As a business leader, you know you can’t control every aspect of your business. That’s why you hire good people. However, there are some things you should be able to control, and your contracts should be at the top of that list. So often, though, drafting contracts quickly spirals out of control—the process become unwieldy and it’s impossible to follow all the changes and revisions to the content.
Helping negotiating teams (business owners, corporate execs and legal counsel) be in control of contracts was one of the motivating drivers behind ContractRoom. We’ve all been there and understand the pitfalls of the usual contracting process, with a mass and mess of paper.
- Drafting and editing. How effective are most version-control systems? Do they really help control who is editing the document, how much they’re editing, how many variances were created (with level of risk exposure) and whether edits are approved. We haven’t met very many people who can honestly answer yes to that…unless they’re using ContractRoom.
- Agreement building. During the agreement building stage, there is often no control over who is negotiating, how much and how long they’re negotiating, were they’re getting stuck and who is approving and changes. This stage of the process notoriously lacks transparency and visibility, which leads to distrust that can cause issues down the line. ContractRoom makes every action transparent and visible—there is never any question about whom is doing what, when, and why.
- Executing commitments. Signing a contract is not the end of the process, yet many negotiators completely lose control over who is being tasked with carrying out the contract commitments, and how well they’re completing those tasks. ContractRoom helps manage the entire contract lifespan, making it clear who is responsible for what, and whether they are doing it.
- Problem resolution. With all of the confusion about edits, negotiations, and execution, it can be hard to pinpoint problems, and problem resolution. ContractRoom flags issues, giving negotiating teams a heads up on any problems that have arisen, and areas that could potentially become issues.
- Disciplined processes. Overall, the current contracting process tends to be a one-off each time (seemingly creating from scratch each time). There is no control over structuring steps that create discipline (and discipline helps eliminate issues). There is also no process to capture data in a structured way from beginning to end of the entire contracting process that will dramatically improve business outcomes.
ContractRoom is set up to provide a disciplined, logical, data-driven approach. You get more than an executed contract—you get the data you need to move your business goals forward. And Newsflash – you don’t have to deal with a mass and mess of paper anymore! Isn’t that refreshing to hear, and that’s why we call it #HappyContracting!
To find out more about ContractRoom visit www.contractroom.com.