How to Negotiate Contracts Faster Before Q3 Ends

Are you struggling to get your contract signed before Q3? As someone who has been working in contract law since 2004, I understand how stressful the last week of the quarter can be. You’re trying to close deals, manage client expectations and meet internal deadlines. Over the years, I’ve refined a few strategies to help speed up the process and keep things moving smoothly during this critical period.

In this article ‘How to Close Contracts Fast Before Q3 Ends’ (a follow up on this article), I will share practical tips I’ve gathered throughout my career.

This will help you negotiate and close your contracts before Q3 ends – whether you’re a legal professional or part of the sales / procurement team.

1. Groundwork: Setting the Foundation for Smooth Contract Closures

Before we get into the last-minute strategies, it’s important to acknowledge that no matter how prepared you are in the final week of the quarter, the real work begins long before that. Over the months leading up to these peaks, the following foundation should be laid out – so you can negotiate contracts faster (and better), and act quickly & decisively when time is of the essence.

The four pillars of better contract processes, developed by AMST Legal, are:

# Create Standard Templates

One of the simplest yet most effective ways to streamline the contract process is to use standardized templates. As I also wrote in this article, when teams work with simple, pre-approved, consistent language, it cuts down on back-and-forth reviews and will greatly improve contract negotiations. You will know exactly what is in each contract, with the right risk profiles and internal teams are trained on using it. If your organization doesn’t already have these, make creating them a priority for the future. It will be a game-changer for your company.

# Set Minimum Value Limits for Negotiations

During these peaks, it will be impossible for legal to help out the commercial teams and review & negotiate all contracts. It is therefore important that teams use the standard templates as much as possible. A great tool for this is setting agreed minimum contract value in the company, also see this article by Ironclad on this subject. For smaller contracts, also consider limiting negotiation points or automating approvals for low-risk items. This has saved me countless hours over the years and allows legal teams to focus on more complex, high-value contracts.

# Improve Internal Communication and Training

Lack of communication is often the reason of delayed contracts. By establishing clear communication channels between legal, sales and management teams, you can avoid last-minute surprises. Regular training sessions also ensure that everyone understands the process and the contract standards, which makes a huge difference when things get hectic at the end of the quarter. Consequently, internal teams will feel more confident when negotiating contracts.

# Implement Legal Tech Solutions

If you set up the above, but processes still need to be improved due to a high volume of contracts, it’s time to embrace legal tech solutions. Tools like e-signature, contract management or AI Contract Review can significantly speed up your workflow and will help you negotiate contracts faster. I’ve seen contracts get stuck for days simply because (i) someone was out of the office and couldn’t physically sign a document or (ii) we couldn’t find the relevant document to sign

2. Prioritize High-Volume and Strategic Deals

As the quarter draws to a close, it’s time to get laser-focused. You simply can’t negotiate all contracts at once, and that is perfectly normal. The key is to prioritize high-volume or strategically important deals. This is where you will get the most return on your time investment.

How to Identify Key Deals

I always ask myself (and my team) two questions at this stage:

• Is this contract actually closing by the end of Q3?
• Is this a high-volume or high-value deal?

If a contract doesn’t meet these criteria, it’s not worth your time right now. You will waste valuable energy chasing and negotiating contracts that can be closed after the quarter ends. Focus on what you can (and must) win now, and push the rest to next quarter.

Managing Distractions

Distractions are everywhere, especially when the pressure is on. This is the time to train yourself (and your team) to stay focused. Make sure everyone is crystal clear: the goal is to close and only negotiate Q3 contracts, nothing else. If it’s not urgent or relevant to Q3, it can wait. This might seem obvious, but it’s surprising how many teams get sidetracked by low-priority tasks during this crunch time.

3. Clear Communication with Clients and Teams

Communication is critical at every stage of a contract negotiation, but it becomes especially clear when deadlines are looming. You need to maintain transparent, open lines of communication – both internally and with your clients.

