The Commercial Contract Due Diligence Assistant helps expedite the contract due diligence process and standardize the way you report in your house-style or make necessary amendments in accordance with your internal playbook.
The Commercial Contract Due Diligence Assistant integrates with the contract analysis tool of your choice to identify the key terms of a contract and guides lawyers and professionals through an interactive version of their commercial contract report template all in one interface.
The tool can be easily adapted and customized to different contract types, including supply contracts, IP agreements, corporate organization documents and, finance documents. The tool can also determine – based on a sophisticated customizable risk-scoring model – how risky your pool of contracts is, either individually or in bulk.
The Commercial Contract Due Diligence Assistant ultimately enables lawyers to spend more time identified as critical, risky or in breach of internal guidelines and mitigate the risk of missing important issues. This is an advantage for both law firms and corporate legal departments. Law firms are able to augment commercial contract due diligence. In-house legal departments are able to streamline the review of contracts in accordance with their internal parameters. The tool can also be adapted to escalate issues to more senior lawyers or provide legal sign-off automatically freeing up lawyers to do what they do best: practice law.
Law firms and legal departments are often tasked with the review of large numbers of contracts, whether it be as part of a complex due diligence exercise or to provide legal sign-off for a company’s day-to-day business.
The volume and complexity of such contracts have only increased in recent years, meaning that lawyers will often have to sample the contracts for review. For those contracts that are not reviewed, resultant risks may be missed leaving a company exposed.
Commercial Contracting Challenges
In addition to risky exposures, poor contracting also exacerbates other operational inefficiencies and affect inter-team cooperation. The 2021 EY Law Survey found that 90% of Business Development Managers find it challenging to work with procurement, legal and commercial teams on contracting. And even more alarming, 60% of Business Development Leaders found inefficiencies in contracting to be slowing down revenue recognition and 50% of them believe operational blocks have resulted in a loss of business. And on top of that, 99% of general counsels reported a lack of technology and resources to efficiently address contracting.
As a result, inhouse legal teams often need to resort to manual contracting, relying on legacy contracts, but having to manually update each new contract, which leads to significant errors in the process and steals away time from strategic work.
The Commercial Contract Due Diligence Assistant streamlines the review process and minimizes the likelihood of missing something important. It also helps to reduce the amount of repeatable and error-prone tasks that eat up lawyers’ time by offering an automated approach. Our risk management software allows the lawyers to save time in two ways:
- by configuring a pre-determined set of factors (e.g. change of control risk) into the tool, the reviewer can focus on the key provisions in the contract; and
- by applying a built-in risk scoring model, the tool enables the reviewer to more quickly identify those contracts that contain risky/critical issues.
Analyze contracts in accordance with pre-determined parameters which have been set by the client or internally.
Automated & Standardized
The Commercial Contract Due Diligence Assistant allows you to assess contracts and to determine whether those contracts require a further detailed review – automatically. This ensures consistency in approach and enables the production of house-style reports or documentation.
Save up to 90% of time reviewing and reporting on commercial contracts. The Commercial Contract Due Diligence Assistant allows you to quickly identify and efficiently and consistently report on risks and problem areas in your contracts.
BRYTER’s no-code automation platform allows you to easily modify the tool to tailor it to your client’s or internal needs, respectively.
How it works
Set reviewing parameters
Set reviewing parameters that have been pre-determined by the client or internally within BRYTER’s no-code development platform. As the tool is highly customizable, these parameters can be adjusted quickly and easily.
Connect to contract analysis software
Upload the contracts to be reviewed to a contract analysis software of your choice. The Commercial Contract Due Diligence Assistant will automatically connect to the contract analysis software, which extracts the information that has been pre-determined in step 1.
The Commercial Contract Due Diligence Assistant guides you through the contract(s) in accordance with your review criteria and the parameters you have established in the tool in step 1. Click through the wizard and respond to the questions asked by the tool.
Assess and Report
At the end of your review, the tool will automatically send an email to a designated email address attaching your house-style report, including a summary of the contract, a risk assessment and recommendation on what to do next. Additional escalation features can be incorporated into the tool so that a more senior lawyer can be automatically alerted if certain risk issues are identified in a contract or contracts.