What does that mean in practice? The Diligen integration should provide much more instant insights into legal contracts in Box, making it faster and more efficient to find specific clauses and provisions.
From within the Box environment, users can elect to have certain contracts analyzed by Diligen to see specific key language automatically identified within the contract. Users will be able to see, for example, all term, termination, assignment or change of control language in their contracts summarized alongside the page, saving time searching for important language dispersed throughout documents. Diligen automatically identifies over 200 different provision types across the areas of M&A due diligence, lease review, tax and finance and confidentiality.
Legal professionals and anyone tasked with straightforward or complex contract review and due diligence, can leverage Diligen’s AI and machine learning capabilities to identify provisions in contracts from within their Box account, faster and more efficiently.
Why should you care? According to ILTA’s 2018 Technology Survey, 13% of surveyed firms are leveraging Box for large file transfers and hosted file sharing. This 5% increase in Box adoption since 2016, signifies one of the highest growth rates within the three year period.
The Diligen for Box integration will enable users to:
– drag and drop files into a Box folder to be processed by Diligen
– View documents with key clause language extracted and displayed alongside the page
– Automatically identify over 200 different provision types across the areas of M&A due diligence, lease review, tax and finance, LIBOR and confidentiality.