Bonterms is a two-sided negotiation platform that utilizes Standard Agreements to streamline the contracting process for IT procurement transactions. By reducing average negotiation times to as little as five minutes and achieving a 95 completion rate in a single round, Bonterms minimizes the complexities of contract negotiations while ensuring legal compliance.
Funding
Funding not disclosed
Founders
Product
Problem
Negotiating IT procurement contracts is often a time-consuming process involving complex legal redlining, leading to delays and increased costs for both vendors and customers. The lack of standardized agreements prolongs negotiation cycles and creates friction in deal closures.
Solution
Bonterms offers a two-sided negotiation platform that streamlines IT procurement transactions using standardized agreements. The platform facilitates faster contract negotiations by providing a neutral space where vendors and customers can meet and negotiate deals based on industry-standard terms. Bonterms' agreements are vetted by a committee of legal experts and are implemented via a cover page, reducing the need for extensive redlining. This approach accelerates the contracting process, minimizes legal complexities, and promotes more collaborative business relationships.
Target Audience
Bonterms primarily targets procurement and sales teams within IT companies, as well as legal departments seeking to streamline contract negotiations and ensure compliance.
Features
- Standard Agreements covering a range of IT procurement transactions, including NDAs, SaaS agreements, DPAs, and PSAs
- Agreements vetted by a committee of 100+ in-house and law firm attorneys
- Cover Page implementation for efficient modification of key terms without extensive redlining
- Platform for two-sided negotiation, facilitating collaboration between procurement and sales teams
- Downloadable Standard Agreements available in PDF and HTML formats
- Resources such as cover page examples, explainers, and toolkits to guide users through the negotiation process
- Standard AI clauses to address emerging legal considerations