When that lucky time comes where your company is drawing up a contract with a soon-to-be customer, the whole team is in a state of heightened anxiety. People are worried, tempers flare. What if we botch this sale? Are we being too picky? Are we betting the farm?

If you’re lucky, as Product Manager you have had the opportunity to carefully craft a master contract ages ago that presents the agreement neatly and positively, and saves your company’s assets.

But in the real world, you may find that you’re called upon to make strategic decisions that drive the master contract terms and conditions only after the next big customer has requested the contract. Even if you already have a contract template, there’s always something new coming into the product that needs your attention.

The wrong contract can lead to unprofitable deals that lose money with each additional order it covers. This is serious business.

Read on for some useful tips to help the team navigate that part of the sales cycle where you are helping draft a very special letter, a “Letter of the Law.”