Contract Redlining Best Practices For In-House Counsel

#contract #bestpractice #inhousecounsel
Most in-house counsel learn how to redline contracts while on the job instead of in law school or training programs. As a result, everyone redlines differently, causing major inefficiencies that lead to slow negotiation cycles, poor collaboration, and lack of transparency. According to the World Commerce & Contracting, companies lose an average of 9.2% of their annual revenue due to common contracting issues such as long negotiation times. Improving our contract templates, processes, and systems can help mitigate these problems. And so can improving the way we approach redlining.
In-House Connect is thrilled to feature Nada Alnajafi, founder of Contract Nerds and the author of Contract Redlining Etiquette™, a negotiation strategy made up of 10 practical “Rules” that in-house lawyers can use to drive contract negotiations forward. There’s redlining and then there’s smarter redlining.
In this presentation, Nada will show you how smarter redlining practices can:
– Improve your negotiation power and speed up contract closing times;
– Help you manage internal negotiations and build alignment with internal business clients; and
– Solve some common issues within the redlining process.
She will provide real-life redlining examples to demonstrate some of these concepts. Plus, we will hear from ContractPodAi on the future of redlining and how technology can help drive efficiencies within the redlining process.
To learn more redlining best practices, purchase Contract Redlining Etiquette™ on Amazon in Kindle or paperback. To learn more about contracts, subscribe to the Contract Nerds weekly newsletter.
PLEASE NOTE: THIS RECORDING IS NOT CLE ELIGIBLE.

0:00 Introductions
04:24 Redlining Gone Wrong
08:19 Poll
09:32 What Is Redlining And Smarter Redlining?
10:58 Rule Of Redlining
11:19 Comments, How To Use Them, & When To Use Them
26:54 Another Rule Of Redlining
28:53 One Thing You Can’t Finalize A Contract Without
31:30 How To Use Internal Redlines
33:10 Color-Coding Method
36:28 Another Redlining Rule
38:40 Disappearing Redlines
41:01 When They Hide Redlines
47:19 Key Takeaways & Samples
54:12 Demonstration & Questions