There are three stages to every Deal: Guided Review, Approval and Signature.

Stage 1: Guided Review

Parties exchange proposals and agree on Key Terms, Additional Terms and Attachments (if applicable).

Taking Your Turn

• This stage is turn based. The top navigation shows whose turn it is (the party with the "Reviewing" status next to their company name):

• When it's your turn: You work in private until you click Next and Send your reply to your Counterparty. 
• When it's your counterparty's turn: You are in view-only mode seeing your last proposal. It will remain this way until your counterparty completes their review.

Key Terms

• You will be shown your counterparty’s current proposal for each Key Term (and any history). Your options are:
  • Accept if you agree with the proposal. Status will change to Accepted.
  • Change if you would like to propose one of the options below:

    • Select an Auto-Accept alternative (if provided). 

    • Create your own proposal for review by the counterparty.
    • Add an optional comment.
  • Undo a selection to start again.

Additional Terms

Responding:

• You will be shown your counterparty’s current proposal for each Additional Term (and any history). Your options are:
  • Accept if you agree and want to move the status of item to Accepted.
  • Change if you would like to propose one of the options below:
    • Reject the term
    • Modify allows you to edit the proposed language and see changes as redlines.
    • Add an optional comment.
  • Undo a selection and start again.

Creating your own Additional Terms:

• + Click to Open Playbook: allows you to propose your own Additional Terms with examples from the Standard Playbook.
• + Create New Term: allows you to draft your own proposed Additional Term.

Attachments

Responding:

• You will be shown your counterparty’s current proposal for each Attachment (and any history).Your options:
  • Accept: moves the status of the attachment to Accepted.
  • Change:
    • Under Review: means you are still reviewing the Attachment. Note: due to how the Bonterms Platform operates, you may not use the Under Review function if every other item on the Cover Page is Accepted.
    • Replace Attachment: replace the proposed Attachment with an alternative proposal.
    • Reject without replacing: propose deleting the Attachment entirely.
    • Add an optional comment.

Proposing your own Attachments:

• + Click to Upload Custom Attachments: allows you to propose a new attachment to your counterparty.

Ending your Turn

• Next: review your response to all Key Terms, Additional Terms and Attachments. Note: the Next button is not available until you have acted on all elements of a proposal. 
• Send: Returns Deal to counterparty with your proposals.

Moving to Approval Stage (Automatic)

• When all Key Terms, Additional Terms and any Attachments are Accepted, the parties are both moved to Approval stage.
  
  

Stage 2: Approval

Each party achieves approval for the Deal from any designated Approvers.

Approver Actions:

• Approve deal (with optional comment) or decline to approve and send comment to Owner.

Owner Actions:

• Move to Signature: once all Approvals are achieved.
• Remove Approver (requires Supervisor-level permission)
• Cancel Deal: permanently ends Deal.
• Request to Change Terms: propose change to previously Accepted Key Term, Additional Term or Attachment.
  • Note regarding Request to Change Terms: your Counterparty will have the option of returning both parties to Guided Review to consider your proposal or keeping the parties in Approval stage with no further changes.  

Note regarding Guest Users: Guest Users do not have the ability to add Approvers or otherwise access Deal Team. To add Approvers, create a Free or Paid account.  

Moving to Signature Stage

• When a party has achieved any required Approvals, they may Move to Signature. 
• When both parties have selected Move to Signature, both are moved to Signature stage.
  
  

Stage 3: Signature

The parties sign the Cover Page through an e-signature integration or export for signature off platform.

Sender Designates Signature Method:

• Initiate Signature (DocuSign or Dropbox Sign): Sender initiates signature of Cover Page through Sender’s DocuSign or Dropbox Sign account. DocuSign/Dropbox Sign sends an email to both Signers to access the Cover Page in DocuSign.

• Download: Sender downloads Cover Page and marks as Sign Deal off Platform. Sender and Recipient coordinate signature outside of Bonterms Platform.

• Important: Sender and Recipient are each responsible for any Cover Page they sign off platform is the final agreed Cover Page between the parties.

Updated June 05, 2024 22:57