Blog posts related to contract automation, including announcements of new releases of the Weagree Wizard

Contract automation and calculating a date, taking into account holidays

Calculate a date (and take into account holidays)

In the Weagree contract automation wizard, it is possible to produce a date into the contract text, based on a calculation. For example, you can automatically ‘calculate’ what a contract’s termination date is (and insert it into the contract) by using the effective date + 365 days (presuming the effective date is a known date).

Such calculation operates with the datecalc-tag (examples are below). The datecalc-tag must contain all variables as are necessary to calculate and produce the required date. The variables may be Q&A-answers.

The following variables can be used to calculate a date:

Reference date This is the reference for the calculation – in the above example, that would be the effective date – the ‘date’ would be asked to the user (e.g. [date.Effective Date] )
Numbers A number (or calculated number) indicating how many days, weeks, months, etc. are to be added or subtracted
Operators + or –

It indicates that such number of days, weeks, etc. must added or deducted to the reference date (calculations can be ordered and sequenced as in calc-tags by using round brackets, and operators also include dividing, multiplying or taking root, exponentials etc., if necessary).

Units of time: Days

Weeks

Months

Years

Note that the units of time are always plural (so “+1 Months”) and, regardless of the template-language, always in English.

If that would be relevant, the calculation may of course also contain other operators (e.g. taking the exponent or square root, or dividing or multiplying parts of the calculation).

If the date calculation involves business days, (also) other variables come into play:

Units of time: BusinessDays

PreviousBusinessDay

NextBusinessDay

A country For taking into account public holidays, the relevant country must be known. The country can be derived from a Q&A (country) question. If no country is specified, the country defined for the Own party will apply. Check with Weagree if the public holidays and business days for a particular jurisdiction are available and maintained on your portal.

All of the above variables can be hard-coded in the datecalc-tag or be derived through a Q&A question. Such Q&A questions can be both ‘local’ and ‘global questions’, and require user-entered data, steered by a choice-question or a combination. One condition: a user-entered factor must be a numeral (e.g. not “ten” but instead “10”).

Currently implemented following grammar that results in a <date-expression>:

< jurisdiction > < a date > + or – < number expression > Days/Weeks/Months/Years/BusinessDays

PreviousBusinessDay / NextBusinessDay <date-expression>

Examples datecalc-tags:

Automatically calculating the expiry date of the contract: being 52 weeks after the starting date, less one day:

[datecalc.Expiration date.([date.Effective Date of the contract] + 52 Weeks – 1 Days)]

Automatically calculating the last day on which a termination notice can be sent:

[datecalc.Last date for termination notice.(PreviousBusinessDay ([gq.Expiration date] – 1 Months) )]

Automatically calculating the day on which an exclusivity period ends:

[datecalc.End exclusivity period.(NextBusinessDay [gq.Effective Date] + [edit.Post expiry notice period] Days)]

Automatically calculating the first business day that an instalment payment must be satisfied:

[datecalc.Instalment 2 payment date.(NextBusinessDay [gq.Instalment 2 date] )]

Automatically calculating the working day on which a payment has to be satisfied in respect of a German supplier – for example to be ten business days (taking into account public holidays in Germany) after a given date:

[datecalc.Payment German purchase price.([country.Business Days in countryname], [edit.Payment Date 1] + 10 BusinessDays)]

Automatically calculating the ultimate date on which delivery of goods must be in, but allowing for a grace period of a Q&A-chosen number of weeks:

[datecalc.End of grace period.(NextBusinessDay ([date.Ultimate delivery date] + [edit.Grace period in weeks] Weeks) )]

In many cases, you will convert the (local) Q&A date-question (e.g. asking for the Effective Date) into a global question, since you will probably need that (effective) date both mentioned itself and being used in the calculation (to produce another date).

Contract automation and formatting a number

Formatting a number

In Weagree’s contract automation wizard it is possible to enforce number formatting (i.e. that all numbers are neatly formatted, separating thousands and decimals correctly and consistently).

Contract automation with external integration option likely requires that the exported values (amounts and percentages) in the contract text have been entered in a plain number format. Also in Weagree’s contract lifecycle management solution, the CLM data are only searchable as a (numeral) value if they had been formatted correctly.

