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How can you use advanced tools for contract negotiation?

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Contract negotiation is a complex and dynamic process that requires careful preparation, clear communication, and effective strategies. However, you don't have to rely on traditional methods and tools to achieve your desired outcomes. In this article, you will learn how you can use advanced tools for contract negotiation that can help you streamline the workflow, enhance the collaboration, and optimize the results.

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Jeff Neuman
Kasra Jamshidi

Executive | 18 years in renewables | Commercial / Technical hybrid | Kindness above all
Jakob Plesner Mathiasen

1 AI-powered contract analysis

One of the most time-consuming and tedious aspects of contract negotiation is reviewing and analyzing the terms and clauses of the contract. You need to ensure that the contract is compliant, consistent, and aligned with your goals and interests. However, manual contract analysis can be prone to errors, oversights, and delays. That's why you can use AI-powered contract analysis tools that can automate the process of scanning, extracting, and comparing contract data. These tools can help you identify risks, opportunities, and gaps in the contract, as well as suggest revisions and improvements based on best practices and industry standards.

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Jeff Neuman
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Lawyers cannot rely on AI alone to review and analyze contracts. Perhaps for small low value vendor contracts, but for more strategic partnerships or customer contracts, you absolutely need manual intervention. One of the most important aspects of negotiating a good contract is to start from the position that a contract represents the start of a business relationship. The more onerous you make the negotiation process arguing over lesser important details (even if they are small risks), you are sending a signal on behalf of your client that it will be a rough relationship ahead. Humans are needed to understand where everything fits in the big picture and to prioritize only the most important highest risk items.

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Kasra Jamshidi

Executive | 18 years in renewables | Commercial / Technical hybrid | Kindness above all
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The only real value I see as things stand, is to use it as a way to prepare properly for the negotiation ahead. Give it the right prompts and challenge it to give you a tough time negotiating certain clauses and mechanisms. That way you ensure practice in achieving what you want, you get various perspectives and angles which you would have missed in the moment of the actual negotiation. It follows the logic of “practice makes perfect” customized to a specific topic and negotiation.

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Jakob Plesner Mathiasen
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In my view, AI can indeed be a great assistant in contract negotiations. It's very useful for data analysis and also for uncovering new perspectives and variables. However, it's crucial to be cautious with the data input, especially regarding confidentiality. The AI-output should always be reviewed by a human. AI is known for occasionally "hallucinating" and producing inaccurate information. Think of it as an assistant that has provided a helpful draft - it's still necessary for you to read it critically yourself.

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Tony Lister

Client and Contractor support services in connection with Contract Procurement, Administration, Breeches, Disputes and Claims
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Very true Jeff I have spent too much time renegotiating proposed Amendments which took no account of their practical implications nor the contractual/cost risks imposed on the appointed Contractor and, to some extent, the Employer's own Professional Team. If Lawyers take a detached , theoretical view on "protecting " the Employer then the outcome is inevitable. The Amendments may initially look good to the Employer but, in reality, his Tenders will either be inflated to cover risks, returned with a host of caveats or not returned at all. With a little effort, unnecessary Amendments can be binned and others can be prepared sensibly for agreement This will provide the platform for an optimum price and a workable Contract for all parties .

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2 Cloud-based contract management

Another challenge of contract negotiation is managing and storing the contract documents and data in a secure and accessible way. You need to keep track of the changes, updates, and versions of the contract, as well as share them with the relevant parties. However, using paper-based or desktop-based contract management can be inefficient, costly, and risky. That's why you can use cloud-based contract management tools that can enable you to create, edit, and store the contract documents and data online. These tools can help you collaborate with your team and the other party, as well as monitor the progress and status of the contract negotiation.

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3 Data-driven contract evaluation

One of the most important and often overlooked aspects of contract negotiation is evaluating and measuring the performance and impact of the contract. You need to assess whether the contract has met your expectations, delivered the benefits, and resolved the issues. However, using subjective or qualitative contract evaluation methods can be inaccurate, incomplete, and biased. That's why you can use data-driven contract evaluation tools that can collect, analyze, and visualize the contract data and metrics. These tools can help you quantify the value and outcomes of the contract, as well as identify the strengths, weaknesses, and areas for improvement.

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4 Interactive contract simulation

One of the most innovative and exciting aspects of contract negotiation is experimenting and testing different scenarios and outcomes of the contract. You need to anticipate the possible risks, opportunities, and trade-offs of the contract, as well as prepare for the best and worst cases. However, using static or hypothetical contract simulation methods can be unrealistic, limited, and misleading. That's why you can use interactive contract simulation tools that can create and run dynamic and realistic simulations of the contract. These tools can help you explore and evaluate various options and alternatives of the contract, as well as learn from the feedback and results.

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5 Smart contract automation

One of the most futuristic and transformative aspects of contract negotiation is executing and enforcing the contract without human intervention. You need to ensure that the contract is followed, fulfilled, and verified by both parties, as well as resolve any disputes or issues. However, using manual or legal contract execution and enforcement methods can be slow, expensive, and unreliable. That's why you can use smart contract automation tools that can encode and embed the contract terms and clauses into a blockchain-based platform. These tools can help you automate the execution and enforcement of the contract, as well as ensure the transparency, security, and trust of the contract.

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Joanne Tucker

Pre career break - Contracts Director at Baywater Healthcare
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Really interested to learn more about the blockchain aspect and how it might work in practice? Would save a lot of time on both sides potentially allowing focus on contract development?

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Anand Velinker

Sr Experienced Engineering Leader, End2End program mngr, Lead technical project mngr, Capital master plan, PMO, Design build expert, Digital transformation. M&A Integration, Innovation, Engineering Outsourcing, TPM.
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1) Reference past best practices 2) Identify and arm self with ( BATNA ) - best alternative out side of the negotiation 3) engage an experienced mediator

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How can you use advanced tools for contract negotiation?

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1 AI-powered contract analysis

2 Cloud-based contract management

3 Data-driven contract evaluation

4 Interactive contract simulation

5 Smart contract automation

6 Here’s what else to consider

Contract Negotiation

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How can you use advanced tools for contract negotiation?

1

2

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4

5

6

1 AI-powered contract analysis

2 Cloud-based contract management

3 Data-driven contract evaluation

4 Interactive contract simulation

5 Smart contract automation

6 Here’s what else to consider

Contract Negotiation

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