What is a contract negotiation workflow score?
How much time and effort goes into contract negotiation at your company? If you can’t answer, you’re not alone. Many organizations are unaware of how much time their teams spend during contract review and negotiation. They also don’t realize exactly how that time is being used.
That’s why we’ve created a contract negotiation workflow scoring assessment.
A contract negotiation workflow score indicates how efficient your current contract review process is. Our contract negotiation workflow survey considers several factors that impact your firm’s ability to review contracts effectively.
Contract negotiation workflow scorecard questions
We’ll calculate your contract negotiation workflow score based on a series of 10 questions designed to determine the state of your current workflow process. These questions are based on the research and analysis we have done with thousands of companies worldwide.
We have found several key insights about what drives efficiency in contract lifecycles through our discovery. These specific processes revolve around review, negotiation, and redlining.
The questions you’ll encounter in the scorecard review are listed below, along with an explanation of why we’ve included them. Each one is based on critical factors that drive risk and time at a company.
1. Does your company currently have a defined contract playbook, policy, or operating procedure that is focused on negotiations?
Having a defined playbook, policy, or procedure for negotiations ensures that everyone on your internal team is aligned when approaching contract negotiations. Using an integrated playbook can significantly speed up contract negotiations. If your firm doesn’t have one in place, we can help! Check out our contract negotiation playbooks to get started.
2. How does your company collaborate internally on contract review?
Think about how your team works together to redline and review contracts. Is collaboration done smoothly and efficiently, or is it a messy process that results in miscommunication and confusion?
3. How are contracts converted to an editable/redline state?
Many organizations convert their files to Word, then use track changes. However, redlining in Word can be messy and confusing. Plus, converting a contract to an editable state can entail multiple steps to reformat the contract before sending it to the other party.
4. How are contract amendments drafted?
Contract amendments need to follow a prescribed process, and manually amending a contract can be incredibly time-consuming. DocJuris has recently added an automated amendment feature that will speed up the process without sacrificing accuracy or quality.
5. If an early assessment on a contract negotiation/review is required before redlining/drafting begins, how is it performed?
Consider the people and steps involved in the early contract review and negotiation assessment process. For example, do people jump right into redlining, or are all the risks considered before anyone touches the contract? Is assessment performed manually, or do you use technology?
6. How much time does your team spend reformatting and copy/pasting into contracts on a daily basis?
Contract formatting (and reformatting) can easily take up a significant amount of your team’s time. Consider how long your team spends every day doing a task that could be automated.
7. How does your company scrub internal comments or metadata before drafts are sent to a counterparty?
Keeping internal comments private is essential. Consider the process your company takes to get rid of internal comments or metadata (e.g., revision history, authors, track changes markups, etc.).
8. How do contract reviewers consult past redlines (i.e., precedent markups) during negotiations?
Consulting previous redlines can save time during contract negotiations and ensure that your team makes the correct markups based on precedent. Consider the process your contract reviewers currently undertake to find relevant past redlines and use them to inform their current contract review.
9. How are comparisons and versions handled during contract negotiations?
It’s critical to compare different versions of a contract to ensure that all the correct information is included in the final contract before it is sent to the other party. So, consider how (or if) your firm manages comparisons and versions during the contract negotiation process to ensure accuracy before either party signs the contract.
10. How are time and effort tracked during contract negotiation workflows?
Do you know how long contract negotiation takes for your firm? If so, what process do you use to calculate the time and effort involved with specific contracts? If not, it may be time to start calculating your team’s time and effort to determine where you can make changes.
Contract Negotiation Scorecard FAQ
How does DocJuris calculate my score?
We use a proprietary scoring system based on cycle time, ROI, litigation data, and other risks. All of the data points we use to calculate your score have been researched using publicly available information. We also take into account how others responded to the assessment.
Why does the scorecard focus on the pre-signature phase?
Otherwise known as the “last mile of contracting,” research globally confirms that pre-signature and negotiation workflow is the most expensive, risk-prone, and time-consuming phase of the contract lifecycle. To that end, this survey is designed with these factors in mind. DocJuris software has tools for both the pre-signature and post-signature phases of contract review and negotiation.
Why is there so much focus on collaboration?
We know that contract review doesn’t happen in a vacuum. Traditionally, multiple people are involved in the contract review process. Understanding how your team members currently collaborate during contract review can help you identify weak points in your approach.
How can DocJuris help my firm with contract negotiation?
At DocJuris, we’ve addressed each of these questions with specific features that are uniquely packaged into a single platform for contract redlining. Often, many find that this survey bridges a fundamental understanding of the contract lifecycle, and it unlocks a series of tactical actions as a takeaway.
What can I do to increase my score?
That answer will depend on where your organization’s processes need to be updated. We’d love to discuss your score with you and your team in greater detail to determine how DocJuris can benefit your business! Jump on a free discovery call with a DocJuris team member to review your score in-depth.