So, while the user must enter a numeral without thousand-separators, the contract text should present the numeral correctly: with thousand separators and with such number of decimals (two cents) as the amount or number may require. This is achieved with the calc-tag, which will contain the edit-tag followed by the formatting parameter.

The typical formatting tag applied to a user entered value will be:

[calc.Amount of the loan.([edit.Principal loan amount]).#,###.##]

The following number-formatting examples deliver the indicated results in the contract:

Format syntax Result Observation
#,### 8,316 Most frequently used form – no decimals to occur
#,###.#0 8,315.60 Most frequently used in case of two must-have decimals
00000.00 08315.60 No thousand separators, two forced decimals (rounded)
#####.## 8315.6 No thousand separators, a maximum of two decimals
#,##0.00 8,315.60 Thousand separators, with always two decimals
#.## 8315.6 No thousand separators, a maximum of two decimals
€#,### €8,316 Amount preceded by a euro-sign (no eurocents/decimals)
$##0.00 $8315.60 Amount preceded by Dollar-sign, with two forced decimals

0 = insert either a value or a 0 on that position

The above example assumes that the culture (language) of the template is set at “English (United States)”). Otherwise, the result will be different, depending on the applicable culture. If an amount must not be rounded but truncated, use the Truncate parameter in the calculation part.

Examples (all with template language English (U.S.)):

[calc.Example 1.(1000).#,###.##]

…Result in contract: 1,000

 

[calc.Example 2.(1000).0,000.00]

…Result in contract: 1,000.00

 

[calc.Example 3.(1).0,000.00]

…Result in contract: 0,001.00

 

[calc.Example 4.(1).#,###.##]

…Result in contract: 1

 

To apply formatting with truncation:

[calc.Example 4 truncated.(Truncate(8315.60)).#,###]

…Result in contract: 8,315

Tip for testing administrators: the WYSIWYG editor does not immediately update the changes saved in the template. Other than the clauses and Q&A questions, which load as you go, the ‘mechanics’ of a calculation tag load initially, upon (re)opening the questionnaire. So close and reopen the testing contract entry each time you make a change to a calculation.

Contract automation and calculating a value automatically

Contract automation and calculating a value automatically

Weagree’s contract automation wizard permits automatically calculating a value and inserting the result into the contract text. Such calculation operates with the calc-tag (calculation options and examples are below). The calc-tag must contain all variables as are necessary to calculate and produce the required result.

The variables may be Q&A-answers. Therefore, a calculation tag may contain global questions and local questions (which local questions may be used to reflect a value in the same contract clause).

By exception, inserting such calculation is not achieved by a dedicated button, but (given the indefinite number of possible calculations) requires that you add

Remarks:

  • Like in mathematical formulae, any round brackets ( ) used within the calculation tag determine the order of the calculation.
  • An edit question or choice question can be used without that answer being inserted in the contract. In such case, the answer will only be used in the calculation.
  • Using brackets to open and close the calculation part of the tag permits using decimals with a full stop.
  • It is possible to format the calculated value (see below)

Calculation tag structure:

[calc.<tag name>.(<calculation>)]

If formatting requirements apply to the calculation result (see also here):

[calc.<tag name>.(<calculation>).<formatting parameter>]

 

Examples of simple calculations:

Sum ( + ):

[calc.Example of a sum.(200+[edit.Amount 1]+[edit.Amount 2]+[gq.Value entered elsewhere])]

Example – Deduct ( – ):

[calc.Example of a deduction.(200-[edit.Amount 1]-[edit.Amount 2]-[gq.Value entered elsewhere])]

Example – Divide ( / ):

[calc.Example of a divide.(200/[edit.Amount X])]

Example – Multiply ( * ):

[calc.Example of a multiply.(200*[edit.sum1])]

Example – Combine: sum and divide ( + and / ):

[calc.Example of both sum and divide.((200+[edit.sum1]+[edit.sum2]+[gq.sumglobal])/2)]

Example – Combine a nested calculation and sum (calculation within a calculation and + ):

[calc.Calculate with existing value.(200+[calc.Example A divide])]

 

Possible other parameters in a calc-tag are:

