Counterparties module guide

This Counterparties module guide covers the file Lextree keeps on every party your organization relies on or is answerable for — vendors, customers, advisors, banks, partners, and grantees — along with the coverage, tax, license, certification, and attestation evidence each relationship requires. It does not handle payments, procurement, or contract negotiation (counterparty contracts live in the Contracts module).

The Counterparties List and Adding One

The Counterparties List

Open Counterparties from the left navigation to see every counterparty you can access. The list identifies each counterparty, the organization that manages the relationship, and its relationship type — Vendor, Customer, Advisor, Bank, Partner, or Grantee. Filter with the row beneath the headers, and select rows to Export.

Adding a Counterparty

Adding a counterparty requires Editor access to the Counterparties module.

1. From the Counterparties list, click New.
2. Choose the counterparty (the organization or person you’re working with) and the managing organization (the one in your group that owns the relationship).
3. Set the relationship type — vendor, customer, advisor (auditor, counsel, tax preparer), bank, partner, or grantee — and any details, such as its criticality, the agreement basis, and whether tax reporting is required. A tax ID’s type and last four digits are recorded on the counterparty’s tax document instead (see Tax Documents and Certifications).
4. Click Save.

The same counterparty can be set up under more than one of your organizations, and the same firm can be a vendor to one of your organizations and a customer of another.

Coverage Requirements and Certificates

Coverage Requirements

A Counterparty Coverage Requirement is one coverage the counterparty must maintain for you — general liability, workers’ compensation, cyber, or another type — with the minimum limits you require. The requirement shows whether that coverage is currently covered, lapsed, or no longer required, based on the certificates filed against it. A required coverage with no certificate on file shows as a visible gap, not as nothing to review.

Insurance Certificates

A Counterparty Insurance Certificate is the certificate of insurance (COI) a counterparty provides, filed against the coverage requirement it evidences, with policy type, insurer, broker, coverage limits, and effective and expiration dates. Add an event on a certificate to get reminders before it expires.

Licenses, Tax Documents, and Certifications

Business Licenses

A Counterparty Business License is the counterparty organization’s own permission to operate — a business, trade, or activity-specific license such as transport, health, or environmental — recorded by license name, issuing authority, and licensee.

Professional Licenses

A Counterparty Professional License is a credential held by an individual the counterparty relies on — its engineer, attorney, broker, or licensed tradesperson — recorded against that person and license type, along with your own verification: verified date, verification method, and whether it’s in good standing.

Tax Documents and Certifications

Counterparty Tax Documents cover W-9s, W-8 series forms, tax residency certificates, and VAT or GST registrations, recorded by document type and received date. Counterparty Certifications cover third-party credentials such as ISO, SOC 2, MBE, or WBE, recorded by certification name and certifying body.

Recording Counterparty Attestations

A Counterparty Attestation runs the file the other direction: it’s evidence one of your organizations gave the counterparty at its request — a compliance certificate, an assurance report, or a self-certification — rather than evidence the counterparty gave you. Each attestation records the attestation type, who signed it, and the date it was signed, alongside a next attestation due date so a fresh one doesn’t fall due unnoticed.

Qualifying and Accessing Counterparties

Qualifying a Counterparty

A workflow handles counterparty onboarding and approval, rather than a separate screen. Typically this is the Counterparty onboarding workflow template, launched from the Counterparties list. It walks through the request, the onboarding documents, due diligence, and approval, and finishing it creates the counterparty. (Workflow templates are available on Business and Enterprise plans.)

Who Can Access Counterparties

• Viewing counterparties requires access to the Counterparties module.
• Creating or editing a counterparty and its documents requires Editor access to the Counterparties module.

On Enterprise plans, access group scoping limits the list to counterparties within your assigned access groups.