Bonterms

Your next deal, faster. Please join us for our first live public demo of the Bonterms Platform - the collaborative, two-sided deal platform powered by Standard Agreements. Thursday, June 20th at Noon PT/3pm ET. One click registration: https://lu.ma/j1q85sof Hope to see you there! #standardagreements #sales ?

With 1.5 million customers and 1 billion contracts served, who's the biggest name in contracts? That's easy: Docusign. When you are Bonterms and changing the world through Standard Agreements, it's your dream partner. So we are hopping up and down over here to announce that Docusign is partnering with us and our Standard Agreements Committee to create a suite of ESG Standard Agreements. Why? To relieve a congestion point in the contracts supply chain between customers and suppliers and help the globe while we're at it.?? You can see the announcement by Erica Fensom at today's Docusign Discover event here: https://lnkd.in/ga57v-AQ And thank you very much to Tashmin Ali and Brendan Molony for bringing your expertise to our Standard Agreements Committee. A truly awesome day for Bonterms and Docusign! Like all Bonterms Standard Agreements, the ESG Standard Agreements will be free to download and use. The first ESG Standard Agreement will be a Climate Addendum for suppliers to make science-based-target commitments to their customers. To learn more or be alerted when the Climate Addendum is released, please reach out through our website or [email protected]. Thank you to everyone at Docusign for such a warm welcome for Bonterms and our Standard Agreements!

The Desktop of the Future at Noon on Thursday 11/7 in SF. Bonterms, Macro and Equals all in one place. Plus pizza! Join us! Register: https://lu.ma/z3z89e6b

We met more new customers at last year's Association of Corporate Counsel than any other show so Nashville here we come on October 6th. Come by Booth 109 and we'll show a platform that lets you negotiate an NDA, SaaS Agreement or DPA on your phone, in minutes. #standardagreements ?

Imagine mastering a system for 30 years and then being handed a blank sheet of paper and told to redesign it better. With no constraints. That is, somehow, the true founding story of Bonterms. Every day commercial contracts are now sent and negotiated, in minutes, on the Bonterms Platform. How did we get here? We started at the core of the problem – the contract itself. It's a vast, dug-in problem – the way contracts underlying $2T in annual IT spend are currently negotiated is a mess. Our goal? To be the solution that gets the parties to consensus the fastest. We spent our first year publishing free-to-use Standard Agreements that now cover nearly the entire scope of enterprise commercial transactions. And then we carefully observed how they were being adopted in the wild. Only at that point did we write these principles on the board and head for the races.? 1. ?????????? ?????? ?????? ??????????????????. Remarkably, nearly all software for contracts is one-sided. Yet ask anyone doing a deal how’s it going and inevitably they’ll complain about the other side – they’re being unreasonable, too slow to send drafts or can’t prioritize. The fundamental challenge of contracts isn’t helping one party figure out what to say, it’s helping both parties say the same thing together. But to foster consensus, you need both parties in the same place. So from the initial invite until signature, we make it as easy as possible for a recipient to engage and negotiate on Bonterms. ?????????? 2. ???????? ???????????? ?????? ?????? ???????? ??????. Yes, the parties need to haggle over the multiplier in a damages cap, but why are contracts getting sent back and forth over choice of governing law? With Auto-Accept Alternatives, we let the sender offer a range of acceptable choices to the recipient (New York, Delaware or California) so that round trips are reduced or eliminated. On Bonterms, 95% of NDAs go through in one pass, while still giving each party their say. 3. ?????????? ???????? ?????? ?????????? ???? ?? ????????. We talk a lot about time and cost in contracting, but probably underemphasize risk. Each time you volley a contract back you open an opportunity for your counterparty to lose budget, change employment or find something better to do for the rest of the week. By starting the parties on a Standard Agreement and giving them a Standard Playbook for changes, Bonterms vastly reduces the surface area of what needs to be negotiated. The best solution doesn’t make back and forth as easy as possible, it eliminates it altogether. 4. ???????? ???????? ???? ?????? ???????? ????????????. Free text is the moisture that destroys the foundation of a quick deal. Yet “working in Word” is a foundational principle of most contract solutions. On Bonterms you can conduct the entire negotiation with clicks and drag n’ drops from your phone. Free text is available, but only if you actually need it. What are your fundamental design principles?

