Playbooking is more than merely memorializing what you can and can’t accept.
First, there needs to be a detailed review and analysis of existing contracts to get an understanding of risk patterns in the organization.
Second, there needs to be a means of tracking deviations from standard positions in the past. Highlighting the extent of the deviations can help an organization understand its overall risk profile in its existing portfolio of contracts.
Third, alternative positions, known as “Fallbacks” need to be created to streamline the activity of the contracts team in order to limit deviations without slowing down the process.
Finally, all of the Fallbacks, Standard Positions, Internal Comments, and External “Canned Answers” are compiled into a master document known as the Contract Playbook. This document will help govern and shape the direction of your organization’s portfolio of agreements, providing an anchor and touchstone for your processes while mitigating risk.
Some of the benefits of Playbooking include
Faster turnaround times for contract execution due to predetermined positions and fallbacks
Reduction of risk through the standardization of negotiated terms
Streamlined communication between business units regarding risk mitigation procedures
All of this is accomplished through Varyst’s teamwork with your legal/financial/business executives to create the best, most efficient solution.
