Contract Redlining Etiquette Rule #10 on Technology involves optimizing both the human skill and technology components of contracts.Read more
While the contract redlining process can be fun, alas, it must come to an end at some point. But before you send the contract off for signatures and scratch this one off your To-Do list, there are a few steps you should take to ensure that the final version of the contract is truly the final version. This Rule #8 outlines three main stages of preparation that you are responsible for before you send a final contract out for signature: 1) Control, 2) Verify, and 3) Clean.Read more
This Rule #7 of Contract Redlining Etiquette is about the act of tracking changes throughout the course of a contract negotiation. It applies universally to your professional obligation of transparency from initial drafts through the final version, and with any tool you decide to use (not just MS Word).Read more
Remember, you’re still drafting even while negotiating. The key to drafting a clear contract is to re-draft clearer contractual terms that correspond with your redlines and reflect the parties’ intent. The best way to accomplish this is for the party requesting a substantive change to propose the corresponding language. Here are some best practices to keep in mind for this simple yet often overlooked rule of thumb.Read more
When we think of the contract negotiation process, most of us think only of the external legal negotiation and often neglect the importance of the internal negotiation. The stronger the internal negotiation, the stronger the external negotiation. This Rule focuses on using internal redlines to get the most out of the internal negotiation phase.Read more
Now that you’ve exchanged redlines with your counterparty, it is time to switch to live negotiations via a phone call or virtual meeting. The goal of the contract negotiation call is to close out the remaining open items and move the contract forward towards a final agreement.
How can you run the call as efficiently as possible to achieve this goal? Follow Rule #4 on Running Calls.
Overall, we should strive to exchange redlines as few times as possible between contract initiation and contract execution. The redlining etiquette rule of thumb is to initiate contract negotiations via email, exchange redlines once, then switch to live negotiations to move negotiations forward.Read more
When it comes to redlining etiquette, Rule #1 is to accompany redlines with explanatory comments. An exception to that rule begets Rule #2 – silent redlines can be a powerful negotiation tool. There is an essential distinction between silence and silent redlines.Read more
As a SaaS supplier, ensure that your contract gives you adequate rights and licenses to the data your customer provides you so that you can do all the things you need to do to provide the SaaS and other related services. If you collect usage data or will be aggregating your customer's data into (hopefully, anonymous) data sets, make sure that you get the appropriate rights to do so as well.
To learn more and join in the discussion, check out my LinkedIn post.