as claimed in claim 7, wherein, said method comprises step of creating decision rule(s), which include assigning common unique identifier to fields in RFQ and/ or RFI of Auction and Bids Information System (iSource) or requisition of e-procurement system and corresponding fields of metadata and contract.
10. A method as claimed in claim 6, wherein, said step of creating contract, adapted for creating contract(s) by flipping the information from metadata into contract template.
11. A method as claimed in claim 6, wherein, said step of creating contract further adapted for adding clause(s) to create new contract.
12. A method as claimed in claim 6, wherein, said method facilitates user to define the common fields in the contract.