Reviewing a proposed draft is a time draining and complex effort. On average, contracts professionals spend 86% of their day on redlining activities such as preparing exception summaries, drafting amendments, and comparing versions. That’s why we’re excited to release markup conversion, an upgrade to the DocJuris platform that makes it easy to compare, combine, and convert documents into everything you need to get a deal done.
At DocJuris, we’re focused on streamlining the most complex and time-consuming part of the contract lifecycle — redlining and negotiation. Today, we’re adding another key feature to the most powerful contract editor on the planet.
In summary, this new feature allows you to take one or more drafts done outside DocJuris and upload them back into DocJuris to streamline the review process. Here are just a few of the benefits with this upgrade.
In a complex deal involving multiple drafts and back-and-forth, a summary of exceptions is often needed to advise what’s open or what needs to be closed to get a contract to signature. For example, if you’re on the 5th draft of a complex asset purchase agreement, you need a faster way to boil down the key issues.
With DocJuris, you can upload two documents (e.g., v4 vs v5). On the next screen, export your exception summary to instantly line up key terms in a table.
Typically, an older agreement needs to be refreshed with a new template, and previous negotiations need to be brought back to the table so that the parties don’t reinvent the wheel. For example, Company X provides construction services for Company Y. Company Y negotiated a construction contract in another location 2 years ago for Company Y. Company X is faced with starting over, running multiple comparisons, and incorporating the latest playbook.
With DocJuris, Company X can upload the contract that requires analysis and compare it against the previous contract. Next, DocJuris inserts previous negotiations into the updated template and Company X can modernize the negotiation in a fraction of the time.
When multiple people are involved, a client or other internal stakeholder might start a draft and work on top of a previous version. Subsequently, the lawyer or contract administrator may need to combine markups to get to the next step. The result is a confusing array of versions, redlines on top of redlines, and comments that create more ambiguity.
With DocJuris, organizations can invite stakeholders to collaborate in a safe editing workspace devoid of complex formatting issues, and if necessary, upload a new draft to combine edits and proceed with the counterparty’s review. The result is a clear, fast, and accurate process for managing versions in an otherwise complex process of redlining back-and-forth.
If you’re not using DocJuris yet and want to learn more about how our software can save your legal team, procurement team, or firm valuable time negotiating, redlining, and reviewing contracts, schedule a demo today!
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