What’s Your Play? A Case Of Templating, Fallbacks, And Playbooks For Your Contracts
One of the riveting moments in sports is the final few seconds of a close game this is where our legends are made. Any great coach will tell you a key to success in crunch time is a playbook with various plans of attacks or defense and numerous contingencies or audibles to address different scenarios. A playbook can’t account for every possible permutation but should cover the most common situations and provide solutions.
One of the insights we’ve noticed reviewing contracts for clients is that there can be a lot of repetition in negotiation that ultimately leads to inefficiencies or inconsistencies. An effective way to achieve successful outcomes is to develop a playbook with templates, fallbacks, and guidelines. Here are a few ways to implement a system:
- Design great templates. These should cover all the bases and give you a solid starting point.
- Design a great place. Mitigate risks and alleviate pain points by leveraging what’s worked in other scenarios with fallback. This really streamlines the negotiation process.
- Keep it simple. Remember, this is just a set of tools but won’t perfectly fit or address every possibility, the aim is to have a system that’s not overly complex or comprehensive but one that allows everyone on the team to look to a set of standards so you reduce cost and friction in negotiations.