Contract Negotiation Process – Phase 4 of 6
Capture every redlined edit and comment during a negotiation
Throughout the negotiation process, a record of all communications exchanged on paper, e-mail electronic documents, or even fax are maintained. Most negotiations involve a stream of communications and redlined documents. It’s important that a record be captured of all information that is exchanged and every word that is changed. A complete history is maintained throughout the contract negotiation process in your contract document management software.
Capturing records of all types, not just the contract itself, but also emails, paper documents, and even faxes or notes, is critical.
Other electronic tools, for example comparison tools, may be handy as well in this phase to ensure the integrity of the process.
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Want to learn more? Read about phase 5, the Contract Execution Process.