Automatically creating a markup of a contract received from suppliers, customers or business partners is one of the ultimate steps to automate a legal counsel’s work. This functionality extends Weagree’s automated contract review module, extends the use of Weagree’s clause library and builds on our long-existing contract generation technology.
After uploading a third-party drafted contract version to the Weagree Wizard, the document is automatically converted (in an OCR-like manner) into a Weagree-reviewable document and automatically assessed for all inherent contract risks. The end-user can then review and follow-up on Weagree’s automated contract analysis: replace any unacceptable contract clauses (by inserting pre-approved provisions from Weagree’s clause library) or modify the proposed clauses to align them with corporate policies, contract playbooks or otherwise acceptable contract provisions. Weagree will then generate a ‘version 2’ contract and automatically create a compare (tracked-changes) document to be returned to the supplier, customer or business partner, as the case may be.
The automated contract mark-up functionality entails extension and recombining of existing Weagree functionalities rather than anything new. Our challenge is to achieve it with maximum user-friendliness: intuitive.