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How can you streamline contract creation and editing with software?

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Contract negotiation is a crucial skill for any business, but it can also be time-consuming and tedious. You have to draft, review, edit, and sign multiple documents, often with different parties and formats. How can you streamline this process and save yourself some hassle and money? One way is to use software that helps you create and manage contracts more efficiently and securely. In this article, we will explore some of the benefits and features of contract software, and how you can use it to improve your contract negotiation skills.

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Mike Adams

Retired as of 9/1/2020 - 36+ Years Medical Imaging
Abhishek Sinha

B2B Sales Commercial & Contracts ? Telecom (4G/5G Cloud Software, AI & IoT) ? Oil & Gas ? Mining ? Power Utilities

1 Benefit 1: Faster and easier contract creation

One of the main advantages of using contract software is that it allows you to create contracts faster and easier. You can use templates, clauses, and variables to generate customized contracts that suit your needs and preferences. You can also automate repetitive tasks, such as filling in contact details, dates, and signatures. This way, you can reduce human errors, save time, and focus on the important aspects of the contract.

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Mike Adams

Retired as of 9/1/2020 - 36+ Years Medical Imaging
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Many times contracts are added to, meaning additional equipment is added to the coverage or older equipment is removed when replaced. I always found that using a spreadsheet that is organized so that the changes can be easily tracked and updated was very efficient.

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2 Benefit 2: Better collaboration and communication

Another benefit of using contract software is that it enhances collaboration and communication among the parties involved in the contract. You can share, comment, and track changes on the same document, without having to send multiple emails or attachments. You can also set permissions, deadlines, and reminders to ensure everyone is on the same page and accountable. This way, you can avoid misunderstandings, conflicts, and delays, and reach an agreement faster and smoother.

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Mike Adams

Retired as of 9/1/2020 - 36+ Years Medical Imaging
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It is important for added coverage to share all of the existing terms and conditions and the master contract's end date and pricing. Vendors will initially object to a shared end date and pricing but you must require them to do this. Otherwise you end up with a contract that has multiple end dates and varied pricing. Try to work out an initial 5 or 7 year term with plans to renew after the term expires.

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Abhishek Sinha

B2B Sales Commercial & Contracts ? Telecom (4G/5G Cloud Software, AI & IoT) ? Oil & Gas ? Mining ? Power Utilities
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Contract Creation — is the Bigger Process — wherein the “Digital Tools” help immensely in reducing Risk & enabling data driven decision making, help in Negotiations & finally Contract Signing. It’s also recommended to customise the Digital tool per Organisational Requirement & caution over-customisation (increases complexity & software maintenance costs).

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3 Benefit 3: Higher security and compliance

A third benefit of using contract software is that it provides higher security and compliance for your contracts. You can store, access, and backup your contracts in a cloud-based platform, with encryption, authentication, and audit trails. You can also use electronic signatures, which are legally binding and verifiable. This way, you can protect your contracts from unauthorized access, tampering, or loss, and comply with the relevant laws and regulations.

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4 Feature 1: Template library

One of the key features of contract software is the template library. This is a collection of pre-written contracts that cover various scenarios and industries. You can browse, select, and customize the templates that suit your needs, or create your own templates from scratch. You can also use clauses and variables to add specific terms and conditions to your contracts. This feature helps you save time, ensure consistency, and avoid mistakes.

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Mike Adams

Retired as of 9/1/2020 - 36+ Years Medical Imaging
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All contracts need terms and conditions but both parties are not always on the same page. I always found that, as the customer, creating a document that outlines the expected terms and conditions and making it clear to the vendor as to what is or is not negotiable helped to stream line the negotiations.

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5 Feature 2: Editing and formatting tools

Another key feature of contract software is the editing and formatting tools. These are the tools that help you modify, enhance, and organize your contracts. You can use features such as spell check, grammar check, word count, font size, alignment, indentation, and more. You can also use features such as redlining, commenting, version control, and comparison to track and manage changes. These tools help you improve the quality, clarity, and accuracy of your contracts.

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6 Feature 3: Signing and workflow management

A third key feature of contract software is the signing and workflow management. This is the feature that helps you finalize, execute, and monitor your contracts. You can use features such as electronic signatures, which are fast, secure, and legal. You can also use features such as notifications, reminders, approvals, and status updates to keep track of the progress and completion of your contracts. These features help you streamline the contract lifecycle, reduce risks, and increase efficiency.

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Mike Adams

Retired as of 9/1/2020 - 36+ Years Medical Imaging
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There are always signatures needed as well as legal review. It is helpful to prepare each contract package in the same way so that all parties understand the signing requirements.

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7 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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How can you streamline contract creation and editing with software?

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3

4

5

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1 Benefit 1: Faster and easier contract creation

2 Benefit 2: Better collaboration and communication

3 Benefit 3: Higher security and compliance

4 Feature 1: Template library

5 Feature 2: Editing and formatting tools

6 Feature 3: Signing and workflow management

7 Here’s what else to consider

Contract Negotiation

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How can you streamline contract creation and editing with software?

1

2

3

4

5

6

7

1 Benefit 1: Faster and easier contract creation

2 Benefit 2: Better collaboration and communication

3 Benefit 3: Higher security and compliance

4 Feature 1: Template library

5 Feature 2: Editing and formatting tools

6 Feature 3: Signing and workflow management

7 Here’s what else to consider

Contract Negotiation

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