When I speak with people about contract management software, they often mistake it as just a redlining tool.
By definition, redlining is the process of two or more people adding, redacting, or adjusting language within a contract to help identify potential risks in the deal. Today - it’s much more than that.
Rarely do contract negotiations just happen once in the contract lifecycle. Instead, both the buyer and seller make changes to the contract - throughout the contract’s lifecycle. The contract can go back and forth between parties for days, or weeks before it’s ready to be approved. Sometimes at the approval stage, Sales Managers or the customer could reject a terms within the contract, sending it back to negotiations.
If negotiations are happening throughout the contract lifecycle, it’s critical that you’re ready for redlines from the very beginning of the contract process.
So how can you be prepared for redlining at any time, and still accelerate the contract to close? The key is in the tools you use to negotiate contracts.