Updated: Apr 2, 2021
Contracts with vendors and clients are the primary tool for defining relationships, reducing risk, and maximizing revenue. However, because today's businesses operate in a legal and regulatory landscape more complex and diverse than ever before, these contracts need much more than just a scope of work and payment terms.
Today's contracts need to address a wide variety of issues like data privacy, indemnities, insurance requirements, and an ever-expanding list of applicable laws.
"I CAN DO IT MYSELF"
The most common things we hear from businesses that don't have a lawyer review or negotiate their contracts is "I can do it myself."
This is like refusing to wear a seatbelt because you've never been in a car accident.
Business owners often confuse confidence with competence. They confuse their confidence in their ability to deliver their goods or services to their customers with their competence to identify and manage contract risks. Without years of experience reviewing and negotiating contracts, you can't reliably spot the terms that need fixing; or the ones that are missing altogether.
"WE'RE ALREADY OVERWHELMED"
The next thing we hear is that sales teams are already overwhelmed with contract volumes, and they can't afford to slow down the sales process with back-and-forth negotiations.
However, a good commercial attorney actually speeds up the procurement process by:
Grounding their contract negotiations in commercial reality
Working WITH the sales team
Equipping teams with a bank of alternative contract terms so they can negotiate common terms themselves
Committing to turn around contracts within 24 hours.
Out-House Attorneys' 'Contract Overflow Support' services streamline contract workflows to get new business in the door faster and on better terms. Contact us if your business is ready to speed up its procurement process, empower its sales team, and reduce latent contract risks.
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