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Self-paced
Contract Negotiation
643 students
30 minutes
Looking for a way to streamline processes related to contract negotiation? Discover how to automate the contract lifecycle, from creating a document to getting it finalized with minimal time and hassle.
About this course
This course goes through the process of automating contract negotiation to make your workflow smooth and error-free. You’ll learn how to create, redline, track changes, and get a contract signed by every party in real time.
By the end of this course, you'll be able to build and automate a comprehensive agreement workflow that enhances the customer experience while reducing the time and costs typically required.
What’s included?
lessons to explain how to automate the contract lifecycle
quiz to consolidate your knowledge & test new skills
certificate to showcase your new skills
What will you learn?
How to avoid miscommunication while collaborating on your contract
How to ensure a contract is finalized within the deadline
How to get complete visibility into the contract negotiation process
Who is this course for?
Anyone interested in enhancing contract negotiation processes
Anyone looking to master workflow automation without coding
Those who want to advance their career with new skills
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What is contract negotiation?
Protecting your organization from damages is an essential part of doing business and the primary reason why you should never underestimate the value of signing contracts. Contracts are legally-binding documents that define sets of each party's promises or obligations. One party's violation of the conditions gives another party the capability to file a lawsuit and cover losses.
Protecting your organization's interests by minimizing potential losses is very important. Each and every business deal has a party interested in benefiting – a major reason why the contract negotiation process should be as streamlined and transparent as possible.
Challenges associated with contract negotiation
Usually, contract negotiation is the most important and one of the lengthiest parts of a contract lifecycle. If you underperform during the negotiation, contracts run a high risk of not getting signed. In this case, your business won't receive needed costs or services, and you'll have to start looking for new clients or vendors.
Managing agreements is tough. If the process is too slow, you can face issues. If the process is too fast, you can face issues. Making sure you have the right team with the right tools is what you need for faster contract life cycles. Below, you'll find 7 tips to follow for more streamlined experiences during negotiations.
7 contract negotiation strategies for a more streamlined process
There isn't "one way" to get an agreement signed, but there are definitely best practices that should be followed:- Break the deal into separate sections. Gain more wins by reaching an agreement on specific sections or terms one by one.
- Be organized and ready. Prepare as many required documents as possible beforehand to avoid wasting anyone's time.
- Use facts and feelings appropriately. Know when to use facts and when to use emotion for the best results.
- Do the research. Make sure you've done your research and have a solid understanding of what's being discussed and what the goals, results, and process should be.
- Go digital. Use electronic documents and eSignatures to eliminate unnecessary steps in the workflow.
- Implement automation. Deploy a high-quality automation solution to reduce manual data input and prevent mistakes.
- Look to understand the other party(ies). Ask questions and build a relationship based on common objectives and win-win situations.
6 contract negotiation skills everyone should work on developing
Knowing the best strategies for working with clients and partners is great. However, each strategy requires a negotiator with the appropriate skills.To become a successful negotiator, consider developing the following:
- Effective speaking. Take public speaking classes to improve your control of a room.
- Active listening. Practice your listening so that you'll know exactly when and what your clients or partners need/want.
- Comprehension of psychology. Learn more about people and how to read them to understand when to push and when to listen.
- Problem solving. Start recognizing problems at earlier stages to solve them faster.
- Decision making. Develop a sharp ability to make decisions in various situations to increase the number of successes you experience.
- Workflow automation. Learn how to eliminate monotonous tasks to streamline day-to-day document management.
How to improve as a negotiator with contract negotiation training
Most schools offer courses that mix specialists from different spheres. You'll possibly learn a little of this and a little of that, but you'll never get all the required skills in one place. Often, the efficiency of completing some different specialized courses is much higher than trying to learn everything at once.
Everybody's ready to learn, and some are already good public speakers or active listeners. But when it comes to workflow automation and digital transformation in the workplace, especially around automating the contract negotiation process, there's a lot of room for growth. The airSlate Academy can help with this.
What can the contract negotiation course do for students who complete it?
