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Data-driven contracts

Data-driven contracts

New
Viktor Heide
Written by
Viktor Heide
Updated
June 22, 2020

1. We have jumped the bandwagon and introduced a new data-driven practice to our editor. 2. We have made an update to the way you find recipients that is so smart, other companies would probably call it AI.

Lately, we introduced a new Contract Drafter, made sure to meet the new SCA requirements and in the coming months we will expand the product to support how you manage your contracts through their entire lifecycle.

However, we have also made the following two new updates to the products that we think you should know of. We firmly believe that they can improve your workflow significantly and make your contract management much easier.

1. We have jumped the bandwagon and introduced a new data-driven practice to our editor.
2. We have made an update to the way you find recipients that is so smart, other companies would probably call it AI.

Let's take a closer look!

Data-driven feature in the Editor

You know how everything must be data-driven these days? Well, that also goes for your legal documents. Through an integration with Reactivepad, you will now be able to make calculations and use advanced formulas to create Excel-like expressions.

Say hello to data-driven documents!

Simply, go to Edit mode when you draft the contract. Find Insert in the top bar and choose Formula to get started. From then on you can create values and excel like calculations inside the formulas. In this way, you get calculations directly inside your textual narrative, so our editor becomes a bit like a Word and Excel combined.

So when is that going to be useful? Imagine how it easy it will be to create a commission-based employment agreement for a sales person now that you can use a spreadsheet like calculations. And speaking of sales, what about creating a sales & purchase agreement where the payments depend on certain variables or where the numbers change every month. Now, you don't even have to make those calculations yourself, and what is even more; you also get a much better overview. Other noteworthy use cases are ownership agreements, loan agreements or investment agreements.

Use company details automatically

Okay, and now it's time for something seriously smart! Try to imagine our contact list on speed. Take your time... Okay, there you have it. Through a direct integration with Risika, you can now access the state business register directly in the contract to find your company recipient.

You can now access the state business register directly in the contract

Just type the company name of your recipient in the search field and hit enter. Then we will automatically search through the Danish CVR-register, the Swedish Bolagsverket, the Norwegian Brønnøysundregistret, and the British Company House to find the company you are looking for. When you have found the company, we will then (also automatically) fetch all relevant data such as the company address, the company registration number. All those will (again... automatically) be inserted in the party details.

For example, if you type Contractbook... We will automatically suggest Contractbook. If you choose that the contract should be sent to us, it will then fetch our address (Sundkaj 125, Pakhus 47, 3. sal tv, 2150 Copenhagen, Denmark), and our CVR number (36890649). All of this works directly in the contract, so you don't need to have multiple tabs open to manually search in your state business register. For now, this only works for Danish, Norwegian, Swedish and British companies but there are more to come in the near future.

Do not hesitate to contact us in case you have any questions regarding these three updates. Or anything else for that matter.


Sincerely yours,

Contractbook

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