Here are top-10 tips for avoiding common contracting mistakes
- Avoid copy-pasting from Google 🔍
It's so easy to search for a contract or an agreement on Google and copy text verbatim. Were these documents even customised for your business? Are common contractual risks addressed? Do these pass the revenue-recognition tests? - Collaborate on contracts 💬
Contracts are meant to be negotiated and agreed upon between parties. Non-negotiable contracts are what these are -- not contracts. Avoid this pitfall. - Use contract play-books 📔
Sales has a playbook and so does marketing. Why should Legal be different? Set up contract play-books that are customised for your business. - Talk to customers 🎙️
E-mails are passé. Talk to your customers if you want the deal to get done.
- Redlining hell 🔴
I send you a contract, your lawyer sends me a mark-up. It goes on and on until one of the parties gives up. Redlining is not negotiating.
- Don't ignore the what, when and how ❓❔⁉️
Be clear on what you will be providing (product or a service), when you expect to get paid, and how you will be paid. You'd be surprised on how many contracts ignore this.
- Don't mess with the lawyers 💼
Lawyers are great at solving complex stuff -- use them to resolve complex issues on contracts. For everything else, use automation.
- Use AI and Automation to save time and expense ✴️
Get all parts of the organisation to use automation and AI tools to save on expense and time, and adds a risk-review layer to your business. Be smart and automate.
- Keep tabs on your contracts 📑
You'd be surprised to know that more than 70% of businesses can't find contracts that they signed, or worse, don't know that they contracts expired. Be smart and get an intelligent repository that does all of this.
- Your business runs 24/7, globally. Get the right contracting tools to support your growing business. 📈🛠️
Get the right legal infrastructure to support your growing business. This means adopting the right plug-n-play technology platform that all parts of the business can use. It means adopting the right balance between people, automation and AI to power your business 24/7. It means choosing easy-to-use, cutting-edge products that your team loves to use and is integral to your business.
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