Negotiating Terms versus Legalese
Oct 7, 2020 | Blog
We have a habit of mentioning it, but it truly is something worth repeating again and again. Business success is restricted whenever overcomplicated language is valued over clarity. Unfortunately, this is something that is often pushed onto companies, due to the belief that complex legal language and industry jargon are markers of business acumen. In reality, this just makes things unnecessarily difficult for all involved parties. Broken communication, frustrating negotiations, and lost business deals naturally follow, harming the odds of your business’ success and giving you nothing but a headache in the process.
Looking Past the Phrases
So, if focusing on the phrases only hinders the negotiation management process, what is the alternative? Our recommendation is to work on being straightforward and clear – while expecting the same from all your prospective partners, too. The entire point of sitting at the negotiation table is for both parties to put forward what they need out of a partnership and explore if a mutually beneficial deal can be reached. You can’t really do this if you’re slogging through ridiculous legalese or arguing over phrases that mean nothing in the grand scheme of things. Meanwhile, focusing in on the key terms will allow you to have more conducive discussions and ultimately reach a better deal faster.
Disregarding the complicated phrases and keeping your attention centered on the stuff that matters is still easier said than done. How exactly are you supposed to accomplish this? Drafting up a key term sheet and using that in your discussions is one way of going about this, but a more comprehensive and high-tech option is to make use of our patent-pending SaaS service.
Paying Attention to Terms
Unlike some other similar services out there, our Intelligent Negotiation Platform™ helps you negotiate with no redlines. It’s a program that brings science into the art of business discussions, simplifying full-text contracts into their targeted key terms like price, discounts, margins, delivery dates, and more. It’s also teamwork enabled and highlights the dependencies between the aforementioned terms, speeding up collaboration and communication, and ensuring that all parties and stakeholders are on the same wavelength. Or in other words, our platform essentially gets rid of all the noise best left up to lawyers and allows for you to be more efficient.
Practically, this accelerates your time to close and aids you in crafting more beneficial deals. After all, when everyone is finally on the same page, the essential bits are clarified, and you can zero in on what concessions you need from others in addition to what concessions you’re willing to make yourself. Decreased negotiation time also means you can negotiate with more parties, potentially increasing the number of partnerships you engage in and the profit margins you make in the long run.
Intellext is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. Intellext’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.