ThoughtTrace Provides Free Access to Contract Analysis Software that Uncovers Business Implications of COVID-19
HOUSTON, March 31, 2020 /PRNewswire/ -- Today, ThoughtTrace, Inc. announced an innovative solution to help companies affected by COVID-19 gain perspective on their unique situation and economic implications triggered by this pandemic. ThoughtTrace will provide free access to their AI-Powered Document Intelligence Software, giving teams the ability to immediately find the most important contractual elements for understanding their coverage, risk exposure, and maximum resulting liability. The ThoughtTrace Platform combines intuitive document management with contract analytics and powerful contextual search to discover critical contract data in seconds, condensing weeks of work down to minutes.
The vital role contracts play in immediate and long-term Coronavirus response
As organizations are hit by the economic disruption triggered by COVID-19, they must evaluate their contract rights so they can assess risk, formulate legal strategies, and update operational plans. With a range of outcomes being possible, they must quickly find specific language in contracts to determine applicability. However, it is extremely difficult and expensive to find these high impact contract clauses with arduous manual review, even when documents are organized in a traditional document management system.
With the SOC II Type 2 certified ThoughtTrace COVID-19 Response Pack, companies will benefit from instant visibility into the business-critical information they need to mitigate heightened risk and identify bottom-line savings opportunities with a laser-like focus, even amid the additional complexities surrounding this pandemic.
"The ThoughtTrace Platform is an advanced technology unlike any other solution on the market. Built to uncover the most challenging and nuanced information extremely quickly, we are thrilled to offer this technology free of charge during these unprecedented times. With the global economy facing recession and markets showing increased signs of stress, companies need the ability to respond confidently to these events and reduce the negative impact to the business," said Nick Vandivere, ThoughtTrace CEO. "This is something we can help with. So, that's what we're doing."
3-clicks and 30-seconds later…
In that timeframe, ThoughtTrace technology can search through thousands of documents and locate a specific piece of information, such as all instances where Force Majeure applicability include situations where the events are beyond the control of either party, or a pandemic specifically. The ThoughtTrace COVID-19 Response Pack will give companies the ability to find clauses and terms in their agreements instantly, such as:
- Force Majeure
- Termination
- Limitation of Liability
- Insurance
- Indemnification
- Auto-Renewal
- Language around pandemics, epidemics, or health issues
- And 50+ more contract extractions made available for all free users
This transparent visibility will empower anyone who turns to the documents that govern their business for answers. Executives, Legal and Risk Management, Contract and Commercial Managers, Business Development, Finance and Accounting, and Supply Chain and Procurement professionals from SMBs and Fortune 10 companies alike are using ThoughtTrace software for immediate access to the most critical information inside their contracts and agreements. Rather than weeks or months of fire drill responses that consume valuable resource, users are uncovering exactly the information they need to respond to requests and make decisions confidently. You can begin using ThoughtTrace today by signing up at www.findcontractrisk.com
About ThoughtTrace:
ThoughtTrace creates the only industry-specific Document Intelligence and Contract Analytics platform that delivers value on day one with minimal training and setup. Leveraging AI/ML as a complement to human expertise, the ThoughtTrace platform identifies critical obligations in contracts exponentially faster and with greater accuracy than traditional methods. The ThoughtTrace platform reads, organizes, and surfaces data that gives users operational agility, actionable insights, and decision-making superpowers. www.thoughttrace.com