Name Description Usage Result
Pow Results in a specified number raised to the specified power. Pow(3, 2) 9d
Sqrt Results in the square root of a specified number. Sqrt(4) 2d
Ceiling Results in the smallest integer greater than or equal to the specified number. Ceiling(1.5) 2d
Max Results in the larger of two specified numbers. Max(1, 2) 2
Floor Results in the largest integer less than or equal to the specified number. Floor(1.5) 1d
Min Results in the smaller of two numbers. Min(1, 2) 1
Round Rounds a value to the nearest integer or specified number of decimal places. The mid number behaviour can be changed by using EvaluateOption.RoundAwayFromZero during construction of the Expression object. Round(3.222, 2) 3.22d
Truncate Calculates the integral part of a number. Truncate(1.7) 1
Abs Results in the absolute value of a specified number. Abs(-1) 1M
IEEERemainder Results in the remainder resulting from the division of a specified number by another specified number. IEEERemainder(3, 2) -1d
Log Results in the logarithm of a specified number. Log(1, 10) 0d
Log10 Results in the base 10 logarithm of a specified number. Log10(1) 0d
Sign Results in a value indicating the sign of a number. Sign(-10) -1
Cos Results in the cosine of the specified angle. Cos(0) 1d
Sin Results in the sine of the specified angle. Sin(0) 0d
Tan Results in the tangent of the specified angle. Tan(0) 0d
Acos Results in the angle whose cosine is the specified number. Acos(1) 0d
Asin Results in the angle whose sine is the specified number. Asin(0) 0d
Atan Results in the angle whose tangent is the specified number. Atan(0) 0d
Exp Results in e raised to the specified power. Exp(0) 1d

Example:

[calc.Example A.(([edit.value1] +([edit.value2] * 3)/2))]

[calc.const.(5000)]

Reusing an existing calculation:

[calc.Example B.([calc.Example A]+2)]

[calc.Example C.([calc.const]+[calc.Example B])]

When inserting the tag (in the template creation tool), regardless of the applicable template language or culture, any decimals must be separated with a full stop ( . ):

[calc.Example D.([calc.Example A]+2.5)]

To force the user to enter a number whether as an integer or a numeral with decimals (and not a text string with thousand-separators or spaces), the edit-question dialogue screen permits enforcing certain data formatting.

The dropdown in the edit-question dialogues screen can be set to require an integer (natural number, containing no decimals) or a numeral with decimals. In such case, the value to be entered may not contain thousand separators (or decimal, if applicable), prompting an error message during the questionnaire.

Upgrading your contracting process (from start to finish)

We have been listening carefully to our customers, and we know that your accelerated contract drafting does not stop at the creation of a first draft contract. During the forthcoming months, you will see numerous new functionalities, improving your contracting processes.

Here is the first in a series of sneak peek videos: Weagree contract-negotiation-versions management. It’s only 1:30 minute and addresses the stage of contracting:

During the next weeks, more details about the upgrade will follow. In a few sneak peek videos, we will show how you can benefit from the Weagree Wizard.

Demonstration day

We plan to organise a demo day, at which the new functionalities will be explained; we will discuss what is needed to make it work for your team. There will be plenty of opportunities to share your experiences with other customers and hear how they are implementing legal-tech. Details will follow shortly – if you know others who would be interested

Quick update on Weagree

Since November 2017, Weagree has doubled the number of its customers. Most of them are well-known corporates with cross-border activities. They all assumed the challenge of changing the way contracts will be made.

 

100+ contracts in under two minutes, and multitasking

Contract automation made faster. If only you could multitask, create your contracts much faster, and make model maintenance easier. That’s precisely what the new Weagree contract automation Wizard (version 7.0) does: making contract creation faster than ever before. We added a feature allowing lawyers to multitask and have made template insertion (even) easier.

Multitasking: feedback feature.

Most of us create the best model clauses while drafting a contract for a specific transaction. Your ideal: to capture your creativity and be able to reuse it easily in future contracts!

Of course, you can already edit your contract text during the Q&A (with Weagree’s WYSIWYG editor) and indeed, the clause library is a powerful supporter. But with the new feature, users can feed back improvements to the template. ‘Weagree – accelerated contract drafting’ means easy multitasking: tailoring the specific transaction and improving your contract templates at the same time.

Contract automation multitasking

Watch our short 37-second video to learn how intuitive it is. As you’ll see, feedback can be prioritised. And with two clicks, the administrator goes straight to the relevant clause in the template to adopt the desired improvement. Your maintenance of model contracts has become more ‘collaborative’ and has never been as easy.

Producing your contracts faster.

