How Contract Redlining Software Simplifies the Task

Contract redlining requires lots of patience and close attention to detail. You need the right technology on your side to make sure your changes or comments are accurate. But you can’t take too long ⁠— a lengthy contract review process costs your business money. Large organizations lose an average of $215,000 each day during the contract process. 

Important initiatives, or the work of entire departments, may be put on hold just because a contract negotiation is still ongoing. It’s crucial that you not only speed up workflows but have the right tech tools to help you do it. Otherwise, you may be missing out on opportunities to boost your bottom line.

Using a red pen on a hard copy is cumbersome, and so is using a tracking function on a digital word processor. These methods can open your company up to security risks, and it makes collaboration a headache. The solution? Redlining software. 

Contract redlining software provides much greater flexibility than hard-copy redlining. Using a software solution will improve your workflow and help you complete negotiations faster. These programs have been built specifically to assist with redlining, so they take into account the intricacies and roadblocks that legal departments face when managing and redlining contracts, including communication, organization, collaboration, ease of use, accessibility, and much more.

So what are the specific ways that contract redlining software helps improve the review and management processes? What is a redlined document? And what does it mean to redline a document? In this article, we’ll cover the top contract redlining challenges‌ when learning how to redline a contract, and what the right redlining software can do to improve the contract management process.