December 31, 2020, marked the end of the transition period following a long-waged Brexit journey that commenced with the United Kingdom’s referendum on membership with the European Union back in 2016. The BRYTER No-Code Platform is being utilized for several contract drafting and amendment applications in light of Brexit, as many institutions are preparing to fully automate the process.
With the ongoing effects of Brexit still to be determined, trends in amendments of clauses in the financial sector and commercial boilerplate clauses can be associated with organizational challenges such as manual review that is very time-consuming and present a high opportunity cost. With many of the amendments to be challenged, progressive alterations in clauses are to be expected in the near post-Brexit future.
BRYTER offers the solution by providing a centralized automated document review platform with optional data extraction software integration. By using BRYTER’s Post-Brexit Contract Checker, you will avoid lengthy and repetitive manual reviews, while benefiting from the efficiency and accuracy BRYTER ensures.

Background

Starting from June 2021, any kind of contractual documentation which applies between countries within the European Union and the United Kingdom will require amendments regarding the language and the references used. Post-Brexit is a particularly busy time for law firms and in-house legal departments, having to review large volumes of documents to be updated or amended.

With BRYTER, the user can build an automated post-Brexit Contract Checker, which allows for a quick and easy language review of different types of documentation, determining which language needs to be changed or updated. This tool can also be particularly useful in the drafting phase of commercial and financial documents, such as offers of securities, benchmark disclosure reports, MAR, and BRRD related documentation. These types of documents usually contain many definitions across hundreds of pages and are very accessible to the automated review process. In addition to integrations with document analysis software, the BRYTER No-Code tool enables the user to create an automated document in compliance with new primary market language (as provided by the relevant authorities from time to time). Further, BRYTER can create a report outlining which clauses or documents require updates, based on the input and results detected by the software in the background. The Tool offers a completely customizable structure which can be tailored to the specific user’s needs and review processes.

Benefits

Automated & Standardized

The post-Brexit Contract Checker automatically produces a document with standard language and a report with guidance based on the user’s input.

Faster Execution

Available 24/7, the post-Brexit Contract Checker streamlines an otherwise time-consuming manual review process, ensuring faster execution.

Integrated

By offering seamless integration with the existing IT infrastructure, results produced by the post-Brexit Contract Checker can be recorded either on existing databases and BI tools or in a BRYTER database for further processing.

Highly customizable

As every application built on BRYTER is entirely customizable, the post-Brexit Contract Checker can be modified to accommodate a company’s unique requirements. The BRYTER No-Code Platform gives unparalleled opportunities for simple customization.

How it works

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Go through Q&A

Through a customizable and user-friendly questionnaire, all relevant information regarding the applicable language standards and governing laws are gathered from the user and automatically processed with the integrated data extraction tool. The user’s inputs will determine which logic is applied to the automation process.

Receive assessment

A full assessment report, 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.

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Keep up to date

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 in the post-Brexit climate.