As of mid-February, your contract will be generated in just a few seconds – at the speed of the WYSIWYG editor. Whether it is an NDA or a 75-pages agreement, an LMA credit agreement or an extensive set of closing documents: after answering the Q&A, the Weagree Wizard will produce them as fast as it takes to download them. For large organisations and law firms, generating hundreds of contracts now takes just a few minutes.

Simplifier: making template-insertion even easier.

We believe that every user should be able to insert model contracts, expand the clause library and modify contract clauses. Our ambition is to make Weagree so intuitive that general counsel, law firm partners and senior legal counsel can do it. This is why we’re introducing a distinction between frequently used functions and advanced features: with a simple switch, the advanced features can be filtered out, making Weagree’s template creation tool more intuitive.

Contract automation simplified

With the arrival of legal tech, some law firms have seen the emergence of a new type of lawyer, the ‘legal engineer’. This may be the sad reality around contract automation solutions built on legacy technology. Not so in the case of Weagree. Rather, the so-called engineering part is a puzzle, making contract automation exciting and by no means technical. Our template insertion has now become easier by allowing an administrator to filter out those features that are used less frequently.

The new ‘simplifier’ button has further optimised our administrator training: the entire admin training programme takes two to three hours in total for millennials or some four to six hours for baby boomers (in each case with a bit of hands-on follow-up coaching).

Adopting innovations: contract automation product lifecycle explained

In this blogpost, we will elaborate on adopting innovations and, illustrated by reference to the product lifecycle, it explains an aspect of how to implement contract automation. The handbook to everything Weagree does and fundamental to the strategy of Weagree is described by Geoffrey Moore. Moore’s bestseller Crossing the chasm – Marketing and Selling High-Tech Products to Mainstream Customers uses the ‘product lifecycle’ as the starting point for an innovator’s entire strategy. The book explains how to reach the mainstream market (beyond the early adopter stage).

Contract automation lifecycle adoption curve

In the product lifecycle (also referred to as the ‘technology adoption lifecycle’ or the ‘law of diffusion of innovations’), five segments are recognized, each referring to a type of personality. You have probably heard about them:

  • Innovators: those who need no manual or support, who sleep in front of the shop in order to be the first to buy and use it – those who are keen to find the first bugs and defects, not because they seek your failure but because they want to be a father of your success. For Weagree, the innovators were ASML, TNO and AkzoNobel.
  • Early adopters: people who search for the newest thing; who are willing to go through the process of completing an innovation for the jump-step in their own career. Early adopters herald their successes, even if success is yet still to be reconfirmed. An early adopter, financing Weagree’s multi-document-creation and collaborative-contracting functionalities in 2014, was EndemolShine.
  • Early majority: people who are averse of revolutions, breakthroughs or leaps forward – a mere improvement is sufficient to them – and who rely on their peers. Weagree reached this part of the market in 2014, although for a number of subsegments and for many countries, contract automation is still far away.
  • Late majority: people who may follow. Or not – they are usually the last ones of your class, a year after the rest).
  • Laggards. Simon Sinek describes them as the people who hate change, who would only move away from their current affairs if staying there has become impossible.

Apply it to everything in your life

You will find this adoption lifecycle (and likewise these persons) in every market with every kind of product (contract automation is no exception). And if you think about it, you know who in your personal circle will tell you about the latest fashion, where to buy the wow-shoes or coolest clothes for the forthcoming season, which music will become popular and to which festival you must go.

Those people can also be found when it comes to buying your innovative idea. If someone tells you that he or she is not an innovator, but the ‘ideal follower, the first one to adopt a new technology or solution’; then you know: this is not even an early adopter but a mainstream customer.

At Weagree, we met a number of them: law firms tend to follow each other, rather than assessing what quality requires and taking a lead. Law firms (also the large ones) do ‘not typically’ have a vision but rather follow the mass. At the same time, while this is true for legal tech and legal-service-business-models, law firms may well host innovators of their own: partners who apply previously unused legal concepts or develop novel legal solutions which stay within the borders of the law.

