Take a look at this 3 min video to get to know the basic operations and features
In the example below, we've created many typical Assignment clauses, in order to test the acceptability of the algorithm
(1) Acceptable criteria:
If assignment by Purchaser: (1) Vendor's prior consent is required.
If assignment by Vendor: (1) Purchaser's prior consent is not mandatory, (2) if Purchaser's prior consent is present, (a) such consent shall be in writing, and (b) such consent shall not be unreasonably withheld or delayed.
If assignment by either party: follow Vendor's criteria, except that prior consent is required
(2) Term:
This Agreement may only be assigned by one party to the other subject to the other party's consent in writing.
Assignment Comment: "! Missing elements"
Highlighted text: "the other party's consent in writing"
Proposed revision: "the prior written consent of the other party, such consent shall not be unreasonably withheld or delayed"
(3) Term:
This Agreement may not be assigned by either party unless prior written approval has been obtained from the other party, such approval shall not be unreasonably withheld.
Assignment comment: "! Missing elments"
Highlighted text: "such approval shall not be unreasonably withheld"
Proposed revision: "such consent shall not be unreasonably withheld or delayed"
Through our innovative algorithm, Contract Bot apparently can read and suggest!
Let's see an example below relating to a Termination clause
(1) In this example, the clause involved is a Termination by breach.
To safeguard the interest of the Vendor, termination should be triggered by a "material" breach only; and then there is a minimum of 30 days of cure period before the non-defaulting party or Purchaser can exercise the right to terminate.
(2) In this clause, Comment is: "! Not a material breach. Missing elements in remedial period".
Highlighted text: breach
Proposed revision: material breach
(3) In addition, the highlighted text includes: "fourteen days"
Proposed revision: thirty (30) days
The process is able to translate a number in word to value, which makes it possible to determine if the cure period meets the criteria. In fact, for this instance, if the period is not less than 30 days, it will be treated as acceptable.
(4) In this example, "breaches" is a verb, so if the proposed revision is still "material breach", it is grammatically incorrect.
(5) Instead, for the present case, "materially" is the proposed revision for "breaches", which constitutes "materially breaches" when combined. This is a better proposed revision than "material breach".
(6) Again, for "seven (7) days", Contract Bot is able to know that the value is less than 30 days, so is proposing to revise it to "thirty (30) days.
Terms may be specified elsewhere via a hyperlink!
With Contract Bot, you are reminded of the url embedded under the wording that hides you from the url.
(1) In this example, "This Agreement" contains a hyperlink. If this document is OCR'ed, this hyperlink will no longer br transparent to you.
(2) If this document is reviewed by Contract Bot, the Url will be marked by an item called "Url" within the Review Result Category, including any embedded hyperlinks. To check such Url, simply click on the Url item.
(3) One step further - if you want to check if the hyperlink contains any unfavourable terms, simply copy the Url , scroll up to Step 1, paste the link there, and click Process URL. You can then go to next steps to get the terms embedded by the hyperlink reviewed.
You'll notice that our UI facilitates the review of contents covered by Url.
Note: you must include http:// or https:// as part of the URL. Otherwise, it will not be able to process the link.
Sometimes, contract issue not found out of a contract can be a substantive issue to the user.
However, some software tools available in the market, especially those that purely use "machine learning" to identify contract clauses, might not be able to give alert to the user where a contract issue is not found.
With proper configuration, Contract Bot is able to alert the user of a contract issue missing from the contract. This reminder is important for the user to consider alternative means to plug the loophole.
Data Security is at the heart of the design of Contract Bot. For such reason, at the outset, we have ruled out Contract Bot as a Contract repository, to significantly reduce the Data Security risk associated with Contract Bot.
For a brief overview of Contract Bot's operation life-cycle, take a look at the schematic diagram below:
Input document
Processed by
Contract Bot
Venture IP Solutions Ltd, a Hong Kong Cyberport Creative Micro Fund grantee, was founded by Legal and AI experts. Our development work focus on Text classification applying natural language processing means to conduct information extraction and further text processing.
Legal experts within Venture IP Solutions Ltd have very extensive in-house legal experience, who provide hands-on guidance on what to be considered as a typical legal issue, and how such issue to be addressed on commerical terms. This solid background makes it ideal for Venture IP Solutions to create applications and processes that can truly meet the needs of in-house lawyers.
We believe every in-house lawyer should be supported by a cost effective companion such as Contract Bot!
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