Redlining a contract document can prove to be an arduous facet of contract negotiations. Collaborating with stakeholders to redline contract documents with outdated methods such as back and forth sharing of MS Word documents, sporadic emails, and disorganized shared drives can cause contract negotiation bottlenecks. But there is a better way. Start leveraging leading contract management software and enjoy online contract redlining for enhanced contract negotiations.
Redlining contracts is the process of editing contract documents with counterparties during contract negotiations. Redlining necessitates counterparties to:
- communicate on necessary contract changes.
- come to a consensus of a finalized contract ready for approval.
- maintain transparency and communication.
This essential step in contract management should be streamlined and centralized.
So, how can you tackle contract redlining with ease?
Contract redline software can automate the contract redlining process by allowing your team to collaborate with stakeholders on documents within a secure, web-enabled location. Powerful contract lifecycle management software for contract redlining provides advanced contract intelligence built on a foundation of machine learning. This robust contract artificial intelligence can offer a centralized contract clause and document template library, simplified clause classification and insertion, concurrent contract document editing, natural language processing, convenient commenting tools, workflow notifications, and so much more.
Yeah, But Why Contract Redlining Software? What Else?
Not convinced yet? Don't worry. There is much more contract redline software can do for your organization.
Contract lifecycle management software that supports contract redlining can allow your team to configure intelligent, automated workflows - such as those for clause ownership, workflow task escalation, and contract approval routing. You can virtually ensure that the right stakeholders stay on top of contract language changes for review with notifications of contract document edits of areas to which they are assigned. Changes can trigger notifications to clause owners for streamlined review.
A secure contract redlining interface within contract software can allow your system administrators to exclude external counterparties from areas of the system that are not relevant to their role in the contract lifecycle. This can essentially ensure that no stakeholders are accessing information that your team does not want them to access.
Additionally, advanced solutions - such as CobbleStone Contract Insight®, for example - support concurrent online redlining processes with seamless connectors to MS Office 365 and Google Workspace. As such, contract stakeholders can enjoy real-time contract negotiations collaboration on a familiar, user-friendly interface.
Maximize Contract Intelligence for Contract Redlining
Robust contract artificial intelligence with machine learning can be configured to analyze and learn from particular language - such as contract clauses and phrases - and offer insightful contract language recommendations. These updated sections and clauses can be stored in your team's contract clause library for easier insertion into contract documents when redlining.
Additionally, contract artificial intelligence can assist your team with contract data extraction to support legal routing, auto-amendment recommendations, contract abstraction, contract approvals, and much more. Machine learning within contract intelligence can give contract software the necessary data to evolve continuously with changing variables and contract clauses. While contract intelligence does not replace the counsel of a licensed legal expert, contract AI can increase efficiency and provide intelligent choices from which to choose. Rather than waste time and cause contract lifecycle bottlenecks, contract intelligence with machine learning can assist your team in streamlining contract redlining processes with robust insight and unparalleled confidence.
Get Started With Contract Redlining Excellence
Stop wasting time with a seemingly unending, inefficient contract redlining process. You don't need to dread contract redlining anymore, now that you know how contract lifecycle management software for contract redlining can drastically streamline, automate, and centralize your process.
There is only one contract lifecycle management software solution that can support all of the functionality mentioned above. That solution is CobbleStone Contract Insight.
CobbleStone Software is award-winning, long-trusted, highly configurable contract management software platform that enhances and modernizes contract lifecycle management - including redlining contract documents - so that your team can go about contract lifecycle management with increased accuracy, increased efficiency, and a higher ROI. With so many tools for contract redlining and CLM process optimization, it's no wonder why Forrester names CobbleStone a Leader in CLM software!
Book your free demo of CobbleStone today to see all the award-winning tools you can use to tackle contract redlining and the rest of the contract lifecycle!