History is full of examples of negotiated agreement negotiations that failed during their implementation phase, including the 1993 Oslo Accords, which promised peace between Israel and Palestine. The three technological obstacles to improving contract negotiations were centralization, ease of use and corporate-based security. In the past, legal teams have been forced to choose between comfort and safety. However, with the introduction of new technologies, legal teams no longer have to make serious compromises in the implementation of contract negotiation instruments. In addition, the establishment of regular meetings to review progress will ensure that negotiations do not derail and continue to focus on issues relevant to the interests of the various parties. In particular, respect and equal treatment of all parties contribute to ensuring that all communication issues do not escalate into tensions at the negotiating table. The information provided by the other party may not be complete. Your expert may not be an expert. What you are not told may be more important than what you are told. The product or service you receive after making an agreement may not be what you fought so hard for. If this hard vision of business negotiation offends you, it is not made for it – but it is realistic. Be smart and do your due diligence to the party with which you are negotiating, as well as the terms that are proposed.
New legal technologies combine the best characteristics of both approaches. They allow a high level of configurability and control (indispensable for legal teams) while requiring minimal user training. For example, new contract negotiation tools allow users to quickly comment on online documents and go through multiple colleagues via online notifications or email, instead of having to send individual emails with attachments. Contracts are a necessary part of life, an integral part of many transactions and most transactions – whether they are business-to-business or business-to-consumer contracts, employment contracts, car leasing, real estate transactions, marriage contracts, and more and again. There is no doubt that you will negotiate a contract in your life.