THE LEGAL CLOSE
This sometimes dreaded step involves activities of other individuals, behind closed doors, looking over the legal and contractual aspects of your sales close. These are mostly professionals who are dedicated to and paid for finding what is wrong with this contract, often to your detriment. You will rarely, if ever, get to talk to them directly, and they are not there to be sold, in any case. As this step is inevitable in corporate selling of any size, it is better to accept that it will occur, and work through it as swiftly and effectively as possible.
Most often, it is best to have your legal department deal with the clients’ attorneys on contractual language due to what has been called the “Lawyer to Lawyer Communication Rule.” That is, from a lawyer’s viewpoint, he can always communicate better with other lawyers. Whatever the reason, this rule seems to exist, so we might as well use this knowledge to our advantage to get the job done.
A definition of the Legal Close, then, is offered here for descriptive purposes.
The Legal Close:
Actions taken by legal professionals that result in a legally binding, written contractual agreement representing the mutual understanding and satisfaction between both parties, completed in a timely manner.
The legal close is important and not to be taken lightly. The overall sale can be lost at this point due to various elements. It is sometimes used to grind down either the price or the terms to a more favorable level. Taken too far, this grinding can disfigure the agreement you worked so hard to reach earlier, to the point that it is no longer viable or even recognizable. But hopefully, through vigilance, skillful communication, and persistence, you will prevail in the manner desired.
It should not go unnoticed however, as in the previous step, that you have to observe, recognize, and acknowledge the completion of this step. The contractual elements must be handled conclusively. Sometimes they will accept your contract as is, but usually they will draft one that their lawyers are familiar with and incorporate the elements necessary. In any case, this is a legal close and should be ended when the mutual agreement is finally contained in the contract, and is legally binding on both parties.
Unfortunately, it’s not yet time to celebrate for there is another dangerous foe equally capable of scuttling your commission. The administrators await.
daniel w. jacobs
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