Updated: Aug 31, 2021
Companies of all sizes, from small firms to large enterprises, are involved with contracts on a regular basis. It is crucial to get sales and make deals, but it is even more crucial to get them approved by all parties concerned in a timely manner. The entire process from drafting to signing and approving the document is a lengthy one. In addition, The World Commerce and Contracting Association estimates that a slow-moving contract costs your company 9% of its revenue each year. InkPaper contract workflow, negotiation, and review platform will not only reduce these costs but will also expedite the process. With InkPaper, a patent-pending technology, the lengthy contract review process is accelerated from weeks to days.
1. Upload contract templates
A contract must contain all terms and conditions, clauses, and amendments as required by the stakeholders. It can be time-consuming and prone to error to create a contract from scratch for every new agreement. Having a standard contract template that is legal-approved is beneficial to speed up the contract review process. A contract template includes all the prerequisites that are standard to all contracts. With the standard template, teams only need to insert details, such as the names of the multiple parties, start and end dates, payment information, etc., instead of starting from scratch. The InkPaper platform allows users to upload these standard contract templates into a secure repository that can be easily accessed when required. This benefit simplifies and speeds up the process of drafting contracts.
2. Fix errors easily
Once the initial draft is ready, it is exchanged between stakeholders to ensure it is error-free. Generally, these errors and changes are discussed over multiple emails or on phone calls, making it difficult for teams to track what needs to be corrected on the contract. To make it easier to fix these errors, InkPaper allows stakeholders and prospects to redline, comment, edit the high-risk mistakes they find in the contract. The highlighted errors make it easier for teams to collaborate and revise contracts together efficiently. InkPaper also records all the changes made in the contract and gives complete control to the user to track the contract review process. This seamless collaboration on the InkPaper platform saves the team valuable time and effort.
3. Negotiate faster with multiple stakeholders
The admissible review of a contract requires collaboration between internal and external teams. A contract draft may require the input of internal teams, including sales, legal, logistics, information technology, etc. Moreover, stakeholders and multilateral parties must also communicate for prominent contract agreements. In the past, the collaborative process used to be conducted primarily through multiple emails and word documents. But now, contract review and negotiation software like InkPaper make real-time collaborations easy by providing an accessible interface. A multitude of parties can come together and negotiate in real-time under one umbrella. The InkPaper collaboration tool helps make contract review easier and faster.
4. Track the review process
Often, businesses draft and review multiple contracts simultaneously. All of those are in various stages of procurement, so it becomes difficult to track each individually. Additionally, not being aware of the status of the contract may cause costly delays. InkPaper offers users visibility into their contract review process to overcome these problems. The InkPaper platform records when the contract was last edited, revised, approved, and signed. This feature enables users to keep tabs on the workflow. Furthermore, InkPaper includes a notification bell feature to send alerts to signatories to remind them to sign documents as feasible. User control over these tracks is given solely to the user, who has the ability to delete and save entries at their discretion. This transparency benefits all parties involved and facilitates contract review management for companies.
5. Store contracts securely on the cloud
As your company grows multifold, so does the number of contracts. Trying to keep track of contracts and have them easily accessible is very difficult manually. Through blockchain technology and cloud computing, InkPaper enables your business to store contracts easily. After a contract has been drafted and uploaded to the platform, InkPaper securely stores it in the cloud. Additionally, all the reviews, edits, and signatures of the contracts are stored securely for later audit trials. InkPaper provides convenient access to all of your contracts at any time.
6. Sign the contract quickly with e-signature technology
Last but not least the most important and effortless step of the process is getting the contract legally signed. In recent times, it has become essential to adopt a technology that is accessible remotely. And businesses dealing with companies worldwide may find obtaining physical signatures inconvenient. InkPaper’s electronic signature technology allows users to sign a document anywhere, at any time. InkPaper stores the signature on blockchain securing confidentiality by providing unique identification to the particular user. You can get the approval of a contract with just a single click by employing InkPaper in your workspace.
A lengthy contract review process can be streamlined and accelerated by using InkPaper. The InkPaper platform helps teams to speed up the contract review process by allowing businesses to store standard contract templates, collaborate with multiple parties, as well as provide process visibility, secure storage, and convenient electronic signatures. With InkPaper, you can shorten the contract review process from weeks to days. With InkPaper, businesses facing the challenge of drafting multiple contracts at the same time can have a quick and efficient solution. Your business can scale faster with InkPaper solutions that streamline the review to execution process so that you can focus on getting more deals.