Creating a successful and well-executed contract is a seamless culmination of proper redlining, collective negotiation and meticulous editing. This process may appear cumbersome and complicated, but with the appropriate strategy, a revolutionary Contract Management Software and the right tools, it can turn out to be the easiest part of the entire contracting process.

Every contract is collaborative, is scrutinized by multiple eyes and has numerous teams working on it at any given point in time. Hence, keeping thorough records of alterations is critical to the integrity and security of a contract. If the collaboration is not proper or numerous systems make up the process, the result might not be favourable. A direct approach that should have taken limited time has now expanded into weeks or months of finalization upsetting internal and external teams. This, in turn, attributes to friction, increased work-load and can dry up sure-shot promising deals for any business.

DocuCollab Contract Management Software is a sure shot way to automate and accelerate your contracts, proposals, quotes and other document transactions by up to 70% and avoiding the abovementioned problems. Besides, we have compiled a list of six tips for managing edits and negotiations.

  1. Research, research and research some more!

    Each side wants the best deal in negotiations of all kinds. Transparent and beneficial terms are of paramount importance besides assuming the right amount of risk. A properly negotiated contract also forms the basis of strong future relationships, an additional incentive. Meticulous preliminary research is pivotal before the commencement of negotiations. Inside-out knowledge of the prevailing regulations, best practices, basic industry practices and the account of the other party is mandatory to ensure seamless contracting. Mastering the art of negotiating reasonably promotes good relationships both now and for the future.

  2. Engage Legal as early as possible!

    The Legal Department of any organization is an indispensable asset. Legal should be a part of the contracting process from the get-go as they play critical roles in reviewing and drafting contracts. Legal reviews each contract meticulously to ensure they’re compliant and is furnished with all the necessary information to altogether avert any form of liability in the long run. Legal also takes care of the way words are used in contract besides being the second set of eyes. They also offer extensive and comprehensive legal knowledge to ensure the creation of the best possible contract.

    Legal advisors are thoroughly adept at understanding and identifying key areas which might have been omitted in addition to keeping a tab on negotiation discussions. Their unique viewpoints and legal proficiency ensure that there are no missed terms or clauses in any contract.

  3. Always remember, collaboration is the key!

    An appropriate balance between productive competition and effective collaboration is the key. The legal team and the rest of the departments involved, be it, Procurement, Operations, or Sales should seamlessly join their efforts to ensure an optimized contracting process. When a document gets reviewed by multiple people of different teams, the likelihood of compliance issues and unwarranted mistakes are reduced drastically. When members of different departments work in tandem, an organized system appears to emerge and leads to success in the majority of the processes.

    However, it is important to note that, effectively collaborating every input is a difficult task. Hence, it is necessary to effectively maintain a system in-house to receive edits and feedback. In the case of DocuCollab Contract Management Software, Collaborative Editing is at the helm of affairs. It is equipped with real-time collaborative document authoring, speeding up the e-signature of critical business documents and ensuring seamless collaboration.

    Click here to read Contract Management is the Foundation of Your Business

  4. Effective and efficient communication is paramount!

    The actual negotiation process commences after numerous internal edits and Legal review. The key to this phase of the process lies in transparent communication. In the event of an unforeseen change, it must be clearly explained and properly communicated. The absence of proper communication channels may offend one or more parties sealing the fate of numerous contracts, proposals and future business opportunities. In the past, a change was communicated via phone calls or in-person meetings, rendering the entire process, cumbersome.

    Contract Management Software eliminates disruptions and optimizes the entire negotiation process. DocuCollab allows you to finish contracts faster by incorporating all the participants inside the system software. Now, colleagues, customers and suppliers can communicate effectively using DocuCollab through a system of merged conversation channels. It transforms every document into a separate conversation eliminating lost documents and version control issues. With centralized negotiations, entire teams can view and add to discussions and edits. The original draft is open for everyone to see and the reason behind every change is reflected in the comments section. This ensures that information is collectively available and is passed on from one person to another. Besides, DocuCollab records every conversation in the same software platform making it extremely easy to avoid vague questions and disagreements.

  5. Track every change!

    Alterations, modifications and changes are an integral part of any negotiation process. A very important part of redlining and sustaining compliance is to ensure that changes are tracked meticulously including the person who made them and the time of the change. In the past, tracking changes meant downloading a document, using Microsoft Word to edit it and then e-mailing the document back. In the unfortunate event of two people making changes simultaneously, document reconciliation had to be undertaken which was tiresome and could induce irreversible mistakes.

    Keeping in mind the limitations of Redlining using Microsoft Word, DocuCollab has come up with an effective Contract Management Software. DocuCollab offers seamless contract review and negotiation with industry-first online real-time document redlining, review and collaboration platforms making sure that every document is indeed a “clean” copy.

    Click here to read Six Complications of Redlining Contracts in Word

  6. Walk away if necessary!

    It is not uncommon to come across deals that go cold after this entire process. It may seem nonsensical but it’s true in every negotiation. Failed negotiations may happen due to several unforeseen contingencies like unfavourable redlining, failure to reach a mutual agreement and uncompromising rigidness. Prior mental preparation is necessary as negotiations can still come to a halt and either party can disassociate. It might not at all be an ideal circumstance but terminating negotiations and walking away from a contract at the right time is an acquired skill. An unwanted deal will only cost an organization money, time and resources in the long run.

    A contract management platform has many important features, such as Approval Workflow, Auto Extraction, Buy-Side (Suppliers), Completion Tracking, Compliance Management, Contact Management, Contract Drafting, Contract Templates, Digital Signature, Document Management, Full-Text Search, Lifecycle Management, Milestone Tracking Sell Side (Customers), and Speciality Contracts Version Control ensuring smooth and easy negotiations.

Click here to discover how you can automate every step of your contract management lifecycle through DocuCollab’s seamless contract lifecycle management tools.