Innovations may well disrupt preceding innovations (even before the latter become mainstream). For example, the first-generation contract automation solutions entered the market before 2003. They carry very burdensome implementation restraints and which imply limitations on the technical possibilities due to legacy technology platform. The Weagree Wizard was developed after 2003, on a more recent technology platform and with the fundamental advantage of not being integrated with MS Word. This made it possible to introduce a true clause library, to facilitate the administrators (for template insertion authoring) with visual admin tooling (not requiring any coding at all, not even the ‘not-coding’ promulgated by Weagree’s competitors), and a WYSIWYG editor (enabling a user, ridiculously user-friendly, to tweak the contract text while answering the questionnaire).

Apply it to your innovative idea

According to Moore, the marketer should focus on one group of customers at a time, using each group as a base for marketing to the next group. The most difficult step is making the transition from the visionaries (early adopters) into the group of pragmatists (early majority). Between these two groups of people is what Moore calls ‘the chasm’ (pronounce ‘kassum’). The product lifecycle is also mentioned by Simon Sinek: https://www.youtube.com/watch?v=u4ZoJKF_VuA#t=10m55s

Behind the chasm is a group of people who do not rely on what early adopters say. They rely only on what their peers (behind the same chasm say). And because none of them will act without your product being ready for it, you should not applaud when one sheep leaps over the ditch, but only once two of them did! Two sheep will enjoy conversing about your innovative idea, and because two can entertain a conversation (not one) the rest will follow. Make sure that they have a nice story to tell!

Implementing contract automation

When launching an innovation, or launching the Weagree Wizard in your organisation, make yourself familiar with the phenomena ‘crossing the chasm’. Keep your eyes open for those persons who are looking for the newest things. First things first: so first create ‘the whole product’ out of your initial idea together with your early adopters and only then plan your D-Day strategy: your quest for conquering the mainstream market, and cross the chasm! Weagree has followed this strategy meticulously and with success. Our contract automation solution did cross the chasm in 2014.

When implementing the Weagree Wizard in your organisation, involve your innovators and early adopters: they will likely herald the roll-out of your innovation, and be the ambassador to your envisaged mainstream users.

The book Crossing the chasm is Weagree’s bible: the first edition dates back from 1991, Weagree refers to the revised, second edition (1999), whereas in 2014 the third edition was published, in each edition describing the key dynamics by reference to the most recent innovations adopted by the market. This blogpost was previously visible on the 2015-website of De BLIC (written by Willem Wiggers)

Innovation bonus: 70 percent discount on licences

Innovation bonus discount. We want to help our customers and other organisations interested in contract automation by offering extra implementation-flexibility for a limited period. Therefore: until 30 November 2017, we are offering everyone an innovation bonus:

70 percent discount on all first-year SAAS user licences!

For a perpetual licence a discount of 30 percent will apply. Our innovation bonus allows for flexible planning of your organisational roll-out and should be an appealing psychological incentive. You won’t easily be paying too much.

Read more…

Ridiculously user-friendly: our new WYSIWYG editor

Certain users may feel disconcertingly out of touch with their contract when answering the questionnaire of a contract template.

Of course, Weagree’s WYSIWYG underwater screen previewer gives a strong sense of control over contract creation. Nevertheless, a questionnaire may sometimes feel like a pipeline. This is particularly inconvenient for those who want to be in full control of their contract.

Launching our contract automation WYSIWYG editor.

We are now accommodating the (full) control freaks among the lawyers. Take a look at it yourself (30 seconds video):

Contract automation software WYSIWYG editor

Determined to continue improving user-friendliness, and at the request of our customers Thales and ASML, we are releasing the WYSIWYG editor. Contract creation has become ridiculously user-friendly.

During the questionnaire:

  • Full users can now edit the contract as well. The resulting contract will include all your tweaks.
  • All users can detach the WYSIWYG underwater screen. In a second browser, your contract will scroll along with you while you answer the Q&A.

WYSIWYG” means what you see is what you get – so you can see your contract in the WYSIWYG previewer, in which you can now edit it as well.

Post-It notes.

Users with whom we discussed this new functionality signalled a next feature. At 0:11 and at 0:22 seconds in the above video, you can see the user editing the contract.

Wouldn’t it be marvelous, for contract know-how management purposes, if the user could add a Post-It note to the edited text for later, or for the administrators? They would be able to pick up the Post-it and update the contract template.

We wouldn’t be Weagree if this co-creative suggestion didn’t excite us. The Post-it feature is forthcoming.

Introducing red flags.

We have also made delegation of contract automation easier: if a certain contract option requires close attention, the person answering the Q&A will be alerted by a red flag notice popping up underneath their answer. Take a closer look at (the first five seconds of) the above 30-seconds video.

