As part of Negosh's ongoing mission to help licensors and manufacturers discover new partnerships and streamline deals, we have made some improvements to the deal making process.
Below are five key changes we’ve made that we believe will make deal negotiation easier and quicker for all parties.
1. Removal of Turn-Based Editing
This means that both parties can now edit the deal memo any time they want. Neither party has to wait for their "turn" to make edits to the deal memo. This will speed up the amount of time needed for negotiation and allow both partners to be working on the deal memo at the same time.
2. Full Revision History
With both parties able to edit the document at the same time it's important that all versions of the deal memo can be easily and quickly viewed. All the differences between revisions will be highlighted, to see what has changed since the previous version.
3. Both Parties Confirm Deal Memos to Move to Approval
Previously, the party in control of the deal could "Approve" it and that would mark the deal memo as approved by both parties. Now, each party has to "confirm" the deal memo on their end for it to be approved. Either party can also revoke this confirmation if needed, before the other party also confirms. This means that the deal only progresses on to the next stage, "Finalizing", when it is confirmed by both parties. Either party can still leave negotiations before the deal is finalized.
4. “My Deals” Page
The previous "Deal Center", where users would select a deal to access the chat and information has gone away. Now the main mechanism for accessing a deal is to go to the "My Deals" page, and select it. For licensees, all their draft deals will also be accessible there.
5. Easy To Use Inboxes
The unread message indicators have been fixed so they clearly display new and unread messages so users can easily keep on top of what’s new and what needs to be actioned.
These improvements will make drafting, submitting and negotiating deals easier for all our users and speed up getting licensed products to market.