In the realm of private investing, contract negotiation is a critical procedure that often spirals into an endless, cumbersome process. Legal professionals and deal makers alike often find themselves mired in the minutiae of everyday agreements like Non-disclosure agreements (NDAs). Fortunately, Ontra offers a refreshing alternative to the outmoded methods of conventional contract negotiation.
Ontra’s Contract Automation product pairs a network of seasoned legal professionals with Ontra Synapse, a bespoke AI tech exclusively trained on private capital agreements. The combination promotes not only increased legal efficiency and process consistency but also provides a check to validate AI model outputs, thereby avoiding typical pitfalls associated with AI.
Ontra’s software, developed in consultation with attorneys and private markets professionals, assists users in streamlining the contract negotiation process. Clients partake in the creation of a detailed, customer-specific negotiation “playbook”, facilitated by an Ontra account manager. The playbook is finely tailored based on the unique business needs of the client and provides an efficient mechanism for contract negotiations.
Ontra’s legal network works in harmony with its AI technology to deliver high-speed, high-quality contract negotiation services. The legal network is composed of professionals who maintain consistent contact with their clients, thereby accruing an understanding of client preferences and establishing a closely knit working relationship.
Furthermore, Ontra’s Markup Builder technology uses the firm’s AI capabilities to evaluate contract text, suggest revisions based on precedent documents, and generate comparisons of new and old documents – a powerful tool in accelerating the contract review process, especially when numerous legal representatives are involved in the same negotiation. This option ensures consistency in contract themes and aids in the collation of edits from multiple parties.
What sets Ontra’s service further apart is its emphasis on speed and transparency. Proactive updates keep clients in the loop about the status of their contracts. The contract negotiation process is generally accomplished in record time, and even post-negotiation, Ontra remains committed to speed and transparency. Clients receive an AI-generated summary of their contracts’ terms that also serves as a rapid, referenceable source of information.
Ontra’s pioneering blend of human expertise and AI, evidenced in its Contract Automation product, is a promising step towards revolutionising routine contract negotiations. The drive towards faster, more transparent, and largely automated negotiation processes is sure to strike a chord with private equity firms and investment banks always looking for more efficient means to handle contract negotiations.
To delve further into the product details, read more here.