Seal Software launches third party contract negotiation tool Seal Now
Seal Software has extended its contract analytics capability with the introduction of Seal Now, which helps to cut the time taken to review and negotiate third-party contracts.
Seal Now delivers scorecards directly within Microsoft Word, indicating the extent to which the draft contracts conform or deviate from a company’s legal standards, using a ‘traffic signal’ interface of red, amber, green to highlight risk. Seal Now also delivers the same scorecards via email in a format that can be easily shared internally – while we’d argue that firms should be breaking away from email during the negotiation process in favour of a transaction management platform, the reality is its use is still prevalent.
The review of draft contracts prepared using third party templates have typically made the contract review process manual and laborious and increase the risk of missing key details.
Seal Now consists of a logic engine to confirm compliance with a client’s playbook; a clause library to allow preferred or approved language to be substituted for drafting purposes; and scorecards and dashboards to surface key information and guide the negotiator to critical areas of the draft contract.
“With Seal Now, we are addressing the single most painful aspect of the contracting process – negotiating third-party paper—and we are simplifying and ‘democratizing’ the experience by bringing our enterprise AI directly to Microsoft Word, the place where contract professionals want to work,” said Jim Wagner, president of Seal. “For nearly a decade, our enterprise customers have been using Seal to gain AI insights into to their portfolios of signed agreements, and we are delighted through the introduction of Seal Now to be able to bring these same insights and the power of our platform to the negotiation process.”
Seal has been working with a number of beta clients to validate the Seal Now solution. For UnitedLex, which announced in May 2019 a master collaboration agreement with Seal to deliver a contract negotiation solution, Seal Now will be a key component in that offering.
“Every legal department wants to reduce deal negotiation times, improve quality of the contract negotiation, and, of course, identify any issues as early as possible in the drafting phase. This is especially important when dealing with third-party contracts” said Dan Reed, founder and CEO, UnitedLex “We have been working with Seal on the development of Seal Now and believe it addresses these pain points admirably.”
Other vendors offering third party contract review capability include ThoughtRiver, which also has a Word integration and uses a red, amber, green system, and Neota Logic and LawGeex, which in May announced that they have paired up to offer clients a third party NDA approval process, red lining the agreement against stipulated terms.