After reviewing the contract carefully, you make your suggested edits. Usually this is done via redlining where edits are easily seen and tracked. There may be multiple rounds of redlining and accepting of edits so be prepared for this step to take some time. Every redlined item is negotiable so keep that in mind before you just accept changes without getting something for your concessions.
- After you review the contract carefully,…you'll make your suggested edits.…Usually this is done via redlining…where edits are easily seen and tracked.…It's proper contracting etiquette to not make changes…without letting the other side know what change was made.…Be sure you're using the track changes mode…in your document software,…and ask your client to do the same.…There may be multiple rounds of redlining…and accepting of edits, so be prepared…for this step to take some time.…
When you find yourself going back and forth…multiple times on a point in the contract,…pick up the phone, or go meet in person…to discuss the issue.…Many times, they can be worked out more quickly…and amicably than by sending documents…with multiple layers of redlines back and forth.…Every redline item is negotiable,…so keep that in mind before you just accept changes…without getting something in return for your concessions.…At Thought Leaders, we had a major client…where we were looking at the contract…and going through the redlining process.…
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- Identify effective consulting contracting techniques.
- Explain how to evaluate an attorney for legal counsel.
- Compare and contrast different types of major contracts.
- List the major players in a contracting process.
- Define payment terms.
- Define warranties and liability.
- Scope a consulting engagement.
- Describe how to negotiate major contract points.