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description=Software to help lawyers draft, review, and audit contracts.;

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Text of the page (random words):
s etc you may wish to start with either your high volume or high value agreements based on your existing precedents we will in short order analyze your contracts to establish the ground truth organize the constituent contracts and clauses into a common clause library and work with you to create best practice playbooks for your use in contract assembly and review start with your agreements what have you agreed to in the past what are your standard terms what are your fallback positions this work can take months if done manually and the results will likely be inaccurate or at least highly subjective 1 analyze our software automatically determines how your agreements are organized what clauses they contain the standard language of each clause and all deal specific variations the output is a searchable repository of contracts and clauses combined with visualization tools to help you quickly understand even large contract libraries you can easily find the most conforming agreement it is the one with the most matched clauses in common with the other agreements the fewest deal specific or divergent clauses and the least missing clauses the result is a distribution where the most conforming agreements appear at the curve s apex outliers lie at the edges contract analysis act on data contractstandards quickly and accurately analyzes your contract portfolios what quickly understand all your past positions what clauses and terms exist in our contracts how are our contracts organized what is the standard language for each clause and the commonly occurring alternatives we work with objective data our software rapidly examines a large corpus of executed agreements and establishes the ground truth or de facto standards of contract negotiations it precisely determines what terms the contracts contain how they are organized the standard language of each term and all deal specific variations together with statistical data on clause frequency and language consistency we first create an outline table of contents showing all the terms found in the sample set organized to best represents the norms found in the entire set we then recommend reorganizing this outline into a common structure based on the unified contract framework for all contracts adopting this common framework offers two main benefits first using a consistent organizing framework for all your contracts enables you to benchmark them and assess their conformity to market peer or company standards second it provides a logical structure that allows you to assess what terms should be in your contract classification and organization our software analyzes every clause of every contract in your sample set you determine which contracts you want included in this sample set if you wish we can include publicly available samples that we have collected to help provide guidance as to what is standard in the market we then match every clause regardless of the title it might be given and potentially wide language variations identifying standards and alternatives from our experience in analyzing millions of contracts one thing that becomes clear is that for every clause there is one standard way of stating the issue it is the most commonly occurring drafting of that clause in addition we identify all the commonly encountered variations for example in many contracts a party cannot assign its rights without the prior written consent of the other there are however three or four standard variations of that scenario so the variations are tagged in conjunction with the standard language so from a sample set that might contain 100 different ways of addressing a particular issue we give you the standard clause and the language of the common variations the table displays clause scores calculating a similarity measure for each clause compared to the template where more green indicates greater similarity and more red indicates greater difference harmonization the next step is one of the most important ones in the whole process namely harmonizing the clauses for each contract type into a standard organizational structure once again based on our extensive experience in analyzing contracts of all forms we have determined that there is single best way to organize contracts this is the unified contract framework described in more detail on our website so from a sample set that might contain 100 different ways of addressing a particular issue we give you the standard clause and the language of the common variations 2 organize eliminate duplication and redundancy organize contract terms into a unified clause library a common framework for all agreement types in which each clause type has only one instance in the library this ensures consistency across all agreements and allows you to efficiently update all templates at the same time contract frameworks get organized contractstandards provides an organizing framework for all your contracts what at their simplest contracts contain a set of statements defining what you must do what you can t do what you can do and statements that you will be held to contract frameworks offer an analytical structure to compare all types of contracts classify all contract terms assess their conformance to market standards and evaluate their associated risk different frameworks can be constructed for a range of contract classes such as organizational agreements unilateral agreements and bi or multilateral agreements after evaluating many different framework structures we settled on the simplest our framework is organized by the roles and responsibilities of the parties and key statements of the agreement in this model each transaction component such as the provision of services access to information or transfer of assets has a corresponding set of terms assuring that the parties will perform their contractual obligations as intended and a set of contract terms to ensure the parties allocate any risks in the event of unintended events based on a common framework we can then run negotiation simulations or compare contract terms to market standards agreement party a roles and responsibilities party b roles and responsibilities formation and term of the agreement e g performance delivery invoicing e g inspection acceptance payment interpretation and enforcement protections rights and remedies agreement scope beneficiaries assurances to ensure performance as intended remedies in the event of unintended circumstances for example in the case of the sale of a car a standard term of assurance is a warranty that the seller owns the car and can transfer good title or in the case of a complex services agreement acceptance and milestone payments assure the purchaser that each component of the engagement is performed and delivered in accordance with the purchaser s specifications and requirements in each case the parties should consider the question for each delivery obligation what are the enforceable statements of the counterparty that will assure that the counterparty will perform the terms of the agreement as intended in addition the parties should also consider what events and circumstances could frustrate or prevent the parties from realizing the benefit of the bargain typically this analysis will take two parts first identifying what are the most likely intended events that could arise and second determining what are the parties