Contract negotiation consists of a lot more than just people talking about clauses and terms. If it's done right, there's an extensive amount of gathering information, preparing documents, filling in fields, getting required approvals, and collecting signatures. What most people don't know is that most of the steps can easily be automated. And no, it's not expensive, and you don't need an IT department to get it done.
airSlate WorkFlow is a holistic document workflow automation service that combines everything you need for document management in one place. In-team innovators and creators can use it to generate documents, fill out forms, and collect legally-binding eSignatures. Moreover, you can set up conditions for bots (software robots that act based on if-this-then-that logic) that will connect with various systems of record and automatically transfer data to and from your CRM system or databases.
Implementing airSlate WorkFlow will positively affect your contract negotiation processes and your whole business in general. To make implementing airSlate WorkFlow and its no-code bots easy, the airSlate Academy has developed many self-paced courses that come with certifications you and your team can add to your LinkedIn. Learn how to build automated workflow, eliminate manual data entry and errors, and save time for more income-producing activities.
Enroll in the airSlate Academy today!
Questions & answers
Here is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.
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The best way to redline a contract is to use airSlate WorkFlow. Our comprehensive solution allows you to upload or create a document, add fillable fields, and send it to a recipient for review. They, in turn, add or delete agreement terms and send the sample back. Get the ability to see all changes made by all parties with the audit trail. Finally, if you agree to the negotiated terms, the contract negotiation step is ended, and you can send the document for signing.
First, you need to draft an agreement and provide as many details as possible. Once you send it for signing, the recipient can review the document, and if they have comments, it starts the contract negotiation process. All the changes in the file must be easily noticeable (redlined) so that each party can see and discuss them. When both parties agree with the terms, the signing stage of negotiating a contract starts. airSlate WorkFlow allows recipients to review and edit contracts, with easy verification of changes made.
Contract negotiation is the process of discussing terms in agreements between two parties because both have their own opinions about prices, product quality, delivery issues, etc. Negotiating a contract is complete when all parties agree with all terms and are ready to sign a document. Various programs, from Microsoft Word to airSlate WorkFlow, a professional document automation solution, have different options associated with negotiations in a contract, so you can choose the one that suits you best.
Contract negotiation ends with the agreement of all the terms and the readiness to sign a document. Negotiating a contract is serious business and requires professional tools. But in general, until a document is signed, it's not legally binding.
Each company has its own contract negotiation strategies, so it's better to ask your manager. However, if we're talking about the technical side of redlining contracts, we think that airSlate WorkFlow is one of the best tools for it. The solution allows you to see all recipient comments and edits in an agreement to prevent you from missing anything. However, airSlate WorkFlow isn't a contract negotiation software but a professional document workflow automation solution. If you want to accelerate and streamline multiple steps of a document lifecycle, our platform is what you need.
You need to impress the party. One of the best ways to do so is to show your set of the newest business tools. Try sending an agreement for contract negotiation with airSlate WorkFlow. Set up software robots so that they’ll notify you about the opening of a file and all changes that were made. Most likely, another party will notice it, and your other contract negotiation skills will recede to the background. Consider learning how to use bots and set up automation in the airSlate Academy on the contract negotiation course to impress your opponents and partners.
The primary purpose of contraction negotiation is to get the best possible agreement terms. Agreements aren't always advantageous for all parties, and that's why you can find so many contract negotiation training courses. During our contract negotiation course, you'll learn how to create an automated workflow that will accelerate the process of negotiating a contract, its signing, and its archiving.
In just about every situation, the two or more parties to contract’s negotiation try to benefit themselves. The only way to protect yourself and your company from losing is to have and follow your contract negotiation strategy. Otherwise, you're at high risk of falling into the trap of professional negotiators. If you aren't sure about your contract negotiation skills, consider completing a course at the airSlate Academy and learn how to avoid complicated communications and increase the possibility of closing a deal on favorable terms.
Different contract negotiation courses show information about the five main steps: preparing, exchanging information, bargaining, concluding, and executing. There’s no magic pill that will handle the contract negotiation process for you, but, you can try to take advantage by implementing modern technologies into your workflow using automation tools. Enroll in contract negotiation training sessions by the airSlate Academy and learn how to decrease your contract turnaround time.
It's a version of a contract that one or more parties edited. People use the term "redline a contract" because they usually use red pens to mark changes. When parties have no comments on a contract’s terms and are ready to execute the agreement, contract negotiations end. If you want to learn how to simplify and automate this process, enroll in the airSlate Academy contract negotiation course.