Contract negotiations can be long. There are many steps in the process and negotiations can take forever. In cycles that last weeks or even months, streamlining the process can reduce the risk of a fallout or legal issues. To help avoid unforeseen circumstances in your negotiations, here are 5 ways to help you streamline your contract cycles:
- Reduce friction between parties – When you send someone a contract, you want them to know about it instantly. The longer a contract is in circulation, the less likely it is to get signed. Notifying both parties of any changes helps keep everyone on the same page throughout the difficult process.
- Embrace technology – Use tools that let people see what the next step is and who is accountable for what. You’re less likely to come across snags in the chain when the next step in the cycle is laid out for you. In a world where you can be halfway across the internet in 3 clicks, knowing your next move is critical.
- Be transparent – Identify exactly who is responsible for what in the contract process. You can track any comments and securely make changes to your documents. This allows for accountability throughout negotiations and all rounds of edits. After all, accountability is key in getting anything done these days. And software can provide that for you from beginning to end.
- Reduce risk for error – Use company approved templates that have been checked for spelling and grammar. This process is also much more efficient. When you can start from a previously setup template, a lot of the times the “heavy lifting” work has already been done for you.
- Foster better collaboration – Instant digital signatures allow both parties to sign a contract efficiently and securely, but more importantly, from anywhere. Leases (and many other common contracts) are now presented online. You can sign them really easily whether you’re across the country or in the office next door. Printing and scanning is much less efficient and is a process that can make your documents more vulnerable anyway. While you can not ensure both parties will be on the same page in negotiations, you can ensure that they will collaborate on the same platform.
From experience in sales and sales operations, I’ve seen many situations arise during negotiations. Anything can happen and deals can dissolve for numerous reasons. So don’t let details slip through the cracks. Adopt these tips and keep your contract cycles on track!
For more information on simplifying your contract negotiation, visit www.linksquares.com or follow us on Twitter @linksquares.