April 10 by Prashant Dubey
What is a Contract Negotiation Playbook
Why Negotiation Playbook Are Critical For Contract Success
- Translating “Tribal” knowledge into institutional knowledge – Knowledge solely in peoples heads makes it difficult for it to be used more broadly by the company
- Enabling “work” in a negotiation to be distributed to teams or technology best suited to conduct the work most efficiently – Should a 1st pass review of an NDA go to a senior lawyer in the legal department? Probably not.
- Creating an audit trail for decisions – In the world of increasing governance, compliance and the need for demonstrating good faith behavior, a playbook can be the difference between a single event sanction and a wide-ranging penalty: “Look Judge, I know we didn’t do things right, but this playbook shows that we tried to do the right thing.”
- Outlining opportunities for standardization – Some lawyers believe that all their decisions and output are bespoke. They are artisans where every world they type (or write) is a work of art and needs to be treated as a one-off. Fortunately, these lawyers are in the minority these days.
A negotiation playbook allows their brilliance to be empirically documented through a set of instructions that represent past decisions and the achieved outcomes. It “industrializes” brilliance.
Ask Questions Because History Does Repeat Itself
To learn more about creating a nondisclosure agreement clearinghouse, visit the previous post – HERE.
The “Mastering Contract Lifecycle Management” series is written by Prashant Dubey, bestselling author of The Generalist Counsel and CEO of The Sumati Group, which is the Apttus premier contract migration partner.