6 Tips to Streamline Redlining and Negotiating in Contracts

1. 6 Tips to Streamline Redlining and Negotiating in Contracts By ​DocuCollab     © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

2.   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.  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                           © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

3.   mandatory to ensure seamless contracting. Mastering the art of negotiating                   reasonably promotes good relationships both now and for the future.  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.  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                             © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

4.   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  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.  © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

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  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.  © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

6.   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.  © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com