A major part of the sales process is creating and executing contracts. Your proposal may be used to win the deal, but the contractual obligations are what really seal it. Your legal team will often have to help communicate back and forth with the prospect to make sure all bases are covered and to create foolproof contract that keeps everyone’s interests in mind. Redlining is a part of this process.
WHAT IS IT?
When you begin signing agreements with a customer, there will be terms the two of you do not agree upon. These are the areas needs to be ironed out, discussed, and rephrased. This process of editing is what redlining is all about.
Before you begin negotiating terms and incorporating changes, do your homework and learn whether what you are asking for is the industry norm. If you are asking for things that your competitors aren’t; or, if your prospect expects you to bend the rules when the industry doesn’t; you should put your foot down. Committing to things that are detrimental to your cause is not going to help.
COMMUNICATE WELL AND EFFICIENTLY
Once negotiations begin, the process can feel like an intense tennis rally, depending on the customer’s demands. It is essential that you communicate clearly, on a platform which is easily accessible to both parties, and which can be viewed by only those people involved in the decision making process. You also need to respond to the customer when they have seen the changes you have made.
This may sound like the oldest piece of advice doled out since the word processor, but well- it’s the one thing many of us still fail to do with important documents! When a contract is moved back and forth so many times, there are plenty of chances for rogue salespersons and people in the prospect’s company to tweak terms and conditions to their liking. When you maintain every version and save it, you can always go back to check and double check for any discrepancies.
TinderBox can help you and your legal team with redlining contracts throughout the sales process. Since TinderBox allows the whole team access to documents, your legal department can hammer out terms with your customer without derailing the sales conversation. TinderBox allows you to maintain redline changes and save version history, and prevents legal terms from being tampered with by controlling validity. To see how the whole team can use TinderBox for their benefit, read how we help you ‘get to yes’ faster here http://gettinderbox.com/get-to-yes/.