The problem with manual contract review today is that it is a mind-numbing, thankless grind that lawyers have to go through. Contracts that are "stuck in legal" are also killing deals everyday.
We built ThoughtRiver to organise the negotiation process and the turn of each contract into an issues list that stakeholders can collaborate on. Our effortless AI capabilities also optimise the contract review process from hours to minutes. This in turn accelerates the flow of contracts through the business, allowing negotiations to proceed more smoothly and more deals to be closed.
We are not. On the contrary, we are automating away the drudgery that is taking up in-house lawyers' time and preventing them from moving on to higher value and more strategic work.
Our issues management list also empower lawyers to become more confident in their negotiations and allow them to access the experience even from deals they have not been involved in.
ThoughtRiver’s AI comes out-of-the-box with the ability to automatically answer questions commonly found in commercial agreements such as NDAs and services agreements.
If you decide to create your own extensions to our core list of questions, you will need to train them. ThoughtRiver comes with a "training studio", which guides you through the process in an easy-to-use interface, allowing you to build a new extension in as little as half a day. And you need absolutely no machine learning or data science experience to operate it.
ThoughtRiver's technology is capable of reading any legal contract once it is properly configured. Currently, our AI comes out-of-the-box with the ability to automatically answer questions commonly found in commercial agreements such as NDAs and services agreements.
ThoughtRiver helps you to discover issues in your contracts, resolve and remediate them all in one platform.
This is achieved by using AI to review your contracts against your playbook and any previously signed agreements, even those negotiated by others.
We then automatically create an issues list for you to work through, bringing colleagues where necessary with our collaboration tools.
The tool also comes with features such as one-click comments and clause suggestions to make remediation a breeze.
Check out our Features and Benefits page for more detail.
Only you can see what you upload onto ThoughtRiver. You get a specific and isolated virtual machine where contracts are uploaded and reviewed.
We do not share any contracts or other confidential information of ThoughtRiver users. This is yours alone. When users extend or train the platform they can choose to allow that intelligence to be used by other community members – but not your contracts.
ThoughtRiver uses advanced Natural Language Processing and Machine Learning models to read the contract and work out the issues in that contract.
It then compares the issues found against your playbook, your own signed contracts, and a volume of external but similar contracts. This list of risky and noteworthy clauses is organised into a list for the reviewer.
Many negotiations are bogged down by each iteration of contract review being “stuck in legal”, new issues cropping up just when both parties thought a deal is done and stakeholders not having visibility of progress and next steps.
ThoughtRiver’s Contract Acceleration Platform provides a holistic view of risk for the reviewer by automatically reviewing a contract based on your playbook, previously signed contracts and similar contracts negotiated by others. This allows the lawyer to focus on the most important issues and review a contract in a fraction of the time taken currently, while being more confident of the review at the same time. These risks are also summarised into a clear list of issues on our platform for all stakeholders to collaborate on. This allows the deal to be closed with minimal “back and forth” of the contractual terms.
We believe this “issues list” approach is the most efficient and thorough way for commercial negotiations to be conducted.
Yes, although ThoughtRiver comes with generic playbooks for common contract types, you are free to extend them or build your own playbooks. We provide an extremely easy-to-use interface for configuration with no machine learning / data science skill required. Our team of dedicated customer success managers will also be there to guide you every step along the way.
ThoughtRiver comes with embedded OCR tools that can convert contracts in pdf or image formats. However, if a contract is tricky for humans to decipher, chances are the machine would not be able to read it too well either.
Currently ThoughtRiver only supports English language contracts. We do have plans to add support for more languages so please do register your interest with us.