Will previously uploaded contracts appear in the Negotiations Dashboard?
Your previously uploaded contracts will appear in the Negotiations Dashboard. In order to benefit from the new intelligence added to the Thought River WebApp you will have to re-analyze then mark the contract as signed. To make things easier we’ve included a Bulk actions button to allow you to analyze as well as sign multiple contracts. You can find it on the left next to the new negotiation option.
Is there a way to upload a contract within the Negotiations Dashboard using a specific reference name template?
The reference name template will default to the Review Stream. You can configure the Reference Name Template for any given Review Stream.
Is there a way to upload a contract within the Negotiations Application using a specific Portfolio?
This will not be available in the new Negotiations App. Speak to your CSM if you require further support on this question.
I will be uploading contracts in PDF format. Will this get converted into text?
Yes, when uploading a new document, you will be prompted to select the type of document you are uploading. You will also see a detect automatically option, as a best practice when uploading a Scanned PDF, we recommend specifying the document type to improve conversion results.
Do I have to set polarity when uploading a contract within the Negotiations Dashboard?
Yes – but there is a new streamlined user interface to help you do that. The ‘Specifying Parties’ panel will allow you to easily highlight and then drag and drop parties to make your selection. We recommend setting up a formal party name as this name will be displayed alongside your contract and allow you to easily identify a specific contract.
I’ve sent a contract via email prior to the release – I can no longer view the analysis and the link is broken.
Any contracts sent in before the release will have to be re-analyzed. If you prefer to work via email – please send through a new email to receive an updated version. Alternatively, you can upload the contract via the Negotiations Dashboard.
2. Assigning contracts
As a legal manager can I assign contracts to other members of my team?
Yes. You can do this via the Negotiations App dashboard.
Can I limit permissions for different members of my team?
User permissions can be gated per review stream – for example selected users can be granted access to the NDA stream while other users can be assigned to the Procurement steam. There is currently no way to limit permissions within a review stream. The feature has been added for consideration for future release.
How do I select which contracts are to be used for familiarity for a given Review Stream?
In the contract list dashboard within the Negotiations App there is the ability to mark a contract as ‘Signed’. Any contracts marked as signed will be integrated by default into familiarity analysis for that Review Stream.
How many contracts do I need to upload to get the benefit of frequency analysis on a contract? You will need at least 30 ‘Signed’ contracts to allow for familiarity analysis to work although the more you have the better the feature will perform. We’ve included a Bulk actions button to allow you to re-analyze as well as sign multiple contracts. You can find it on the left next to the new negotiation option.
Do all Review Streams have a ‘market standard’ familiarity analysis? Initially this will be available for your existing NDA Review Streams. We are working to prioritize availability for Services contracts for both Pro-Customer and Pro-Supplier review streams that we expect to bring online soon.
Does a familiar clause override a checklist risk?
If a clause is identified as risky - the risk assigned will be based on your playbook (High, Medium, Low). Familiarity will complement the risk analysis by providing information around how common or uncommon this provision is.
How does familiarity work?
Providing you with another intelligent perspective alongside the existing risk analysis, Familiarity takes a view on how common or uncommon contract provisions are based on two metrics:
1. Against Market: ThoughtRiver's core data set provides a view based on general contracting practice and the sensitivity of the underlying topic in context. This analysis is currently available for all NDA review streams.
2. Against your signed contracts: Your historical agreements within the platform will be used to say what is common or uncommon, based on your previously agreed terms.
When historical contracts are uploaded or contracts are signed in the negotiation's application, it is automatically uploaded to the familiarity engine which reads, indexes and analyses the document. Once there are enough contracts (min. 30) in place this data can be used to analyze against new contracts uploaded to the system. This will be used to potentially flag unfamiliar clauses as 'Issues' or 'interesting' when reviewing any new contracts and de-risk the review process.
Can I edit an old version once I have added a new version or are past uploads locked?
No. Assessments for old versions are read only. You cannot yet edit the current version although editing is a feature in planning for future releases.
Is there a way of seeing an overview summary of all the version changes?
Yes, in the negotiations dashboard you can view each version, when it was created and the status of it
Can a user outside of our organization view the analysis / be sent to them through the ThoughtRiver platform? Not yet although this is intended for a future release. There is functionality to share a link to the existing contract and the review in the Negotiations App with another licensed user.
Is it possible to draft within the Negotiations platform?
You can edit documents and view TR intelligence via the Word Plugin. You cannot yet edit within the Web App – although the editing ability is under consideration for future release.
Are advice notes and clause suggestions available in the Negotiations App?
Currently, Advice notes are available. We intend to make clause suggestions available alongside editing functionality. You can easily access the Word Plugin via the Negotiations App if you want to remediate the contract.
Can a user make comments on issues?
This is not currently a feature but is in plan for a future release. Our ambition is to allow users to assign issues to colleagues and in time allow the counterparty to engage on the contract within the Negotiations App.
What are the rules for making a clause a ‘Significant Issue’?
‘Significant Issue’ flags are identified using your risk playbook or familiarity analysis. There are different thresholds which will classify the issue as ’Significant’ or ‘Interesting’. Users can override the level of significance on a clause-by-clause basis or in bulk. You are told the reason for the classification within the heatmap.
I only have a primary account set up; can I use the Negotiations App?
If you only have a Primary Review Stream set up, then you will be able to view your previously uploaded contracts in the Negotiations App, however, going forward you will need to create a new Review Stream and upload contracts there. Your Customer Success Manager can help you get set up. The Negotiations App does not allow contracts to be uploaded to the Primary Review Stream.
If I upload a contract to the Negotiations App that has previously been uploaded will the platform recognize it (as per the Word Plug-In)?
Not currently although this feature has been added to the roadmap for consideration. You should upload a new version as revision to an existing contract if that is intended.
If I am working directly from the Word App will I need to upload the contract again to the Negotiations Dashboard?
No, uploading the contract via the Word App will also add it to the Negotiations Dashboard. If you wish to assign an owner as well as additional reviewers, you will have to do this from the Negotiations Dashboard.
5.When to contact your CSM
Always of course! That being said, below you will find a non-exhaustive list of actions we’ve taken away from you and into our hands.
- Template contracts upload
- Uploading contracts for training only
- Bulk contract uploads