One hour. It is something that still has meaning when it comes to speed and efficiency. The world’s most innovative company, Amazon has revolutionized shopping, offering One Hour delivery of goods. The online giant is even rushing steaming food from the best restaurants in cities to homes or workplaces within this sixty minute window.
Now, added to the list of One Hour advances, is contract approval.
For decades, contracts, despite being the cog of business, have not been processed anything close to fast. The Institute for Supply Management found that 60-80% of all business-to-business transactions are governed by some form of written agreement, with a typical Fortune 1000 company maintaining 20,000 to 40,000 active contracts at any given time. However a simple standard non-disclosure agreement takes companies a week or longer to approve. Pressed legal teams are undeservedly seen as a bottleneck. The majority of in-house legal departments at small and mid-sized companies spend 50% of their time reviewing contracts.
Introducing One Hour Contract Approval
Today we can announce that in-house counsel and businesses can have The One Hour Amazon experience when it comes to approving contracts. While remaining in control, everyday contracts can be taken off the plates of organizations through automation. This is helping in-house lawyers, focus on more strategic tasks, improve consistency and ensure deals are sped up – making everyone from sales teams to the CEO happy.
How does this work?
Companies subscribing to LawGeex submit contracts via the platform. This is done simply via email, Slack, Salesforce, or drag and drop. LawGeex artificial intelligence engine reviews the contracts based on a legal team’s predefined criteria. Contracts that meet the criteria are approved automatically within the hour. Those that do not are escalated to the legal team with an interactive report which can be fixed on the spot.
There may be contracts (think IPOs or big deals) which will rightly need manpower and lawyers to pour over them. However, in an age of automation, everyday contracts are no longer something that lawyers should have to waste their expertise on (the top five most popular contracts run through LawGeex’s each day are NDA, service agreements, SaaS agreements, software Licenses and Purchase Order Contracts).
The One Hour Amazon Revolution is made possible by algorithms plotting seamless routes, and messengers traveling by bike, car, truck and subway to get your goods – or restaurant food – to you on time.
For LawGeex, One Hour contract approval involves us using AI to understand and interpret an exclusive corpus of more than 100,000 contracts. LawGeex follows a company’s legal playbook to make sure that it includes and excludes clauses based on a company’s individual preferences. Finally, the contract process is quality assured by top U.S attorneys.
Speed, accuracy and final checks are crucial when it comes to your dry cleaning or book and food deliveries. It is doubly important for businesses, where failure to review or approve contracts can make or break a deal. Some clients have told us that before using LawGeex they simply stopped reviewing certain contracts because of the volume, creating any number of unknown risks in an organization.
Companies deserve fast, affordable and effective contract approval delivered consistently with a great customer experience, as Amazon have done so successfully in revolutionizing shopping.
Like the leaders in other industries, we hail the powerful innovation of the One Hour Revolution.
Get in touch today for a demo to have One Hour Contract approval in your organization.
Jonathan Marciano, Communications Director at LawGeex, is originally from London. He is currently in Tel Aviv, helping to bring about the legal revolution, one press release at a time. Follow him on Twitter. @J_Marciano
LawGeex‘s artificial intelligence solution helps legal teams automate the review and approval of contracts. We make in-house legal work easy, efficient and impactful, allowing our customers to focus on the big picture instead of getting lost in the paperwork.