TermScout’s mission is to help facilitate transparency in commercial relationships by giving you a way to quickly understand what a contract means and how it stacks up against other companies within an industry. Any time you get an NDA, a EULA, a master services agreement, or other standardized contract document, send it to TermScout for a Red Flag Report.
Red Flag Reports are like report cards for contracts. They are one-page summaries showing what a contract says, along with a list of issues that may concern the average company.
When the report shows that the contract is okay, you can sign with ease knowing you did your due diligence. When the report shows that a contract is bad, it tells you why it’s bad so you and your attorney can determine whether or not those issues matter to your company.
Shoobx customers are eligible for TermScout’s lowest possible contract review rate, $99 per document.
Otto Hanson, email@example.com
TermScout on Modern Contract Management
No technology tool can replace human insight. However, it’s the job of a lawyer to provide the best, most economical service for their clients, and using the best available technological tools is part of that. A large part of the process of contract review can and should be automated, so that the attorney only steps in when their valuable time is best leveraged.
What technology does modern contract management leverage, and how does a technology-enabled approach affect the entrepreneur?
We’re of the belief that technology alone is insufficient for this sort of review, so TermScout uses a combination of technology and human legal insight. We leverage technology for Natural Language Processing and Clause Extraction, but everything produced is reviewed by actual, human, lawyers.
When is it the right time to use a contract management solution, and why is it important to do so at that time?
The moment that a company receives a contract from a third party, they should send it to us. The sooner we receive the contract, the sooner we can identify any potential issues, or let the client know that everything seems good to go. This process can take up to three business days, but is usually done in under 24 hours.
TermScout isn’t here to review every minute detail of the agreement. Instead, we’ve worked with attorneys to determine what terms genuinely matter. For those terms, we offer a complete guarantee; if we miss or misrepresent a key provision, the client gets a full refund, no questions asked.
“Reading click-through agreements is not what I went to law school for, but I also appreciate that these agreements can’t simply be ignored. As a corporate attorney, I find TermScout’s Red Flag Reports to be perfect – enabling me to quickly find what matters and drill down where needed. The reports also provide game-changing tips on how to negotiate certain points. Highly recommended.”
– Rainer Scarton, In-house Counsel, Fortune 250 Company
“TermScout’s cloud report covered all of the issues I typically cover when advising clients on these types of agreements. The TermScout market indications showing what other companies offer on the same type of provision, combined with the negotiating tips scattered throughout the reports make these extremely valuable.”
-Andy Evans, Corporate Attorney, Private Law Firm
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