Contract Re-Negotiation Automation

TL;DR.

Maven X demonstrates how automation enhances client engagement after project closure through a 30-Day Follow-Up system that streamlines contract re-negotiation. This process improves efficiency, accuracy, and client satisfaction by automating notifications and record management. A free Client Automation Assessment tool is available for customized automation solutions tailored to business needs.

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Script Content

Introduction.

Hi, I’m Noah from Maven X. In this video we’ll see how Maven X uses automation to streamline our contract re-negotiation process.

This is part of our business automation series, where we showcase how automation has helped Maven X streamline operations, drive growth, and ensure precision. As you watch, consider how automation can save your business time, eliminate repetitive tasks, and enhance accuracy, ultimately boosting your productivity.

Problem Statement.

One common challenge businesses face is the manual management of contract re-negotiations. This approach often leads to delays, increased administrative workload, and inconsistent communication. Additionally, tracking the status and history of numerous contracts can become overwhelming and prone to oversight.

High Level Explanation.

That’s why we created our Contract Re-Negotiation automation. This solution ensures that every contract re-negotiation is efficiently processed, and all relevant stakeholders are promptly notified without manual intervention. It also effortlessly allows us to generate our contracts using templates in eSignatures so that our team just has to do a manual look through to approve the contract before it’s ready to send to our client.

Demonstration.

Now let’s see how the automation works:

1. Webhook Trigger: The automation starts when a custom webhook is triggered, indicating a contract needs re-negotiation. This webhook is triggered when a Maven X team member clicks the “Trigger Renegotiation” button in the Airtable record.
2. Get Contract Record from Airtable: The automation then retrieves the relevant contract record from Airtable.
3. Update Contract Status: The contract status is updated in Airtable to ‘Superseded’ to indicate that this document is no longer the up-to-date version.
   • If the contract isn’t Under Review or Superseded, then an Airtable will mark the contract as Terminated if the expiration date is set to today.
4. Router – Contract Types: The process is routed based on the type of contract.
   • Route 1 – Notification
     • Primary Contact Iteration: To notify the contract signers, the automation iterates through the contact name(s) who signed the contract.
     • Primary Contact Email Iteration: It then iterates through the email addresses of the contact(s).
     • Create Email Draft: A draft email is created in Gmail, notifying the contact(s) about the contract re-negotiation and to expect an email from eSignatures shortly. The email is also manually updated to include a note of changes from the last contract to the current one so the client has an idea of what has changed. 
   • Route 2 – MSA Creation
     • Create MSA Record in Airtable: If the contract is a Master Services Agreement (MSA), a new record is created in Airtable with the status ‘In Progress’ and added to the existing deal(s).
     • Generate New Contract: The new MSA is then generated in eSignatures with the latest MSA Template.
   • Route 3 – DLA Creation
     • Create DLA Record in Airtable: If the contract is a Digital Licensing Agreement (DLA), a new record is created in Airtable with the status ‘In Progress’ and added to the existing deal(s).
     • Generate New Contract: The new DLA is then generated in eSignatures with the latest DLA Template.

Benefits Recap.

By automating this process, we gain a few benefits like:

• Efficiency: This automation eliminates the need for manual processing of contract re-negotiations, saving significant time and effort. It also ensures that we have no gaps between our contracts with our clients.
• Accuracy: Automated data handling ensures that contract statuses and notifications are accurately updated, reducing the risk of errors.
• Consistency: Ensures that every contract re-negotiation is processed and notified in the same manner, maintaining high standards of service and using the most up-to-date version of the contract template.
• Improved Contract Management: Automated updates and record-keeping ensure a smooth and organized contract re-negotiation process.

Maven X Services & AI Automation Assessment.

At Maven X, we specialize in crafting custom automations to meet your business needs. If you’re interested in automating your business, check out our free Client Automation Assessment tool. This tool allows you to input your specific challenges and goals, and our AI generates tailored automation solutions for your business. It’s the perfect starting point to explore how automation can enhance your efficiency and success.

If any of the suggested automations are what you’re looking for, or if your automation is more complex, reach out to us at [email protected] to speak with our automation experts.

Closing.

Thank you for watching! We hope this video has inspired you to consider the benefits of automation for your business. Be sure to check out our other videos for more automation solutions and success stories.

Ready to take the next step? Visit our website in the description to try the Client Automation Assessment tool and discover the perfect automation for your needs and to contact us.

Until next time, happy automating!