Yes, we went mobile, a few weeks ago.

You may have missed our previous newsletter. Only a few weeks ago, Weagree went ‘mobile’: contract automation is now available on smartphones and tablets. We have improved the accessibility of the clause library, which of course supports the bespoke quality of your generated contracts.

And yes: it is also available on smartphones and tablets.

 

For more information about the new release, contact us.

Contract automation for smartphone and tablets – Weagree Wizard major upgrade

Swiping and tapping your contract on mobile or tablet! We released a major upgrade of the Weagree Wizard and the marvelous experience on smartphones and tablets is available for all our customers.

A few highlights…

…of our transition to ‘mobile first’:

  • Seeing only what is relevant for you; with a sense of full control over your contract: using the Weagree Wizard will become even easier.
  • Previewing your contract as you’re creating it; the WYSIWYG underwaterscreen, your real-time contract editor, is realistic. And of course: on mobile you can swipe to it.
  • The Weagree Wizard is faster: not that it was by any means slow, but when you answer the questionnaire of an LMA, SPA or a Strategic Purchase Agreement, it will open and proceed at once.
  • Search and filter functionality can be folded out, when you need it.

Create contracts on mobile phones and tablets

Our contract creation software upgrade was inspired by our collaboration with the United Nations and WTO: while their main target audience, SME in developing countries, usually have good access to internet, internet access is typically through mobile phones and tablets. More about our collaboration with them shortly.

Your clause library.

Maybe this summer is a good period to improve your clause library? If you need an incentive, this Weagree Wizard release further improved it:

  • The clause library is easier to access from within a contract questionnaire: facilitating you to ‘plug in’ and tailor model contract clauses halfway the contract you’re creating (and as always, the related definitions and annexes will come along and position appropriately). On mobile phones, this works with a few swipes and screen-taps only.
  • Your model clauses are now ordered and displayed the way people read-scan a website. So on mobile phones, searching your clause library follows your intuition.

Weagree clause library screenshot

For more information about the clause library, watch our admin video (tutorial D2). On our renewed website, you’ll find best practices of upgrading model contracts and model contract clauses.

Automated import of model contracts.

This release version 6.0 also includes functionality to import entire Word-documents into the Weagree Wizard. Also, we further improved the template creation tooling. This means several improvements:

  • Administrator training time is further shortened: learning how to insert or modify a template and how to build the related questionnaire is now two blocks of less than 2½ hours each (plus a few hours of follow-up coaching).
  • Our administrators have more fun inserting templates and building questionnaires: little copy pasting. For Weagree administrators, user-friendliness prevails – no coding (never – not even under the strictest interpretation of ‘no coding’)!
  • We approximate our ambition that template insertion work must be easy for every type of user. We already welcomed partners and several general counsel who themselves insert or modify their precious templates and optimise questionnaires.

Automated import Word documents

System requirements. Before releasing the upgrade to customers with (very) large user groups, we want to make sure it is going to work: this release upgrade supports all recent browsers, but if you’re still using Internet Explorer 9 (despite its severe security vulnerabilities) the user-friendliness may not improve – and unfortunately, many larger organisations are still using it.

Updates to integration plugins. Our customer EndemolShine connected Weagree with Effacts, which reconfirmed the robustness of our external-integration technology. Of course, all related updates and plugins were built to plug-and-play, are packaged in this version 6.0 and available to all Weagree licensees. If you want to see which data can be exchanged between your IT systems and the Weagree Wizard (it’s more than you think!) let us know.

What’s next?

At the request of our customers Thales and ASML, we will further develop the WYSIWYG underwaterscreen. It will support contract creation on two monitors and enable a user to edit their contract text while answering the questionnaire! Also, we have a few customers that will embed the Weagree Wizard in their corporate IT environment, which will result in additional external-integration features available for all our customers.

We will add new administrator video tutorials (to the current 22 tutorials).

For more information about the new release or integration options:
Imke Burghouts (imke@weagree.com) or
Sara Stork (sara@weagree.com).
Tel. +31 20 616 9696

Weagree Wizard – release of version 5.0 – and other great news

Multi-document creation and collaborative contract creation

Those who dare to innovate discover blue oceans*!

