Never miss the benefits and obligations of your contracts
Store, Manage & Capture your Contracts with ease!
Contract Understanding with Artificial Intelligence
was developed to address the real need for a tool to manage the benefits and obligations written into contracts.
All too often a substantial amount of time and money is spent negotiating the terms of a contract which once signed is simply filed away and the terms ignored.
Who should use Contract Understanding?
Head of diversity, equity and inclusion
Head of Risk Management
Contract
Administrator
Head of
Operations
Sourcing and Procurement
Supply Chain
Manager
Head of Human
Resources
Chief Financial
Officer
How it works
See what Contract Understanding is all about
All it takes is 4 easy steps
See what Contract Understanding is all about
1. Sign Up
Start immediately with a free trial. No installation or implementation costs.
2. Upload Contracts
Upload your contracts and let our content extraction AI, extract pertinent information.
3. Upload Contracts
Upload your contracts and let our content extraction AI, extract pertinent information.
4. Follow Workflows
Workflows are completely customizable to suit the operational requirements of your business.
Are you interested in Contract Understanding and what it offers?
Contract Understanding Features
Our Features are Designed for Optimum Effect
Renewals & Cancellations
Normally contracts need to be renewed or cancelled prior to specified dates set out in the contract. If these dates are missed, contracts may automatically renew or be cancelled.
Notifications
Automatically receive prompt notifications, prior to contract renewal or cancellation dates.
Reminders
Automatically receive reminders if renewals or cancellations are not actioned.
Auto-renewals
Keep contracts updated with auto-renewals and cancellations, when needed.
Obligation and Benefit tracking
Ensure that you are receiving the benefits due in terms of the contract and comply with any obligations
- Never miss an increase, commission, etc.
- Stay on top of contract milestones, supplier incentives, allowance, etc.
- Customize tracking goals and objectives.
Workflows
Typically, to adhere to the terms of a contract, admin intensive tasks are inevitable. These tasks can be strenuous and increases workload, deterring productivity.
- Complete workflows are automatically triggered for known events eg renewals, terminations, price escalations etc.
- Workflows can be triggered for events catered for in the contract if and when they occur eg force majeure, cancellation, breach etc.
- Workflows are completely configurable.
- Each stage of a workflow is tracked and automatically escalated if needed.
- All documentation and correspondence obtained during the completion of the workflow are stored with the related contract.
Central Store
All your contacts are stored in a central database, allowing seamless access and easy searching capabilities. The benefits of having integrated and centralized storage includes:
- Flexible and easy access, anytime and place.
- A single depository where all stored information, drafted in the signed contracts, can be extracted.
- Store documentation and correspondence along with its relevant contract.
- Store renewals and amendments with the “master agreement”.
- Link” different contracts associated with a project.
External Contracts and Representatives
If you are outsourcing any services, it is critical to have the details of the organisations that you are contracting with, the representative of the contractor, and their contact details. Contract parties are only stored once in the system
- Store representatives of contract parties’ information and label the contracts they are assigned to.
- Related parties e.g., the professional advisors’ details are also saved
Contract Analytics
Dashboards, customizable grids and a powerful search engine give you a high-level understanding of your contracts and easily answer frequently asked questions.
Dashboards
Dashboards focus on an analysis of your contracts, tasks and matters requiring your attention.
Contract Grid
The “Contract Grid” allows you to build queries without coding and save them for future use.
Excel
Grids can be exported to Excel for presentation and reporting purposes, if needed.
Security
Secure access to your contracts is critical to your business
- All information is hosted in Azure
- SSL standard
- Access control – Sign on
- Manage users’ access to stored information.
- Assign limited access to designated users for highly confidential contracts
Contract Parties and their representatives
It is critical to know the details of the organisations that you are contracting with, who to contact in those organisations and their contact details.
- Contract parties are only stored once in the system
- Representatives of contract parties and which contracts they are involved also stored
- Related parties eg, the professional advisors details are also saved
Contract Data Rooms
There are cases where you would need two different Contracts
Start Now
Basic
Limited to 100 contracts
Basic
Limited to 100 contracts
Intermediate
Limited to 500 contracts
Intermediate
Limited to 500 contracts
Professional
Limited to 1000 contracts
Professional
Limited to 1000 contracts
Enterprise
Enterprise
Start Now
Basic
Limited to 100 contracts
Basic
Limited to 100 contracts
Intermediate
Limited to 500 contracts
Intermediate
Limited to 500 contracts
Professional
Limited to 1000 contracts
Professional
Limited to 1000 contracts
Enterprise
Enterprise