Last week, Lexion invested in two things: (1) practical education on how to actually redline and negotiate a contract in the real world; and (2) a diverse and woman-owned and led business.
We were proud sponsors of the How to Contract Conference. Shout out to Laura Frederick, Flo Nicolas, and the rest of the How to Contract team for putting together their first conference.
In addition to supporting this amazing group, Lexion is also thrilled to be a supporter of its customers, such as Lisa Lang, General Counsel of Kentucky State University, who spoke about How to Manage Disagreements with Your Vendors.
We walked away with three key takeaways from Lisa’s session:
- It’s about relationships. Regardless of how well written the contract is, how the conflict is resolved lives beyond the resolution because reputation and relationships are impacted.
- Communication, communication, communication. The #1 reason for contract disputes is communication breakdown. Were expectations properly set and communicated? This is where excellent contract drafting and contract terms come into play. The contract is a document to set mutual alignment on expectations from both parties before the relationship begins.
- Litigation should be the last resort. Disputes are exhausting and a distraction to the organization and to your people. There’s a big financial (ugh, legal fees) and emotional tax to contract disputes, and that tax should be factored into the equation.
Oh, and during a session break, the Lexion team showed a fun video featuring our very own CEO Gaurav Oberoi that highlighted how Lexion helps you better manage the intake of requests to the legal team that requires minimal change management (requests can be kicked from email and links automatically to our legal-tailored ticketing system).