rights and remedies for example in the case of a confidentiality agreement one of the most common unintended events is inadvertent disclosure in such a case the party disclosing the information should inform the other party providing sufficient details about the disclosure so that the other party can contain any damage under the common law the parties will also have rights to damages for breach of contract however it is unnecessary to reiterate these common law rights in the contract 3 optimize eliminate friction points in your contracts streamline contract terms and simplify contract language we use analytics to identify and remove contract negotiation friction points and apply our contract editing style guide to eliminate unnecessary language and craft the remaining legalistic language into more standard english contract simplification editorial approach get organized contractstandards provides a consistent organizing framework for all your contracts deliverable playbooks once we have identified the required terms for a given contract type the most conforming examples of each clause and all required standard alternatives and fallbacks we can create a playbook the playbook allows you easily and comprehensively to create a draft contract with all the necessary terms using language based on one of three different approaches to contract simplification further you can at your option annotate the contracts and the constituent clauses in each playbook guiding contract professionals on the use various terms the resulting playbook and optional guidance can be delivered as an application or in the form of a document and spreadsheet but skeptics will say that while short and simple contracts may be quick to prepare they fail to protect the parties interests adequately according to this position legal agreements must be comprehensive and necessarily longer to cover all possible circumstances how do we balance the competing objectives of long and comprehensive versus short and simple agreements one approach to this complex endeavor is to start with an existing template and redraft it in plain language however this approach does not take into account the wealth of experience found in the entire repository of successfully negotiated agreements and cannot identify standard alternatives or acceptable language for fallback clauses to understand how the technology assures a comprehensive review see contract analysis what there are three contract drafting models market standard contract simplified contract streamlined contract your choice will be based on your needs you might choose to start with the market model and having determined the benefits of that approach move to the simplified model in order to reap even greater benefits you may choose to move directly to the streamlined model in order to maximize the benefits of your contract simplification efforts to better understand the impact of your choice see contract economics market model what we do analyze all the clauses delete any repetitious ones and rearrange them into a logical structure so that similar issues are dealt with in a single section review the clause titles to ensure that each one has a clear title that communicates its content and so that different sections don t have the same titles break compound sections that deal with two or more different legal issues into their separate component parts create more white space within the document by breaking the elements of long sections into separate paragraphs and subparagraphs ensuring better readability what we don t do we don t include many clauses that lawyers often include in such contracts but are not in fact necessary result you get a contract that is in many ways similar to your base document but it is now organized in a logical way has clear logical titles has clauses that deal with only one substantive issue is somewhat easier to read simplified model what we do perform all the tasks of the market model preserve all the clauses in the source agreement identify clauses or elements of clauses that might be missing from your contract redraft each clause in standard simplified english what we don t do we don t eliminate substantive terms from your contract while we may be able to reduce some verbiage in longer clauses but you will still be left with those longish clauses result a contract that is much easier to read containing all the substantive clauses of your base contract streamlined model what we do we start from scratch to create a contract that details all but only the essential legal terms in the fewest and clearest words possible we do this through a penetrating analysis of the fundamental business and legal issues at play we use as few words as possible clauses are therefore very broad in their application what we don t do we don t eliminate substantive terms from your contract while we may be able to reduce some verbiage in longer clauses but you will still be left with those longish clauses result a contract that is much easier and faster to read containing all the substantive clauses of your base contract benefit the benefits of simplified and streamlined contracts are clear they reduce negotiation times and minimize disputes contract economics a growing number of businesses and governments are evaluating the merits of contract simplification because of the significant quantifiable bottom line benefits why concise readable contracts reduce time and cost of drafting and reviewing contracts and potential customers suppliers will appreciate the ease of contracting with you accelerate cash flow by significantly shortening pre contract negotiation time and reducing post contract administration costs through standardization reduce disputes because they offer clear understandable terms decrease time and cost economics of language complexity there is a direct correlation between contract length and language complexity on the one hand and negotiation time on the other as the number of words and readability difficulty increases linearly costs increase exponentially as a function of the number of reviewers the reviewers pay scales and the number of reviews involved for example estimating the costs of a master service agreement msa as a function of word count and language complexity illustrates that reducing both the number of words from 70 to 50 pages and the reading complexity from a required grade level of 24 to 21 saves 12 032 per contract if a company negotiates 1 000 msas each year those annual savings will exceed 12 million drafting contracts in a more readable manner therefore yields oversized returns ge aviation confirmed the benefits reporting in the harvard business review that as a result of its contract simplification initiative agreements took a whopping 60 less time to negotiate than their previous legalese laden versions did the case for plain language contracts hbr 2018 formula pages words readability cost cost number of words x readability grade level of education required to understand it x pay scale of reviewers x number of reviewers x number of reviews 10 5 000 15 321 30 15 000 18 2 151 50 25 000 21 7 254 70 35 000 24 19 286 calculate the costs of your contracts click here to calculate the costs current 10 reduction number of words flesch kincaid readability grade total contract cost savings per contract increase deal velocity economics of deal acceleration reducing contract negotiation time and thereby accelerating the rate at which these contracts are finalized directly benefits corporate profits the costs of delay include deferred reven...