Using a Contract Management System to Support Contract Negotiations

COVID 19 has brought all kinds of changes to our usual systems and processes, including the way we negotiate contracts. Despite the idea its title evokes, a Contract Management System does much more than simply manage your contracts. It’s designed with other functions like contract documents storage, electronic signatures processing, request automation and organising obligation performance. And, although this may not be obvious to some – it also works as a solid platform for contract negotiation. This support is particularly relevant in our current era of restriction due to the pandemic. Gone are the old days and the old ways of negotiating contracts face-to-face.

We all know how important it is to keep our contract negotiation processes running smoothly. It saves us time and keeps our relationship with stakeholders on par. But, with the challenges of COVID 19 social distancing and work from home orders, traditional methods are becoming less used and steadily replaced with alternatives. We’ve all had to find ways to adapt, developing new, technology reliant strategies for organising the team, exchanging documents and other vital steps in the process, which, without a proper system in place is enough to leave anyone tearing out their hair. The good news is, if you already have Contract Management System software in place, it can provide many aspects of the support you need to negotiate your contracts from a distance. Read on to discover Contract Management System features that’ll save your nervous system – and your hair.

Changes to Contract During Negotiations

You’ve either experienced the issues that arise from missing contract changes or you want to avoid them at all costs. Missing changes to contracts during the negotiation process will result in delays. So, in order to help you avoid missing something you shouldn’t, you can use MS Word Track Changes integrated with your Contract Management System. By selecting the lock feature on Track Changes, any changes to the contract during negotiation will be clear and impossible for you to miss. You can then protect the lock feature on Track Changes with a password of your choosing so that it can’t be switched back without you knowing about it.

Organising the Versions of Your Contract

Throughout your negotiations, a Contract management System can keep a record of all the versions of your contract until an agreement is made. Nobody wants to waste time digging around for the latest or past version of a contract. Files can be misplaced, wrongly named or deleted by mistake, so utilising Contract Management Systems to record all the versions of your contract helps you save time and your sanity. Should any questions or conflicts arise, versions of the contract are accessed easily to crosscheck and address.

Keeping the Process on Track

Once upon a time your face-to-face meetings and interactions at the office, were a convenient way to stay up to date on the progress of your contract negotiations. These days, though, it’s not so easy. Instead, a Contract Management System can help you to stay up to speed, giving you the option to set deadlines for steps in the negotiation process and track their progress until the final version of the contract is agreed. It’s impossible to know how many changes might be needed, so, setting deadlines with your Contract Management System ensures all will be alerted to the timeframe, laying the foundation for timely completion. Furthermore, as the negotiation process continues, your system will display the status of the contract through all the stages.

A Clean Contract

When the terms of the contract have been agreed upon, a final contract needs to be made available. If you’ve been using MS Word through your Contract Management System, past versions of the contract will likely be covered in Track Changes edits, protected by the password. At this time, you can use the password to unlock Track Changes and create a clean contract for execution.

Moving Forward Through COVID Restrictions

When it comes to contracts, negotiations are the key to making a good deal, and good negotiation always comes down to how well organised you are. Using a Contract Management System keeps you and others involved, well-organised. And, even if you are operating under restrictions, a good Contract Management System will provide the support you need to negotiate contracts effectively. Controlling the changes to the contract and tracking the progress over the entire process is achievable no matter where you or your team are located.