This partnership between WorldCC and ThoughtRiver has involved the ThoughtRiver team ingesting the WorldCC contracting principles into its AI tool and effectively treating the principles as a risk policy for the AI to review against. ThoughtRiver has also used WorldCC’s own standard NDA as the template agreement for any clause suggestions that the tool offers back to users during the review.
Paula Doyle, Chief Legal Innovation Officer for WorldCC said, “WorldCC is delighted to work with ThoughtRiver on this pilot which effectively productises our contracting principles and brings them to life. Since inception, the principles have been a regular go to for many of our members focused on a more balanced starting point for negotiations. ThoughtRiver’s tool takes this several steps forward and allows its customers to automatically leverage the principles in drafted form. We are very excited about this new partnership and look forward to embedding our principles deeper into the ThoughtRiver tool for the review of multiple contract forms.”
Angus Chudleigh, who leads the Go to Market team for ThoughtRiver says that “this is an exciting development for both WorldCC and for ThoughtRiver but should be most exciting for any users of our product. Any user of ThoughtRiver will be able to review an NDA against the WorldCC contracting principles in seconds and have any issues that are flagged dealt with in minutes.”
The next phase of the partnership is to expand the use cases beyond NDAs into broader commercial agreements with work on services agreements and ‘as a service’ agreements already started by the legal content team at ThoughtRiver to align to the WorldCC principles. Given the synergy between the two organisations in terms of a mission around simplifying contracts to increase understanding and agreement, it is easy to see why this partnership should go from strength to strength.
World Commerce & Contracting is a not-for-profit association and the only global body promoting standards and raising capabilities in commercial practice.
WorldCC aims to inspire individuals and organizations through their research and ideas as well as equip its members with knowledge and networks that support successful contracts and commercial relationships. The WorldCC contracting principles have been developed through extensive consultation with WorldCC members from both buy and sell side and are designed to accelerate contract negotiations by leveraging a more balanced starting point for the contracting parties. We know that fairer, more balanced contracts drive better trading relationships which is a key a strategic goal for WorldCC.
World Commerce & Contracting – for further information, visit www.worldcc.com
ThoughtRiver is the leading AI powered contract acceleration platform. ThoughtRiver’s AI reads the contract to find the various rights and obligations within it and then compares those to your contracting policies to find any risks, and to a database of similar contracts to find any unfamiliar language. These risks and anomalies are then flagged to the user in the form of a digital issues list. The system explains why something has been flagged as an issue and offers replacement language to redline/markup the contract with a single click. ThoughtRiver accelerates contracting for companies like PWC, G4S, DB Schenker, and law firms like Shoosmiths and Eversheds Sutherland. Users report that they become as much as twice as fast when reviewing a contract and feel more confident that they have not missed anything during that review.
ThoughtRiver – for further information, visit www.thoughtriver.com