Contract Negotiation

Digitize your contract negotiation process to get your business deals across the line faster.

The Challenges

Effective contract negotiation processes help progress business deals to drive operational and financial performance. However, the process of creating, signing and storing a bespoke contract which both parties agree upon is time-consuming and often manual. Many organizations lose visibility of the contract status and end up having multiple versions of the same contract, creating delays and double-up of work. Further, as contracts are finalized, it can be difficult to ensure the contract is meeting contractual obligations.

How Checkbox Solves Contract Negotiation

Challenges

How Does Checkbox Address It?

The manual collection of information to create or review contracts is time-consuming, often consisting of reading email chains and ad-hoc conversations. 

Checkbox builds smart, dynamic forms with complex rules and decision-tree logic, enabling a centralised place to collect and store information for the contract. 

Standard fallback positions can consist of multiple versions which can be outdated, creating unnecessary risk. 

Create and centralise fall-back clauses to ensure all contracts reflect the most up-to-date business position. Checkbox as a legal automation software, legal teams can easily self-serve the re-generation of contracts as required, ensuring uptake of the technology. 

When in-house legal teams generate their own contracts, there’s a high risk of human error from manually creating contracts, and non-compliance if the incorrect, or an outdated template is used. 
 
Find out more about the challenges of contract generation and how Checkbox addresses them here.

The generation of documents is automated by populating an underlying master template which is compliant by design. 
 
Using document workflow, these business-critical documents are automatically customised and can feature: 
 
1. Conditional clauses – only the relevant clauses are inserted into the document and numbered automatically. 
 
2. Dynamic tables to structure information in rows and columns that are adjusted automatically to the content. 

It is difficult to coordinate and document back-and-forth communications taken to reach an agreed contract. 

Checkbox facilitates and centralises all communications between lawyers, business users and external parties, including any comments, approvals and uploaded contract versions. 

Clients and vendors experience a tedious and lengthy contract signing process by having to download, sign and re-send their contract. 

Leverage e-signature in Checkbox to effortlessly sign contracts and reduce the friction and time to execution. 

Horizontal view of the negotiation and contract status is lost through back-and-forth emails. 

Track the real-time status with Checkbox dashboards where information such as contract status, e-signature status, and approval timestamps can be displayed. 

How Does Checkbox Automate This?

1. Automatically generate the contract:

Find out more about how this is done here.

2. Checkbox facilitates and records all communications between the legal team and external parties during the contract negotiation phase with workflow automation:

A record of all the comments made by either party and any uploaded versions of the contract, including the timestamp, is kept within Checkbox.

3. Upon the contract being finalized, Checkbox automatically sends the contract to relevant parties with requests to e-sign:

All relevant parties follow the DocuSign or AdobeSign experience to quickly and easily sign the document.

4. Checkbox can automatically store signed contracts in other document systems:

Signed documents are sent to store in central document repositories such as Google Drive, SharePoint, iManage, or NetDocuments.

5. Track the end-to-end lifecycle of the document through the Checkbox dashboard:

The real-time stage of the document, along with all contract and e-signature details can be viewed.

Benefits

  •  Improve compliance 
    Contracts are compliant-by-design and the whole legal team can rely on standardized fallback positions. 
  •  Protect your legal team’s time and allow them to focus on high value tasks 
    Automate the generation of contracts and streamline the contract negotiation phase with external clients and vendors. Automatically send reminders to stakeholders who haven’t actioned your document yet.
  •  Improve maintainability
    Through no-code, the solution can be easily and independently modified for any contract content, logic or format changes. The platform tracks all responses that have been entered, providing an audit trail for record keeping.
  •  Oversee the contract and e-signature status 
    Track the contract across the stages of its life-cycle process through the Checkbox dashboard. Upon signature, documents are automatically directed to the repository of choice. 

Key Features

  • No code app builder & studio
  • Smart and dynamic forms
  • Decision-tree logic
  • Complex calculation engine 
  • Approval workflow
  • Transcript Automation 
  • E-signature and contract status tracking
  • Integrations with third-party systems
  • Tailored dashboards

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