How We're Addressing Our Client's Contract Concerns Related to COVID-19

Posted by Sean Lynch |2 minute read

Apr 21, 2020 3:36:33 PM

glasses and pen resting on contract papers

It goes without saying that business challenges resulting from the COVID-19 pandemic are top of mind for all organizations. Right now, our main focus is to assist our clients as they seek clarity and develop strategy for the months ahead.

Presently, a primary concern for many organization's is identifying their contract provisions. The current crisis has brought force majeure clauses, termination clauses, and business interruption insurance policies to the forefront. Additionally, many companies have a web of procurement, services and fulfillment contracts between their customers and suppliers. Many, if not most, of these contracts will speak in some way to force majeure: definition, duration, exclusions, and so on. Identifying these clauses across all of your company’s contracts quickly and effectively can provide comfort in understanding the effects of COVID-19 on your contractual relationships.

How we're able to help

Our Contract Analysis workflows, powered by Heretik, provide out-of-the box force majeure algorithms, and are a formidable tool we are using to manage this crisis. Our clients are able to classify contracts by type, segment clauses, extract vital information, and identify force majeure clauses — all in minutes and without any manual work.

What may have once taken days of round-the-clock work now takes mere hours and allows our clients to develop a strategy in real-time as the current events unfold. Here's how:

  • Centralized contracts: Bring all of your contracts into one pre-built, AI-powered platform for simplified analysis and review.
  • Fast insight into clauses: Find all of your force majeure clauses in seconds so your teams can assess risk and liability quickly and effectively. 
  • React in real-time: Reduce weeks of work to only one day in order to lessen economic loss and prepare for future risks.

After the needed data is identified by Heretik and Ricoh's legal review team, or the client themselves, they can begin assessing the clauses and promoting those of greatest concern for counsel’s review. Counsel can then assist in assessing risk and liability so that an action plan can be developed. This increases the speed of traditional contract review by up to 60%. 

If you need help, talk to our team and schedule a demo to assess if this tool is right for your organization.

Schedule a Contract Analysis Demo


Force Majeure workflows and capabilities for today's urgency and tomorrow's risk.

Watch this seven-minute video to see how Heretik's workflows and capabilities can help you with your force majeure contract review.

 

Topics: Sean Lynch, Contract Analysis

   

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