Why NDAs?
Purely NDA is designed to improve efficiencies in a particularly painful area of contract review and negotiation for many businesses: NDAs. A fact of life for many, these routine and numerous contracts can be the cause of significant delays when trying to get deals agreed and business done. Purely NDA speeds up the time it takes to review an NDA and is easy to use for both legal and non-legal users alike, providing cost and time savings for all sizes of organisation.
ThoughtRiver’s partnership with World Commerce & Contracting
The partnership between WorldCC and ThoughtRiver, agreed in 2021, 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 at WorldCC described the partnership as, “…A pivotal moment for the WorldCC Contracting Principles. ThoughtRiver’s tool breathes new life into them. We knew it was just a matter of time before the Principles combined with Technology would allow greater ease of access for our members and beyond!”
How it works
ThoughtRiver uses a mixture of Natural Language Processing and machine learning to ‘read’ the rights and obligations outlined in a contract, asking millions of questions to determine the legal meaning and comparing these to a risk framework. It then flags issues as a RAG report or issues list for the user to work through and resolve. ThoughtRiver outlines why issues are a potential risk and suggests alternative wording which can be inserted as markup in MS Word in one click. This means that the contract review and remediation process, which can take several hours, can be done in a few minutes - ThoughtRiver customers typically see review times up to 66% faster than a manual review alone.
How you can try it for yourself
Purely NDA requires no set up or training, and can be accessed via a webapp or an MS word add-in. Anybody who is interested in testing the software can sign up for a commitment free, 14-day trial at thoughtriver.com.
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 organisations 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.
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
World Commerce & Contracting – for further information, visit www.worldcc.com