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hello everyone my name is olga matt i'm the ceo of parlor pro and partly pro is an easy to use highly collaborative contract lifecycle management platform that has pioneered online negotiations and today we will be talking about the future of negotiation before we begin i would like us to take a trip down the contract lifecycle management software or clm memory lane clm is not a new term however the technology its capability and what users expect significantly evolved over time i like to divide the history of clm in three stages let's start with clm 1.0 it was all about centralized repository to facilitate company-wide access contracts were text only document that needed to be read to understand users conducted a search manage access controls and tagged milestones all in all contract lifecycle management or clm 1.0 is all about repository and location of your contracts but we didn't stop here clm 2.0 wave has arrived as well workflows and approval logic automated existing process and created unprecedented efficiencies and automation of routine tasks sequential collaboration or taking churn has become possible and has been facilitated by technologies all in all clm 2.0 is all about workflow and automation while clm 1.0 and clm 2.0 have moved us forward the future of contracts is much much more than that clause level workflow and functionality and simultaneous collaboration and related actionable analytics have become keys and they will be paramount for the future of contracts contracts are no longer taxed they're fully digitized modular and dynamic digital assets this fuels simultaneous not sequential collaboration at a clause level not document level digital negotiations are now possible including multi-party negotiations and also there is a possibility of context aware integrations the future of contract is here but here where the confusion lies the products of clm 1.0 and clm 2.0 are still results on the market they're still available and that becomes very important when you make decisions for your department and for your company make no mistake not all contract management software is created equal just like milk and eggs are not the same goods even though they're sold in the same refrigerator section of the supermarket not all clm available on the market today give you state of the art believe it or not clm 1.0 and 2.0 are still with us and that means that general counsel legal practitioners and legal leaders must educate themselves before they make purchase and before they commit resources and their precious time to implement this technology in their department this will make a huge difference and let me tell you how not long ago i used to be a general counsel i noticed that automating contracts drafting and management have improved the productivity of my team significantly i also noticed that my team was stuck in the very manual time-consuming labor-intensive process somewhere in the middle of contract life cycle somewhere in the process we call negotiations let's just say that after numerous red lines draft reconciliation and endless follow-up emails many of our clients simply choose to avoid lawyers our clients affectionately describe us as black boxes or bottlenecks it turns out that in the contract process the negotiation stage is the weakest link today negotiations are manual time consuming and costly negotiation is a proverbial last mile problem that no person process or technology has been able to solve that is until today welcome to the future of negotiations part of the pro's digital negotiation technology we solve the last mile problem of contract negotiations in a nutshell barley pro's platform allows parties to collaboratively reach internal consensus on each clause by simultaneously working in the same document parties edit approve the contract and get to yes much much sooner then when the internal document is shared with the counterparty the negotiating parties can collaborate in real time again with the parties outside with the counterparties and again they get to a yes not just internally but also externally much much sooner thus in this dynamic real-time negotiation everyone has transparent relationship with contracts that is appropriate to their function among other things this enables cross-functional collaboration and a very different relationship with your counterparties because there are no more emails or cutting and pasting from various platforms you are at least 40 percent more efficient and possibly much more than that you are absolutely a hundred percent much more transparent everyone knows where the contract is and who is accountable that is to say that legal is no longer a black box i like to think of it that what e-signature technology did to the document execution part of the pro is doing to the entire negotiation process it makes it efficient transparent and most importantly for your practice it makes it a whole lot more enjoyable your contracts become digital assets in other words your contracts have now becoming a system of record a system of engagement and a system of delight in the end you don't have a flat perfectly written text document you have a digital and native asset with connections to people places and other documents it is more like a final document plus all your internal and external discussions and approval and history and all of that all of this file is all of this data is at a clause level and you can really learn from successes and failures and build a much more robust legal practice i'm olga mack i have become ceo of barley pro to make sure that no lawyer is compared to a black box or bottleneck again visit us at parleypro.com to learn more about the future of negotiation digital negotiation technology and 21st clm that enables you to practice law that is enjoyable collaborative and transparent and now please i would like to introduce my colleague lillian caldera to show digital negotiation in action thank you olga for the introductions hello everybody my name is lilian and i am a co-founder and chief product officer of parley pro it is great to all to meet you all and i'm looking forward to our discussion about digital contract negotiations as olga mentioned palipro is a fully digital contract lifecycle management platform we're not only digitizing contracts workflows but also negotiation around contracts making them fully digital assets let's take a look and create a new contract on our parli pro so i can demo to you how easy it is to negotiate contracts on our platform we're now in our platform in parlipro and i'm going to create a contract first we need to provide basic information about this contract that we'll be working on and i'm going to use a use case when i received a contract from my counterparty i'm now uploading the document and contract is now on partly pro when we uploaded this contract we did two things we fully ocr the contract make it making it readable we also subdivided this contract into clauses enabling structure collaboration at a close level in parlipro when user needs to redline the contract it is done at the closed level it enables us to keep all comments red lines unspecific clothes in one place so let's prep let's see if i can change to 20th and i'll change the zip and during negotiation we have three communication channels we have an internal communication channel enabling you to keep this redline and comment private to your company counterparty will never see it if you want to expose this redline and comment immediately to your counterparty you can mark it external and once you post it your counterparty will receive an email notification with a secure link to the parliament pro platform you can also queue up all proposed external red lines and release it later on perhaps when you finalize reading the contract let's create an internal and see what happens so we deadline the contract but not only we're redline the contract we also created a detailed historical trail about all actions performed on this contract for example you can see the original text you can see text proposed by lillian and another up benefit of our approach to negotiation at the closed level that now you can assign people to different clauses for example in this case i'm going to ask selena who is my business person to review it and when i'm posting this as i described you we added a different post so we have a historical audit trail but what also happened is that celine at this time received an email notification with a link to this clause so she doesn't