Challenges with Traditional Contract Negotiation Process:
In today’s fast-paced business environment, organizations must create and evaluate large volumes of contracts with every-increasing frequency. Without sufficient intelligence about the terms and parties represented in these contracts, it can be very difficult for companies to avoid risks, maintain compliance, and ultimately get to the best possible negotiated outcomes.
Traditional contract creation, review, and negotiation techniques can create a number of challenges:
- Manual review of high volumes of lengthy contracts is labor intensive and time consuming
- Businesses risk unknowingly repeating mistakes from previous contract negotiations
- Third-party contracts can be especially challenging to effectively review due to unfamiliar terms and clauses
- Different employees may be unknowingly negotiating similar contracts with the same counterparties
- Companies may fail to comply with corporate standards if they accept third-party contract terms