The New-Age Contract Negotiation Process_ The Wonders of Contract Management

1. The New-Age Contract Negotiation Process: The Wonders of Contract Management By DocuCollab © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

2. One of the most important stages in the process of contract management is the negotiation of the contract terms. Typically, the negotiation is the longest process since the involved parties try to find a common ground and set terms that are beneficial for everyone. Negotiation is a mandatory step, where the parties establish their boundaries and decide on important factors such as contract breach, delayed payments, litigation/arbitration mode, and more. In today's fast-paced era, it has become imperative to simplify a long-drawn negotiation process without missing out on the key benefits that it offers. Contract management software for sales provides a feasible solution in simplifying the negotiation process, which eliminates the risk of miscommunication and saves time. Generally, when the contract is created, the management would want the input and the insight of the vendors/customers/partners. Especially, while creating vendor or business collaboration contracts, the terms and conditions must be tailored to fit the requirements of both parties. Before the advent of the service contract management software system, companies used to send their contracts via mail, which further would be redlined and reverted. The redlining or negotiation process is time-consuming where the contract creators had to create drafts and update or decline the terms suggested. Contract management software for small business and large-scale industries completely transformed the scope for contract negotiation. Modern contract management software enables the users to collaborate on the document and make changes if any in real-time. If a contract collaborator is unhappy with the terms or wants more clarification regarding the language, they can simply put a comment in the document, which will be further resolved by the contract creators. This condenses the gap in communication and removes any potential disagreement effectively. This also saves time and expertise in the process of contract execution. Further, the real-time collaboration extends to the internal contract management team, where the management can tag users to review contracts instantly. The tagged team member will have access to that particular segment, which can be reviewed and resolved effectively without revealing the entire contract terms. Such high-level features ensure the security of data and protect the users from a possible internal breach. In this digitally evolved era, it is better to use an agile contract management software that simplifies the negotiation process and offers varied benefits to the users. DocuCollab is a leading contract management software with an array of beneficial features. Click here to learn more. © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com