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Contract analysis may be carried out by a firm for any number of reasons. Whether you are looking to appraise your organisation’s contractual obligations, respond to changes in legislation/organisational policy, or identify contracts containing non-standard clauses, there are certain characteristics which are commonly associated with these activities.
First and foremost, contract reviews tend to be extremely time-consuming and can be tedious, which may result in information being missed or mistakes being made. Staff morale may also suffer as they increasingly find that their time is being taken up with mundane activities rather than more stimulating, higher-value work.
How Nalytics can Help
Nalytics is a search, discovery and analysis platform which extracts data from a wide range of sources to provide highly responsive, secure and accurate contextual access to the knowledge within. By bringing structure to seemingly unstructured text, Nalytics offers a means of surfacing all sorts of key information from contractual documents, as well as quickly and precisely searching the content within these documents. Whatever the reason for your review activities, Nalytics has a range of capabilities to support the fast and accurate analysis and review of all of your contractual data. With Nalytics, you can:
Compare Contracts (to each other, or to a template) Nalytics can identify and surface the clauses within each contract, helping to enable efficient cross-contract clause analysis.
Surface Key Data Points Nalytics automatically identifies key data points within your contracts, such as currency, durations and people, and makes them visible to you.
Classify Contracts Nalytics automatically classifies contracts by type, so that you can quickly and easily choose which type of contract(s) you want to work with.
Identify Non-Standard Legal Clauses Nalytics automatically identifies any contracts with clauses or content that does not match your organisation's standards, so that you can review them and take necessary action.
Keep Track of Key Events Nalytics can identify and extract specifc date types so that finding dates and navigating to exactly where they occur can be done at the click of a button.
Save Time - Nalytics can identify all contractual data and content across your IT system within seconds
Automate the Routine - Nalytics takes care of most of the mundane activities commonly associated with contract analysis processes
Reduced Risk - Nalytics helps minimise risk by removing the potential for human error and identifying key information which may otherwise go unnoticed