Four Ways to Accelerate Your Speed to ContractJun 28, 2022
A faster contract process helps everyone — revenue flows faster to the vendor and the customer gets the solution it needs.
Here are the 4 ways to make it happen:
- Adopt clearer processes. People waste time trying to figure out how to move forward. Which form do I use? Who has to approve? Where do I find the NDA? What do I do with the contract once it is signed? Save a lot of time by creating a clear contract process that is widely distributed and easily accessible for all.
- Develop plain English templates. Easy-to-read, well-organized contracts make the process go faster. You and the counterparty's teams will be able to understand what it says.
- Use contract professionals to manage the process. Attorneys don't need to touch every contract. Contract managers, sales ops leads, and supply chain buyers are better than lawyers at managing the contract negotiation process.
- Create playbooks with pre-approved alternative provisions. Playbooks are internal documents that outline contract negotiation strategies. The best ones include preapproved changes and identify who approves what. You won't need to recreate the wheel each time.