There is a particular circle of hell reserved for the excel spreadsheet that you’ve worked on for two days, which throws up a controversial and unexpected total at the bottom. You’ve diligently laboured on it for hours that felt like eons and now, with the work done, you scroll to the Total cell to victoriously confirm that it matches your budget figure. Only it doesn’t… And now you have that unsettled feeling that something is wrong and that the offending figure could be anywhere in the hundreds of rows that you’ve already pored over.
That same circle of hell (it’s the Excel and PDF circle – on p32 from memory, the next time you are reading Dante) is also home to the 5,000 page contract, in which you need to locate the term “Limitation of Liability”, ideally without wearing out the scroll wheel on your mouse and Enter/Return button on your keyboard. It boggles the mind to think how many hours we have collectively spent as a species trying to locate terms in contracts.
*Intelligent Contracts have entered the chat*
Intelligent Document Formatted (IDF) contracts map every link (providing pop-up definitions for Defined Terms) allowing clause-to-clause references anywhere in the suite of contracts at the click of a button. IDF Contracts are amendment-conformed and up-to-date so that readers are always looking at the current version of the contract. And they are searchable in a way that will make you wonder how you ever managed a large contract without IDF. Search across entire folders of documents, filtering results out by contract, clause-title, location or any number of conditional parameters to narrow or broaden your results as desired.
And now that you’ve found the needle, you can create and share Notes directly at its location, sharing information and peripheral documents with your team so they are enabled to understand and manage the contract moving forward.
For a demonstration of how it all works, click here!