We are proud to have released upgrade version 5.0 of the Weagree Wizard. During these weeks, it will become available to all our customers. In 2015, Weagree took worldwide ‘product leadership’ in automated contract creation solutions – we are now developing it into exciting directions and it is only promising!

The upgrade of the Weagree automated contract creation application (“Weagree Wizard”) once again introduces great functionalities, a major one developed together with Endemol Shine and one with BASF. Take a minute to see how this upgrade may reshape contracting processes.

A. New functionality.

1. Multi-document creation:

a functionality permitting to link several templates together, avoiding having to answer Q&A questions twice. This powerful functionality reveals unexpected opportunities:

Example 1: first create a term sheet, then the definitive agreement based on the term sheet. The answers already entered for the term sheet are reused and can be updated (in the Q&A of the definitive agreement, they are clearly marked as reused).
Example 2 (‘click your closing together’): in connection with an SPA (share purchase agreement), you can create all closing documents of the transaction in one single go: powers of attorney, shareholder resolutions, deeds of pledge and all related (intra-company) agreements. For each acquired legal entity, closing documents can be grouped into subprojects, and relevant Q&A questions simply clicked together. Generate the documents in just a few mouse clicks (if the closing is postponed by a few days: recreate updated closing documents by reanswering only the Q&A question regarding the effective date).
Example 3: all contracts with the same customer or supplier are kept together: when, at any time in the future, an extra contract (or amendment) is required, you can add it with just a few mouse clicks (and the relevant contract data are linked and reused almost automatically). Think of a master agreement with statements of work.
Example 4: create a contract in one language and switch, reusing (virtually) all Q&A answers, to a contract in another language. Or: create two identical contracts in different languages without unnecessarily repeating questions.
Example 5: alongside creating a contract, tailor a contract approval form automatically, or an executive summary of the contract’s terms.

Altogether, setting up and tailoring a transaction is highly intuitive. Linking the relevant template Q&A’s is largely automated. Both a user and an administrator can do that.

2. Collaborative contract creation:

users can now collaborate on the creation of a contract (or set of related agreements). After creating a project, users can invite colleagues to join the transaction and to link up their already created templates.

Obviously, the functionality includes the possibility to see who has answered which question, in which template and when. Every user will only see those transaction or project-related templates in the project which that user is authorised to create (corporate lawyers the corporate agreements only, technical people the templates for statements of work, and the project leader everything).

We believe that the functionality under 1 and 2 above will reshape the practice of contracting, making contract creation much more ‘social’ (i.e. co-creation by several disciplines involved, as well as the counterparty, who collaborate in the completion of a transaction).

3. External connectivity: the Weagree Wizard is equipped with a very flexible and highly user-friendly functionality to synchronise with external applications: contract management solutions, document management systems, contract lifecycle solutions, workflows, including Sharepoint, Salesforce, SAP et cetera. Linking Weagree templates to external applications has become more intuitive: hardly any training is required.

4. Sharing Weagree templates: we have upgraded our import and export functionality. It is possible to export Weagree templates (including the Q&A) and import them into the portals of others. As a result, we are able to share a complete SPA (share purchase agreement) with our corporate customers – see below.

The import functionality also means a significant reduction of implementation time. In particular, as regards larger templates timesaving may even exceed 35 percent. Given that we are able to insert some 500 model contracts in less than seven weeks, Weagree’s competitive advantage on this ‘hidden’ implementation effort is tremendous. We will continue to improve this functionality.

5. Upgraded hosting: due to the considerable growth of our customer base, we experienced reduced performance. Accordingly, we upgraded the server capacity. Of course, the security of our hosting services is still of the same high quality.

