Contract Redlining Software: Streamlining Legal Processes

Despite a growing market of native contract redlining software - especially with the growth of AI solutions -there is still a strong preference in the Legal profession for traditional systems.

According to recent data from Contract Nerds, 92% of contract professionals prefer to exchange commercial contract redlines via Microsoft Word as opposed to PDF redlines.

A lawyer might prefer Microsoft Word over other methods for exchanging commercial contract redlines to alleviate potential challenges. PDF files (for example):

• Often need to be downloaded and opened with specific software that supports editing
• Can make it difficult to track changes as annotations aren't in real-time or integrated into a system
• May cause a lack of version control as downloading, making changes and manually emailing updated documents becomes cumbersome. 

Your business's choice of contract redlining software can be critical for negotiating success, time-to-contract and building trust in the early stages of relationships. 

How to choose contract redlining software

Redlining is a collaborative process. It relies on internal teams working together and external parties reviewing if the terms are satisfactory. Redlines are made until all parties reach mutually agreeable terms that they are all  willing to sign.

The fewer redlines an agreement requires, the better. But the number of suggested changes can naturally vary depending on the complexity of the agreement and the number of stakeholders involved."

When creating changes, especially with high volumes of collaboration, your redlining software needs to:

• Allow parties to work on the same version of the agreement each time
• Offer the ability to track, store and reopen redlined documents 
• Establish accountability across teams, recording who made a redline and when

The benefits of redlining software

Selecting the right redlining software can significantly improve your business's vendor and contract management processes through:

• Enhanced Version Control: By centralising all changes in one location, it ensures everyone is working from the latest document, eliminating any confusion over versions.
• Seamless Collaboration: The software enables effective collaboration across diverse geographical locations and time zones, supporting both remote and global teams.
• Robust Security: With advanced security features and certifications like ISO 27001, it safeguards sensitive information against unauthorised access during negotiations.
• Ensured Compliance: It facilitates adherence to legal standards and corporate policies by consistently applying approved contract clauses and terms, helping maintain compliance effortlessly.
• Reduction in Manual Work: Redlining software automates the tracking and management of contract changes, decreasing the potential for human errors and freeing up time for professionals to focus on strategic aspects of contract negotiation.

How Gatekeeper Supports contract Redlining

At Gatekeeper, we believe vendor and contract lifecycle management (VCLM) software should work with your business - rather than against it.

Our eNegotiate solution can be used complement, improve and streamline your redlining process, all while giving you the comfort of using Microsoft Word."

1. End-to-end Microsoft Word Compatibility 

eNegotiate enhances the contract redlining process by offering robust Microsoft Office compatibility. 

Legal and Procurement teams can use the familiar Microsoft Word environment for contract negotiation, for vendor-supplied contracts or your own.

Work centrally within Gatekeeper, knowing that all your redlines are being tracked, saved and stored in an auditable-repository.  Improve visibility, accuracy and accountability while ensuring that everyone is working from the most up-to-date version.

2. Microsoft for the Web integration

eNegotiate integrates seamlessly with Microsoft for the Web, enabling real-time collaboration and editing online.

Streamline the contract negotiation process more effectively. Propose edits and immediately view feedback directly in your web browser, enhancing real-time collaboration.

Eliminate the need for downloading files and the cumbersome task of merging multiple document versions created by different users. Drive more efficient negotiation practices.

3. Generate unlimited contract templates

With just a single click, create an unlimited number of contract templates directly from your contract records.

eNegotiate allows for seamless merging of essential data from key fields into your documents. Dynamically insert specific details relevant to each contract negotiation by utilising Gatekeeper's Handlebars functionality.

Ensure that all necessary information is precisely incorporated where needed to save any back-and-forth. 

4. Gain greater control with Gatekeeper's Clause Library

Easily generate and manage self-service contracts using your approved boilerplate clause library. This process automates the creation of compliant and pre-approved legal agreements, ensuring that each document adheres strictly to set guidelines.

By utilising your clause library within Gatekeeper, you can streamline contract generation.

Reduce the time and effort required to produce legally sound documents while maintaining high standards of compliance and accuracy in all contractual engagements.

5. Integrate redline processes with workflow management 

Improve workflow management during contract negotiations by integrating redlining processes into a centralised workflow and approval system.

Formalise and automate a structure that facilitates quicker decision-making but also increases transparency, allowing  the Legal team to address and resolve negotiation bottlenecks effectively.

This leads to a more efficient negotiation process, improving contract cycle times and overall compliance.

Wrap Up

Gatekeeper's redlining solution offers native support for Microsoft Word and integration with Office for the Web, streamlining the negotiation process for legal teams.

By working within familiar platforms, legal professionals can avoid the learning curve associated with new software, quickly track revisions, and reduce the administrative burden of managing document versions.

This flexibility allows teams to choose the redlining solution that best fits their workflow, making contract negotiations more efficient. To explore these benefits further, consider booking a demo with Gatekeeper.