An example: supplier contracts at a mid-sized company
The legal team of a mid-sized manufacturer receives about twenty supplier contracts to approve every month.
- The buyer drops the contract received into the space.
- The workflow picks out the term, liability, penalty and termination clauses.
- It compares them with the company's template and lists the gaps, with the contract excerpt.
- The lawyer reads the summary, checks the gaps in the text and writes up her position.
Outcome
The lawyer starts from the gaps instead of rereading the whole contract, and the decision stays hers. The key dates go into the tracking sheet.