6. Various small features.

  • Updated templates and finished contract entries. When a template is changed after the Q&A was answered, on your my contract page both the contract’s entry date and description turn magenta instead of black (and upon hovering over it, a tooltip will explain the possible inaccuracy of the created contract).
  • More interface languages available. We translated the English Weagree Wizard interface into French, German, Dutch and Suomi (Finnish). Let us know if you wish to upload it into your portal.
  • Simplified UX. The interaction design for approvers has been simplified: the workflow page ‘remembers’ the most recent filter settings and returns to it upon return. Part of this improvement of the user experience (UX) is that we replaced all buttons, both permitting a multilingual interface and anticipating the forthcoming ‘responsive’ interaction design.
  • User accessibility of templates. It has become possible to make one template available to more than one user group.
  • Forcing Q&A answers improved. A year ago, we introduced the possibility to force users to answer a particular Q&A question. The way it worked was rather prohibitive because the user could not continue the Q&A until the answer was indeed given. We made this friendlier: a user cannot generate the contract until the question is answered and is properly notified of such impossibility.
  • Filtering answer options. It made it possible to filter Q&A answer options, based on user authorisation level. This was already possible for regular Q&A questions, it is now also possible for global questions (the questions that affect the template in several places).
  • No generate both Word and PDF. We removed the green button for generating both a PDF and a Word-document, uncluttering the screen.
  • Copy contract. On the my contracts page, you can copy and reuse the Q&A answers of a previously created contract (and reuse the Q&A answers for creating a similar contract).
  • Party details not inserted. If certain party details were not entered by the user (or imported from a connected external CRM or other application), the contract can mark the unfilled contract text with a big blob or any other character.
  • Tailoring contract description. In case the intermediate ‘contract properties’ page is ‘bypassed’, users are prompted to enter a contract description as the first Q&A question. It makes the descriptions on the my contracts page more descriptive.
  • Out-standing navigation tabs. The top-navigation tab (either ‘new contract’, ‘my contract’ or ‘workflow’) from which the user entered the questionnaire stays up, indicating where the user started.
  • Reassign a contract entry. It will be possible to hand over contract entries created by one user to another user.

If you wish to join one of our webinars during which we demonstrate and discuss the possibilities of the new features for you or of the further implementation of the Weagree Wizard generally, please let us know.

B. Weagree – ASML: a highly successful fit

We recently evaluated the adoption of the Weagree Wizard within ASML, our launching customer. “How many contracts did we create in 2015?” Well, that appears to be very impressive: not just a few hundred first-draft contracts per year, but they are using a very substantial part of the full contract know-how base of about 60 templates (including ASML’s enterprise-wide automated NDA tool).

Since their start with Weagree more than six years ago, we obviously knew of the improvements in productivity, response time, quality of contracts and contracting process, the increased compliance with contracting requirements and pleasure of working, but still, the actual numbers simply impress. Curious fact: ASML’s share value on Euronext and Nasdaq increased almost 500 percent since they started with Weagree.

C. An SPA-template for our corporate customers

With great thanks to our customers Eneco and JanssenBroekhuysen (click here), we have been developing a full-fledged (purchaser-friendly) share purchase agreement. The SPA will be available to our corporate customers, and although useful in acquisitions of any size, the template may be particularly supportive for ongoing (portfolio) investments in start-ups. It provides for all regular clauses, in all varieties of transaction structures.

D. Weagree core-customer meeting

We have always been in close contact with every customer, evaluating our performance and the Weagree Wizard continuously. Obviously, this is the only way to innovate effectively and maintain the high level of user-friendliness of the Weagree Wizard.

Now that we are welcoming large new customers almost every week, at the request of AkzoNobel, we planned a meeting with the close circle of our long-standing and larger customers. With this somewhat exclusive group of Weagree ambassadors, we want to further improve our services, to share experiences and to define the roadmap of the Weagree Wizard.

E. Weagree reseller programme

We’re benefiting tremendously from our efforts, last summer, to formalise and standardise all internal support processes and procedures. Because legal IT providers and publishers have been approaching Weagree to become a reseller, we are now able to train them efficiently and effectively and to provide second-line support. In view of this, we are setting up a complete reseller programme enabling us to scale up quickly in other jurisdictions.

* A ‘blue ocean’ is the metaphor used in a bestseller by INSEAD professors Kim and Mauborgne on strategies for groundbreaking innovation. It refers to an innovation approach into the great wide open: the blue ocean reflects an unexplored space of opportunities, as opposed to a blood-red ocean where competitors, like sharks, fight for ever decreasing profit margins.

Weagree achieved this thanks to lucky timing: because Weagree was established after 2003 (when Microsoft opened up their document format into .docx) the Weagree Wizard was not forced into Word-integration (but enabled contract know-how management based on a database) and accordingly, the contract automation is visualised (Apple-like) as opposed to a (DOS-like) complicated, time-consuming programming language. Also, Weagree has always been truly web-based, so we never had to make the transition from a PC-installed application, as almost every software solution from before 2006 had to accomplish.