External Communication

Clients don’t always understand the urgency we feel in the final week of the quarter. That’s why I make it a point to confirm their needs early on, well before the last-minute rush. I’ve found that directly addressing concerns and reiterating the importance of deadlines can push things along. Clients are more likely to act quickly when they understand the background.

If you sense a deal might be slipping to the next quarter, reach out to your client immediately. Often, an honest conversation can be the difference between closing a deal on time or missing the deadline.

Internal Communication

In a busy period like this, internal communication is just as crucial. Make sure your teams are aligned, especially if multiple departments are involved. The last thing you want is a delay because someone missed an internal approval. I usually recommend daily check-ins or updates to keep things moving.

And if a deal is stuck, escalate quickly. There’s no time for prolonged delays when the quarter is on the line.

4. Encourage Team Collaboration

Complex contracts can’t be handled alone – negotiating contracts is a team sport. I’ve learned over the years that collaboration is the key to overcoming obstacles, especially when time is running out.

Breaking Down Silos

Avoid the temptation to work in silos, especially on tricky deals. Bring in your legal, sales, finance, and operations teams as needed. Each department offers a unique perspective that can help you get past obstacles faster. In many cases, a quick group discussion can solve a problem that might take one person days to figure out on their own.

Address Escalation Matters

If a contract is stuck in escalation, resolve it now. Whether it’s a pricing issue or compliance matter, gather the right people and tackle it head-on. Waiting for someone else to make the call will only waste time.

5. Deadline Management

Nothing is more frustrating than having a contract fall through because of a missed deadline. In the final days of the quarter, every deadline matters – whether it’s a signature, a document approval or a client review.

Plan Ahead

Two of the best pieces of advice at the end of a contract negotiation: 1. ask the counterparty how many days they need to get the document signed. Are there internal processes we need to think of? and 2. plan a few days ahead. You never know what might come up in the final days & hours, so giving yourself a bit of extra time can help prevent last-minute panic. Make sure signatures are collected and documents are finalized before the last day of the quarter, whenever possible.

Avoid Costly Mistakes

Missing a deadline – even a minor one – can push a deal into the next quarter. Not only is this frustrating, but it can also have financial implications for your business. Stay on top of dates, and build in extra time for any last-minute reviews or approvals that might come up.

6. Frequently Asked Questions (FAQs)

Q1. What should I do if a deal is unlikely to close by the end of the quarter?

If a deal isn’t likely to close by the end of Q3, communicate it to the relevant teams and deprioritize it. Focus on deals that have a real chance of closing now. Set expectations with clients for the next quarter and move forward.

Q2. How can I speed up communication between teams?

Hold daily check-ins and use tools like Slack or Microsoft Teams to facilitate quick communication. This ensures everyone is aligned and up-to-date on contract status.

Q3. What legal tech tools should I use?

I highly recommend e-signature platforms, Contract Management / Contract Lifecycle Management Tools and AI Review Tools. These tools reduce delays, help automate workflows and make the signing process smoother.

Q4. Should I negotiate terms at the last minute?

This is a subject for a longer article, but at this stage, avoid extensive negotiations. If terms are still being discussed, escalate the decision or consider finalizing the contract as-is and revisiting the terms in the next quarter.

Q5. How do I ensure my team stays focused?

Keep the team aligned on priorities. Regular check-ins can help ensure everyone is working toward the same goal: closing Q3 deals. Delegate non-urgent tasks to be handled after the quarter ends.

Conclusion

As a legal professional that has been through countless quarter-end rushes, I know how stressful it can be. But by following the tips in this article ‘How to Close Contracts Faster Before Q3 End’ will help. Focus on the right deals, maintain clear communication and keep your team aligned. This way, you can close more contracts before Q3 ends. Stay organized, be proactive and you will be able to meet your goals without the last-minute panic.

If you follow these tips, you’ll not only survive the end-of-quarter peak, but you’ll also set yourself up for success in the quarters to come.

Please reach out to us via +31650608964 or send an email to lowa@amstlegal.com if you need more information or advice about this subject.