How often do you look at your contracts? If you are like most companies, you probably don’t look at them often once they are negotiated and signed. When you do look at them, you are usually trying to find something specific within an individual contract.
But what if you need data from many contracts… and you need that data fast? These type of time sensitive requests seem infrequent, but they can cause an organization a lot of time and money. And they are happening more and more often.
Take the 2020 pandemic as an example. Initially, many organizations were looking to cut costs, working with their vendors, suppliers, and contractors to manage expenses. Termination clauses, auto-renewal language, and acceptance criteria were critically important for determining which contracts and vendors they could easily eliminate or provide leverage within a renegotiation process. Having this data available empowered businesses to make rapid decisions. Considering global political tensions and the changing regulatory structure, the potential for economy-wide events have increased, making this data critical for ongoing corporate decision making.
These events can be company specific as well. As more of our digital world relies on data, data security sections of contracts have grown in complexity and most organizations require notification of any data breach within a specific time frame. If an organization gets hacked, they will need to go through all the relevant contracts and determine the notification period. With the industry standard being around 72 hours, the time sensitive nature of the request can shut down a company for a period of time while this information is retrieved.
In this constantly changing world, it is hard to know ahead of time what data is important beforehand. Clearlaw’s data extraction technology can go through contracts, both you company’s templates and third-party paper, and extract the necessary information within seconds. This future proof’s your organization’s contractual data, allowing key terms and clauses are available to the business within minutes, empowering organizational leaders to make quick and informed decisions.