Overcoming Legalese in Business Terms
Aug 12, 2020 | Blog
It’s now 2020 and technology has become more important than ever in how we live, work, and play. It helps us in all sorts of ways, allowing us to do jobs better, quicker, and perhaps most importantly, more efficiently. What you might not have known, though, is that tech can even make all the difference in business negotiations. How? Well, let’s dive into that and delve into the issues present in negotiation process management.
The Legalese Problem
We’re not going to lie – there are several barriers to success in the world of business. Poor cash flow and little capital, less-than-stellar negotiation skills, stiff competition; all of it can throw a major wrench in your plans. But the legalese issue is one of the most difficult to overcome. For those new to the term, “legalese” refers to the formal and technical language used within full text business contracts and other legal documents. Why’s that a problem? Well, because it’s usually hard to understand! This kind of language has a tendency to overcomplicate matters and confuse, distracting from the important business terms and overcrowding stakeholders with competing priorities.
The end result is a little something called “negotiation gridlock.” Negotiations get stalled or, at the very least, significantly messier and lengthier. Enterprises need to get everyone on the same page, so they have to go over each individual business term often using a whole host of communication tools to do that. They’ll call, email, consult over Zoom, use Slack and Teams, etcetera, all in the hopes of getting the job done. Unfortunately, no one is tracking these communications and a cycle of inefficient offering, counter offering, and agreement can fast become encouraged. We don’t need to tell you this, but that’s not good. All of it could draw out negotiations for weeks, months, or even a year when particularly bad.
Solving the Issue
The problem of legalese and resulting negotiation gridlock isn’t exactly pleasant to deal with. There are few true solutions available today, but we’ve worked hard to develop one: our Intelligent Negotiation Platform™. This full SaaS service:
helps users better navigate negotiation process management and workflow by better defining the primary terms of the deal
allows stakeholders to collaborate and align quickly with one another, encouraging negotiations with No Redlines™, and
allows every party to focus on the key terms rather than the complicated jargon of full text contracts.
Price, margin, liability cap – all are made clearer, meaning you can get negotiations done and out of the way sooner rather than later while also ensuring you know the deal you’re actually signing. Our negotiation analytics will even aid you in understanding why someone chose to use a certain term or eliminate a specific clause, so you can truly understand a contract rather than just trusting it.
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.