This document lays out the standard terms and conditions to use, every time you procure goods/services. Explanations for each clause, potential fallbacks and guidance help make your negotiations a stress-free process.
As your business needs expand, procurement becomes even more complicated. Legal teams may have varying risk tolerances, leading to subjective decision-making. To streamline and standardise the negotiation process, an internal playbook that covers your needs is a must.
SpotDraft’s playbooks serve as guides - offering clarity, transparency, and efficiency for the Legal team. By providing clear contract terms, fallback options, and guidance on when to walk away from a deal, playbooks help reduce overall risk for your organisation. They enable a shift from subjective to objective decision-making, ensuring a consistent approach to contract negotiations.
Why a Procurement Contract Playbook?
When negotiating procurement contracts, relying solely on a standard template may not cover all your bases. A Procurement Contract Playbook steps in to make your life easier.
1. Standard Contracts for Every Purchase
The Procurement Contract Playbook is your trusty guide, outlining best practices, standard procedures, and necessary considerations. What you can count on every time is - consistency and a streamlined process, saving you time and resources.
2. Flexibility, Tailored to Your Needs
No two businesses or deals are exactly alike when it comes to procurement contracts. A contract playbook empowers you to adapt and customise your contracts to suit your unique requirements and growth plans.
3. Risk and Compliance Mitigation, with Confidence
Managing risk and ensuring compliance is always a challenge when procuring goods or services. A Playbook with insights into legal matters, industry standards, and relevant regulations tied to procurement contracts handle these aspects with ease.
4. Streamlined Collaboration in Negotiations
Procurement contract negotiations often involve various stakeholders, each with their own expectations and interests. A Procurement Contract Playbook becomes your most valued tool during negotiations, fostering effective communication and collaboration amongst all parties involved.
Why SpotDraft’s Procurement Contract Playbook?
Nearly every business uses Procurement Contracts - to purchase goods or services at regular intervals. We've created a playbook tailored to legal teams of all sizes post analysis and discussions with 100+ Legal teams across industries and business needs.
With this playbook, we’ve covered a majority of your work around procurement contracts. With some small edits based on your organisation's specific requirements, you’re ready to close all deals.
SpotDraft’s Procurement Contract playbook offers to:
- Create a comprehensive template that aligns legal, sales, and other business departments during contract negotiations
- Establish a clear process for negotiations, including fallback positions, negotiation strategies, escalation points, common language across the organisation, approval processes, and quicker deal closures
- Save time on training new team members and drafting and negotiating contracts; just follow the playbook
- Develop a detailed implementation and adoption plan for your playbook
The Free Procurement Contract Playbook by SpotDraft
You can instantly implement this Procurement Contract playbook for your organisation using VerifAI by SpotDraft, on Microsoft Word.
What this will enable you to do:
- Get an exhaustive list of key concepts that require review in a procurement agreement
- Build a checklist of personal contracting guidelines for procurement contract review
- Automatically flag which guidelines are met, and which are not
- Receive AI-powered redline suggestions to kickstart your review
With little to no effort, you can customise any template to meet your organisation's specific needs.
Save hours for both Legal and Business teams by downloading VerifAI here.
FAQs
1. What is a contract playbook?
A contract playbook is a library of standard contract templates and associated guidance designed to streamline the contract drafting and negotiating process.
2. Why is a contract playbook important?
A contract playbook allows legal teams to efficiently create legally sound contracts, ensuring compliance while maintaining consistency across the organization.
3. How is a playbook different from a contract template?
Contract templates help you draft contracts faster, while playbooks help teams review contracts faster and help other teams understand the organization's legal position regarding different clauses.
4. How does a contract playbook add value to legal teams?
Contract playbooks enable legal teams to review contracts efficiently, ensuring compliance with legal and regulatory requirements, reducing errors, and minimizing risk.
5. How do contract playbooks add value to other business teams?
Contract playbooks help business teams understand the company's legal position regarding contracts and facilitate efficient negotiations, reducing negotiation time and ensuring a unified approach.
6. How do I implement a contract playbook?
Implementing a contract playbook involves defining its purpose, creating relevant playbooks, and setting up a standardized process for reviewing contracts using those playbooks.
7. Do I need a playbook for all my contract types?
It's essential to categorise contracts based on volume and negotiation frequency. High-volume, highly negotiated contracts benefit the most from playbooks.
8. At what stage of an organisation does building an internal playbook make sense?
Generally, organisations with dedicated legal teams consisting of more than two professionals should consider building contract playbooks.
9. How do we ensure higher adoption of playbooks?
Focus on making the process efficient and user-friendly, involve key stakeholders, educate users, and provide support, training, and regular updates for playbooks.
10. Implementing playbooks seems exhausting, how do we break this up in phases?
Start by defining goals and stakeholders, develop playbooks in phases based on priority, and then focus on implementation, user training, and support.
11. There are so many contract playbooks out there, how is SpotDraft’s playbook different from others?
Our playbooks are tailored to specific use cases and created with the knowledge and experience of industry experts, ensuring practical and effective adoption by your teams.
