Contracts are essential to any type of business and they determine the obligations of both the parties entering into a business relationship. Most of the organizations use their internal legally vetted contract templates when signing up with the other party but in some cases, there will be a need to agree to the other party paper which is also called the “Third-party paper”.

When an organization uses its own templates, they are sure what they have agreed to and what are the risks and obligations in the event of not honoring the terms of the contract. But when it comes to accepting third-pa

Contract review with in-house legal teams or external legal firms is common and, in most cases, organizations use standard vetted templates while entering a business relationship with customers or suppliers.

Organizations will use only the standard legally vetted contract templates when signing up with any vendor or customer but it is possible that standard contract templates of your organization are not accepted by the other party and in turn expect you to agree to their standard template. This is called “accepting third-party paper”. When you accept third party agreements here are some

Understanding Contract analysis and review
Contract Analysis is a process of understanding what is within your contracts. The main purpose behind trying to understand the ingredients of any contract is to see what are your organization’s obligations with respect to the contract being analyzed and what are the associated risks for the organization in the event of failing to perform these obligations.

Most organizations prefer to this as Contract Review, and this is most likely performed by either an external legal counsel or using in-house legal teams. The normal contract review process ha

It is a known fact that the success of any organization is solely dependent on the volume of business they do in a fiscal year along with how they were able to effectively manage risks arising from the contracts they have signed with their vendors, customers, partners, and employees

To start with, let's understand the various ways an Enterprise can be exposed to potential risks regarding the contracts.

Unable to trace the signed contract on time
Contracts are managed by various stakeholders across the organization and several copies are rotated back and forth until the final contract i

Organizations across the world, depending on their nature of business will have contracts located across repositories and possibly in multiple languages. Unless the contracts are digitized and brought into a central repository there is no way one can know what is inside these contracts and if there are any potential risks with any of these contracts. Traditional contract management processes fail in terms of speed, time, and resources required to get to the bottom of each executed contract.

Let us understand a use case
As a practical use case let us take an example of an organization that

My team at Standav Corp built a great tool for legacy contract migration using Cognitive Automation tools and here is a great infographic:


For those who are interested in the document analysis/legacy contract migrations, here is a great link from medium posted by Omni-us:


State of the Art in Document Analysis (Omni: us at DAS 2018)
Last week 3 of our scientific engineers took a trip to Vienna for 3 days to attend DAS 2018 in order to catch up with the most recent…

This is a great area where deep learning is being applied to solve several business problems and a great helper in t

Smart Contract Analytics (SCA) Platform is based on AI / ML and specifically uses NLP and pattern recognition to process the contracts and extract the metadata. The platform is hosted on the AWS cloud that takes advantage of all security features that AWS provides along with the high availability and scalability features with GDPR compliances.

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