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How to stop redlining in its tracks

By Emil Stefanutti on Oct 27, 2015 3:36:46 PM

How the new wave of contract management software is reducing time spent negotiating

Is it possible to use data analytics and clause standards to make the contract negotiation process more efficient? Certainly there are situations where standard contracts are routinely used and it’s undeniable that this saves time and money. For example, imagine how much longer standard real-estate processes would take if each time an agreement had to be drafted by scratch.

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Can you track Track Changes? [wired, tired, expired?]

By ContractRoom on Oct 3, 2015 8:46:12 PM

Wired

A track changes tool with the following features:

  1. Tracks changes without requiring you to remember to turn track changes on;
  2. Provides a format for viewing changes that is easily decipherable;
  3. Properly formats and paginates documents which incorporate changes;
  4. Automatically mark-ups all changes made by external parties even when those parties have taken the document offline and made changes to it without using the “track changes” function i.e. no document comparison is required.
  5. Allows for multiple external parties to make changes to a document at the same time and properly incorporates and tracks these changes upon their return.

Tired

Using track changes with a word processor

Where only one or two people are involved this process is workable. However, track changes is clunky and requires an in depth knowledge of word to properly use all the features available in this outdated tool.

Expired

Using track changes with multiple parties

Deciphering changes that have been made becomes even more difficult when external parties (i.e., counterparties) are involved. They may take your version of the document, make their corrections and send the document back with their changes purportedly marked. But they also may fail to properly mark-up all corrections.

The only way of knowing for sure what changes have been made is to run a document comparison. However, formatting and pagination errors generated in this process can be headache inducing and not all word processor software (e.g. Mac Pages) allows you to do this.  Also, having to do so each time a version is sent back to you is burdensome. This is particularly so when multiple external parties are sending back different marked-up versions of the same original simultaneously. It is also easy to lose important data such as details of which changes were made by whom at which times.  

This process is expired!

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What does virtual collaboration look like in contract negotiations?

By ContractRoom on Apr 27, 2015 8:37:58 AM

 

collaborating_virtually.jpeg

Most general counsel and procurement officers would probably agree that collaboration in contract negotiations is a challenge even when all parties are in the same room. So what happens in our virtual world where the new normal is that people are spread across multiple locations and time zones? What does virtual collaboration look like?

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Contracting in Three Easy Steps

By ContractRoom on Apr 17, 2015 12:20:53 PM

At ContractRoom, our mission is to make contracting easy and efficient. I recently came across an article by Cindy Cox in Inside Counsel about making the contracting process more efficient. The article, Contracting efficiency for your legal department in 3 easy steps, is a good read. And Cox’s advice dovetails perfectly with what ContractRoom offers.

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Can Contract Compliance be Fun?

By ContractRoom on Mar 18, 2015 3:42:00 AM

happy-worker_23-2147518729.jpgCompliance simply isn’t fun for most people. Time consuming, tedious, confusing? YES… Fun? NO.

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Painless, Happy Contracting? YES, with digital, collaborative approach.

By ContractRoom on Feb 27, 2015 3:57:17 AM

Have you ever uttered the words painless – or better yet, happy – and contracting in the same sentence? Probably not, and you wouldn’t be alone. Even the savviest business and legal minds know that getting to a signed contract is a tedious, friction-oriented process. Additionally, the legal landscape is constantly evolving, meaning that business owners, corporate execs and their legal counsel (GCs) need stay current with the regulatory environment as well as staying on top of current industry trends and emerging technologies. Sound painful?Doesn’t have to be.

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Redlining is Painful

By ContractRoom on Feb 12, 2015 8:15:36 AM

businessman in painCollaborative editing tools for agreements/contracts (also, referred to as “redlining”) have been used for decades by contract negotiators (both attorneys and business people). The question is, are the current tools really suitable? Redlining has all the appearances of a wonderful collaboration tool, letting people see exactly what changes the other party is proposing and accepting or rejecting them. Therefore, on the surface, the answer may be, “Yes”. However, looks can be deceiving… and after reading on, you’ll probably quickly change your answer to, “No Way”.

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It’s Time to Create a Contracting Resolution/Revolution!

By ContractRoom on Jan 30, 2015 5:24:31 AM

It’s Time to Create a Contracting Resolution/Revolution… with the right way to collaborate, contract & comply.

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Everyone wants in on happy contracting...

By ContractRoom on Jan 27, 2015 9:43:43 AM

Had to share an email received this past weekend as an example of how the message of "happy contracting" is beginning to spread... We've had a huge uptick in our inbound traffic from potential users/customers expressing interest in our solution — which is not only a new way of contracting, but the best way for high-volume business-to-business transactions.

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