How do you customize and update your contract templates and clauses using contract negotiation software?
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The first step is to choose a contract negotiation software that allows you to customize and update your contract templates and clauses with minimal hassle and maximum control. Look for features such as drag-and-drop editing, smart fields, conditional logic, dynamic variables, and version tracking. These features can help you tailor your contract templates and clauses to your business, industry, and legal requirements, as well as to the specific terms and conditions of each negotiation.
The second step is to use a combination of standard and custom clauses in your contract templates. Standard clauses are the ones that are commonly used and accepted in your industry or sector, such as definitions, warranties, indemnities, and dispute resolution. Custom clauses are the ones that are unique or specific to your business or negotiation, such as scope of work, payment terms, milestones, and incentives. You can use contract negotiation software to create, store, and access both types of clauses, and to insert them into your contract templates as needed.
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I would add that certain custom terms - those that are used most often in a given contract template - can (or should be) easy to choose from in the software. With proper guidelines, oversight, and permissions, this limited "custom clause bank" utilized by non-Legal personnel, such as Sales leads, which can help reduce strain on the Legal function in an organization and streamline the quote-to-cash process.
The third step is to review and update your clauses regularly to ensure that they are accurate, relevant, and compliant. Contract negotiation software can help you monitor and track the changes and revisions made to your clauses, as well as to compare and contrast different versions. You can also use contract negotiation software to automate the process of updating your clauses based on external factors, such as changes in laws, regulations, market conditions, or customer feedback.
The fourth step is to test and optimize your clauses to ensure that they are clear, concise, and effective. Contract negotiation software can help you analyze and measure the performance and impact of your clauses, such as how often they are accepted, rejected, or modified by your counterparties, and how they affect the speed, quality, and outcome of your negotiations. You can use contract negotiation software to identify and eliminate any errors, ambiguities, or redundancies in your clauses, as well as to enhance and refine them based on best practices and feedback.
The fifth step is to collaborate and share your clauses with your team members, stakeholders, and counterparties. Contract negotiation software can help you streamline and simplify the process of sharing and reviewing your clauses, as well as to solicit and incorporate feedback and suggestions. You can use contract negotiation software to create and manage permissions, roles, and workflows for your clauses, as well as to communicate and negotiate with your counterparties in real time.
The sixth step is to learn and improve from your clauses by using them as a source of data and insights. Contract negotiation software can help you collect and analyze data from your clauses, such as the frequency, duration, and outcome of your negotiations, as well as the preferences, behaviors, and patterns of your counterparties. You can use contract negotiation software to generate and access reports, dashboards, and analytics for your clauses, as well as to apply them to improve your future negotiations.
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Look for and include subject matter experts when considering a complex contract. Members of the legal department is a given, but there may be some individuals that have had prior experience with or in the contract subject or targeted subcontractors that may have valuable insight.
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