The Brexit Commercial Contract Checker automatically identifies potential adverse consequences and risks regarding territorial and financial clauses in commercial contracts as a result of Brexit. The tool can be integrated with data extraction tools such as Kira or Luminance to streamline the high-volume review of contracts and to identify key clauses. It evaluates the provided information against a checklist to assess key commercial terms, such as territory definitions, applicable laws, termination rights, material adverse changes, change of control and liability rights. As a result, the Brexit Commercial Contract Checker determines the commercial risks the parties bear post Brexit and generates a full report outlining any required amendments. The open architecture of the tool allows it to be adjusted to include a company’s bespoke Brexit checklist and standard fallback clauses or amendments. Its modular logic can easily be edited to accommodate changing requirements and updated checklists.
A key focus for companies located in or trading with the UK post-Brexit is the assessment of any commercial risks inherent in their contracts. To avoid adverse consequences and to ensure commercial arrangements remain effective, companies urgently require a full review of their commercial contracts. As many companies need to review high volumes of contracts, assessing individual terms manually becomes an onerous and time-consuming task.
With BRYTER, law firms and in-house departments can build an automated Brexit Commercial Contract Checker that determines which contracts are affected while outlining high risk clauses and their respective necessary amendments. The tool’s risk scoring capabilities give the user an overview of the individual risk per contract, the scores of which can be written back into existing databases and analysis tools to assess the overall impact and to help mitigate any higher risk commercial contracts. As a final output, the user receives a full risk report and all inputs and results are captured within the tool’s own analytics dashboard. Due to the open architecture of the BRYTER platform, the tool’s modular logic can easily be tailored to specific types of agreements and a company’s review requirements.
How it works
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Through a customizable and user-friendly questionnaire, all relevant information regarding the applicable territory definitions, governing laws, termination rights, liability terms etc. are gathered from the user and integrated data extraction tool. The inputs then determine which logic is applied to provide an assessment.
A full assessment report, including the individual risk score of a contract, along with necessary draft amendments is generated based on the provided information. As the tool is used, a full audit trail is maintained to document and provide proof of any assessments and their results.
The open architecture of the BRYTER platform allows the application to be updated continuously in the background ensuring that the results are always in-line with the review criteria.