Have you sent your first Standard Agreement yet?

Why do we only sign on our phones? Why don't we negotiate the contract there as well? If the contract changes every time and is drafted to benefit only one party, it's hard to do.? But if you start with a Standard Agreement designed to work for both sides, then more magical user flows become possible.? Imagine sending your customer prospect an NDA that they open on their phone. Now imagine that three minutes later they've reviewed it, made changes (which you've automatically accepted) and moved to signature all without leaving their device. You'd be thrilled. But, more importantly, so would they. They might even thank you. The average time to negotiate an NDA on Bonterms is under five minutes and the first NDA to go through on our new mobile-responsive version took three minutes. How's that possible? We start the parties on a Standard Agreement and guide them to close with Bonterms-specific collaborative tools like Auto-Accept and Standard Playbooks. But maybe the real answer is that from day one at Bonterms we have been building for the ??????????????????. Because we know that the most important customer in the world isn't our customer, it's their customer (or vendor). There's no rule that the process by which a customer and vendor enter a contract needs to be antagonistic or slow, much less miserable. Join us. Bonterms Standard Agreements cover the full stack of IT procurement transactions and are free to use. The Bonterms Platform is the fastest way to close on a Standard Agreement and is now mobile-responsive. (H/t J. Federico Hernandez and the team at Sirius Software and QB Patrick Mullin for bringing in mobile-responsive Bonterms ahead of schedule. And beautiful).

What does Bonterms think about contract AI? https://lnkd.in/gkESH-if Sat down to do a quick chat with Stu Lees and Vish Reddy about their adoption of the Bonterms Standard Agreement in the Atlassian Marketplace but the conversation went in all sorts of interesting directions. #contractai #marketplaces #standardagreements

Why don't SaaS providers assume liability for the consequential damages caused by a failure of their products? The letter from Crowdstrike to its customer Delta over the weekend is instructive. Near uniformly, SaaS (and enterprise software) providers disclaim all liability for the follow-on harms caused to their customers' business operations or profits when the provider's product fails. Providers offer warranties, support, special escalation and remedial procedures and SLA credits, but they generally disclaim consequential liability for failure of their products. Why? Because products will fail and offering to underwrite the consequential impact on any given customer, much less all, could quickly risk solvency for even the most well-capitalized provider. But there is also the fact that two different customers in the same industry using the same product for the same purpose could have totally different outcomes in the event of the same failure. This is what Crowdstrike alleges about their customer in the letter. After establishing that their liability is in any event capped to "single-digit millions", the provider makes clear that they will argue any damages suffered by the customer are at least partially attributable to the customer's own response to the problem and "the design and operational resiliency capabilities" of the customer's IT infrastructure. The provider asks for preservation of any evidence relating to the customer's: -emergency backup, disaster recovery and IT business continuity plans -assessments of its IT infrastructure, including any gaps and remediation recommendations -decisions to upgrade or not upgrade its IT infrastructure -technology and operating systems that interact with the provider's product -response to any previous IT outages in the past five years Certainly this case (whether it goes to litigation or not) will cause significant conversations around the question of whether providers ???????????? underwrite the follow-on risks of using their products, but it also highlights exactly why doing so would be so difficult. PS: Did Crowdstrike in fact disclaim consequential damages in their contract with this customer? That is not reported, but based on Crowdstrike's assertion that that "any liability" would be limited to single-digit millions it feels pretty safe to assume there is an overall cap on liability with no exception for consequential damages. (h/t Matt Margolis for inspiration)

??????'?? ????!!!! The story of how one of the very first developers in the Atlassian Marketplace adopted the Bonterms Standard Agreement for Marketplace Transactions. And a lot more: ? How Bonterms Standard Agreements are written ? How we landed in the Atlassian Marketplace ? The role of AI in contracting ? The future of standards-based contracting #standardagreements #procurement #sales #marketplaces ?