Contract Faster and Smarter with Better Contract Playbooks

Inefficiencies in your contracting process can have a serious impact on your organization, leading to wasted time, increased risk, and lost revenue.

In fact, a recent study by EY Law and the Harvard Law School Center on the Legal Profession found that 92% of organizations are transforming the way contracting is handled in their organization and 60% are implementing sweeping transformational changes due to the negative effects of inefficient contracting processes and procedures.

But what steps can a business take today to avoid the quagmire of business contracting and close deals faster? One simple method to optimize your contracting process is to create a standardized contract playbook for any contract template, like your company's NDA, MSA, SOW, Sales Order, or other agreement.

A contract playbook is exactly what it sounds like -- a playbook for your contract. It is a resource document, typically organized in a table format, that lists the standard contract terms in your contract template, provides an explanation for each clause, and contains approved fallback clauses that your company can accept after negotiating with a customer, client, vendor, or other third party. It sets the parameters for any team member negotiating a contract. A good contract playbook helps set expectations, explains the issues, and promotes acceptable solutions, leading to less back-and-forth, less risk, and more deals closing.

Contracts tell the story of your business. Get everyone on the same terms.

Click here to learn how Coterms can help you save time, reduce risk, and get to yes.