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The editing process that occurs in contracts when two (or more) parties are involved in the contract negotiating phase is referred to as redlining.
Redlining of Documents/ Contract Redlining occurs during these periods of negotiation or when a party is amending a contract to show the other party exactly where and how they made changes.
It refers to the collaborative editing of text or modifications in a contract. As previously said, it frequently occurs during the contract negotiation process, when each party is striving to construct a finalized contract that has all of the terms and provisions with which both parties are satisfied.
Multiple parties, revisions, and versions are involved in redlining. Software such as Microsoft Word is a popular choice but the most common method of redlining is to use two side-by-side versions of the same contract. One is the original, while the other is the redlined altered version. After that, the parties work on the revised version in order to produce a clean, final copy.
The main purpose of Redlining of Documents/ Contract Redlining process is to analyze whether the contract is enforceable and revise any clauses that are not legally viable. With the help of Redlining of Documents/ Contract Redlining process, you can alter terms to benefit or reduce risk to your company, and tracking/highlighting edited terms from the opposite side for a more efficient document review process.