Recent research by the World Commerce & Contracting “reveals that more than 90% of business people find contracts ‘hard or impossible’ to understand.” You have likely felt that very same thing. It could be as you read the contract or listen to someone explain the nuances to you. We know a simpler way exists.
We actually have a Simplex methodology that simplifies contracts through language, formats, and visualizations, such as flow diagrams, tables, and pictures. The result is a better user-contract experience with faster “time to contract.” This means you can complete more deals in shorter time frames. You may wonder, however, what does this all mean for you?
Through contract simplification, anybody and everybody can understand the contract. Think of when your staff changed recently or your key person is on vacation or medical leave. Those times are crucial for making sure someone else has access and understanding to a contract.
A simplified contract also provides for easier negotiation and clarification. Gone are the extra days or weeks spent on relaying back and forth explanations of terms or conditions between the negotiating parties and lawyers. This also results in a better overall negotiation process as you know the goal is not just for the contract in hand, but for a further extension or even increased opportunities through word of mouth based on your negotiation – and even contracting – reputation. This all results in an increase in your revenue!
When a contract is simplified, it also reduces mistakes in interpretation and even the feel of legalese within the contract and resulting relationship between the parties. We know the contract is only one part of that necessary business relationship. It should be a relationship you are proud to maintain through the required continual effort. A simplified contract can help with that!
What does this all mean for you? It means that your current contracting system can be improved through contract simplification. As we mentioned, our Simplex methodology aims to simplify, design, develop, and deploy any contractual document to enable personnel from varied backgrounds (other than legal) to read, understand, and negotiate contracts independently without diluting the position of the organization. The great thing is our process and methodology means that we handle the contract re-design in structure, format, look and feel, and your contract development, implementation, education, guidance, advice, and counsel on any contractual document to be simplified.
by Nancy Nelson