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New partnership with a mission to simplify contracts

14 Sep 2021

by Hannah Murphy

ThoughtRiver and World Commerce & Contracting have today announced a partnership which when launched, will allow any user of the ThoughtRiver contract acceleration platform to instantly review a third-party NDA against the WorldCC contracting principles.

This partnership between WorldCC and ThoughtRiver has involved the ThoughtRiver team ingesting the WorldCC contracting principles into its AI tool and effectively treating the principles as a risk policy for the AI to review against. ThoughtRiver has also used WorldCC’s own standard NDA as the template agreement for any clause suggestions that the tool offers back to users during the review.

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Paula Doyle, Chief Legal Innovation Officer for WorldCC said, “WorldCC is delighted to work with ThoughtRiver on this pilot which effectively productises our contracting principles and brings them to life. Since inception, the principles have been a regular go to for many of our members focused on a more balanced starting point for negotiations. ThoughtRiver’s tool takes this several steps forward and allows its customers to automatically leverage the principles in drafted form. We are very excited about this new partnership and look forward to embedding our principles deeper into the ThoughtRiver tool for the review of multiple contract forms.”

Angus Chudleigh, who leads the Go to Market team for ThoughtRiver says that “this is an exciting development for both WorldCC and for ThoughtRiver but should be most exciting for any users of our product. Any user of ThoughtRiver will be able to review an NDA against the WorldCC contracting principles in seconds and have any issues that are flagged dealt with in minutes.”

The next phase of the partnership is to expand the use cases beyond NDAs into broader commercial agreements with work on services agreements and ‘as a service’ agreements already started by the legal content team at ThoughtRiver to align to the WorldCC principles. Given the synergy between the two organisations in terms of a mission around simplifying contracts to increase understanding and agreement, it is easy to see why this partnership should go from strength to strength.

  

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