need to read the entire document look for a place where she needs to provide the feedback parlipro will take her to the right place and as people redline the contract they're creating a lot of discussions let's take a look at the payment schedule another benefit of our approach to close level negotiation that we can optimize fallback positions and for example in this case we can bring the fallback position for the payment clause right in the right place i can select approp an appropriate fallback parliament redline the contract automatically and because it's an approved language i can post it directly to the counterparty now we have sent the email to our counterparty with a secure link to this contract and on our site we we see one discussion external and one discussion internal contracts are very lengthy documents and sometimes there is a lot of red lines or comments so people when you're receiving a new version they need to read the contract top down it is great but it can be very tiresome process so to bring your attention to new new red lines or comments or to um clauses that were assigned to you immediately partly pro introducing a a separate view into your contract we called it a discussion view it is a collection of all clauses that are under red lines or with comments if i open it up i can clearly see that i have two discussion one external pending counterparty i can see the history of it and i can see also internal discussion and if i need to i can jump right into the document in right place this view also contains close discussion as we will close the discussion they will not disappear they will remain here in the closed status enabling you to maintain the entire history of your negotiation in one place if at any given time once the contract is executed you want to preview what happened to this contract you can come to this view and clearly reconstruct step by step of your negotiation okay the other option we have for contracts we have a lot of workflows that you can set up based on what's going on with the contract for example you can see that selena when i invited her to this close was automatically added to the contract we also have greta was automatically added and granted was added because we have red lines in the contract if there are no red lines in the contract you don't need to invite your legal or people who should review red lines but if there are red lines we have a workflow enabling to automatically invite appropriate internal stakeholder to help people to negotiate this contract at this point let's take a look what counterparty sees so counterparty has very similar view as you it is a little bit less functionality and here is the contract it's new to them you can see this is my counterparty this is them and this they have an activity on this contract now as a counterparty i'm going to open up and see what's going on in this contract remember we had a internal discussion right here and now it is not visible because it was marked as external and the payment terms was redline and i can preview the history of this redline i can see the original text i can see text purpose by lillian and at this point i can accept this or count count purpose let's propose some changes here and i'm going to delete the last sentence and post it to my counterparty now as a counter as myself back into my contract i can take a look what's going on here i can see there is a new activity here and i can scroll or i can jump into discussions and i can see but new red lines look how easy it is so immediately parley pro puts a new red line to the top of my queue we also mark it very clearly that we need to respond to it and when i open it up i can see the red line i can take an action here or i can jump into the document and work from the document view to make sure that i can read the context around the contract so what i want to do here um this is the end of our quarter it is important for us to to move forward with this contract but the change that is proposed here is a material change and i want to mark it as such so in polypro you can tag contract containing non-standard terms and associate it with an appropriate clause so i mark it as non-standard for product and uh so now i can mark it up we also will display non-standard term in a document so everybody can see without jumping into an individual discussion and at this point i can accept this so in this presentation i wanted to illustrate very quickly to you how easy it is to negotiate contract and parley pro you can see the real-time collaboration that will bring a lot of productivities to work with contracts especially during negotiations because negotiation is a very lengthy very very complicated process we want to be very helpful to you optimizing your workflow so that you can deliver contracts better faster with better outcomes and also at the end of my presentation i want to briefly take you into our dashboard our dashboards are also designed to help you to negotiate contracts faster and have a data-driven view into what's going on during negotiation with your contracts for example you can see you have 48 contracts in your company in negotiation stage you can see that what's going on in terms of how long it takes and with a single click you can jump and you can see individual contracts so that you can help people to negotiate and move it further faster you can also track non-standard terms and again with a single click you could jump to this contract and you can see all what's going on here and it is possible because parley pro is a fully digital platform as people negotiate contracts we collect all information about your contracts about your interaction with contracts and displaying it in the form of interactive click through real-time dashboards so this in our opinion is the future it's a near future of what's going on with your negotiations and how to re-digitize a negotiation process i hope you enjoyed this presentation and if you have any questions please feel free to email us at parleypro.com where we'll be happy to talk to you and we'll be happy to continue our conversation about digital negotiation have a wonderful day and talk to you soon thank you lillian this was a very helpful overview of the general negotiation and it really highlights where we are today in history of negotiation let's talk about where we've been and where we're going in the past negotiations have been face to face they have been very much based on the relationships we've been moving away this is not a new trend this has been happening for a little while using email and word document we have been using technology for a few decades now technologies are no longer a manual face-to-face solely relationship based yes there is some of that but that is uh that is we're moving away from that trend and it's not just a technology shift it's a cultural shift and it's a cultural shift with technology that we see across all kinds of technologies not just negotiation technology the digital negotiation what it allows to do it flattens the organization it really undermines sort of traditional hierarchy and top-down approach it really empowers people in the middle and people in the bottom of your organization and makes them really important contributors in the process of running your business in addition it allows you to get a lot of information and data at every stage of negotiation and contra creation you get a lot of information during creation of the process during negotiation of the process and of course you also get quite a lot of information in the management of the contract post signature and then so doing you really can learn from your successes and your mistakes and you really can scale your business create a lot of predictability and really optimize and it's so doing once you have a lot of data and once you have people contribute and everybody's contribution matters we really start changing conversation from relationship based into data-driven conversations the conversations about skills of your workforce and the conversations about impact of every contract and the conversations about what every contract means in the context of your business so this is not just a technology change it's a cultures change it's not a recent trend it is not a fad it is here to stand and we are here to help you really embrace understand and be part of this digital negotiation movement thank you very much both lillian and i enjoyed this conversation with you and we would love to hear your questions please let us know if we can explain anything thank you so much