Photo by Luis Villasmil on Unsplash
The CLM tools have promised a lot: faster and more efficient contracts, best contract collaboration and management, tracking changes, time savings and reduced costs and risk of errors. But there is still a big hurdle to overcome to digitise contract collaboration and management: how to make your platform attractive to your counterpart?
Here are some tips:
Create value: digitise contract collaboration and management
A digital business platform is based on enabling value-creating interactions between the contractual parties. This business model, if correctly implemented, allows both parties to exchange information, service, value and put their relationship in the centre of the scene.
The platform enables companies to use an infrastructure designed to drive contract collaboration and management.
Let’s prove the fair
It should be highlighted that the counterpart isn’t at a disadvantage. The purpose of Trakti is to provide an appropriate level of contractual protection for both parties and develop a collaborative approach. The contracting process is equitable: it’s based on logic, it doesn’t depend on the skill or power of a party.
In most of the cases digital contracting platforms are not seen as a neutral environment with respect to the counterpart because they do not yet offer a peer-to-peer logic. MS Word and emails are instead client based and well known by legal, that are comfortable to use it for negotiation and communication, hiding in some ways the back-office complexity.
We have been working on a more sustainable approach for both parties, developing a P2P platform, to ensure a level playing field and thus also offering the counterpart the possibility to start negotiations with others and with their proposed standards.
A negotiation process that allows the proposer and a single counter party to exchanges offers repeatedly until a mutually acceptable Agreement is reached. You can have multiple iterations, with offers and counter offers. The negotiation end as soon one of the parties accept one of the offers proposed by the other. Furthermore, you can add clauses, variables, signatures, defined terms, references, KYC/AML fields and all the elements of the contract model you want to automate or you want to be filled and negotiated with your counter parties. The presence of negotiable variables permits to be completed by the counterparty and to be negotiated during deal formation stage.
This modus operandi allows you to create greater closeness and symmetry between the parts, quick actions and reactions, communicative agility and time savings.
We have tried to provide a way to improve collaboration and contract management.
Show the effectiveness
Tracking changes, monitor the evolution of a deal parties, exchange documents, deal’s specifications and communicate with each other in a fast and easy way. And in the end: sign the deal with the advanced signature!