Ontra has launched Accord, AI-backed contract negotiation software for private fund managers’ in-house teams. Now, you can streamline your repetitive contract negotiation workflows.
For private markets firms, contract negotiation is often slow, inconsistent, and expensive, diverting resources from core business priorities. When processed manually in-house, this time-consuming, tedious work leads to errors and unnecessary back-and-forth. Manual, in-house contract negotiation is also far more expensive than most private fund managers realize. Relying on external counsel isn’t always a better option. When outsourced to traditional law firms, repetitive contracts run up high legal bills and incur additional overhead.
Powered by Ontra’s AI engine, Accord automates contract workflows and surfaces insights for private funds managers. This purpose-built software solution eliminates manual work associated with contract negotiation and management, allowing you to easily negotiate, analyze, and manage your routine contracts.
Accord has already accelerated contract negotiation for one private equity firm, which now spends 67% less time on each contract.
Negotiate, manage, and analyze contracts faster
Traditional, manual contract negotiation processes are fragmented and time-consuming. They don’t lend themselves toward consistent, high-quality agreements without taking up a considerable amount of in-house professionals’ time.
To combat this issue, Ontra is placing its AI-backed contract negotiation software in your hands. Previously, this technology was only available to our global Legal Network. Now, we’re launching this battle-tested software as our newest product to streamline your in-house contract workflows.
With Accord, you and your teams can benefit from:
- A User-Friendly Interface: Sign into a centralized, intuitive platform specifically designed for contract workflows to help your team work smarter, not harder.
- Digital Playbooks: Sync preferences across teams and digitally document your firm’s preferred and fallback negotiation positions.
- Similar Documents: Drive consistency through Ontra’s proprietary algorithm that surfaces similar precedent for review.
- Markup Builder: Accelerate contract turnaround time through Ontra’s AI-enabled markup suggestion tool.
- Summaries: Review key legal and business terms for each agreement through AI-powered contract summaries automatically provided after negotiation.
- Data Insights and Reports: Easily generate data-driven negotiation insights and track negotiation statuses.
Benefits of AI-powered contract negotiation
Accord helps teams craft detailed negotiation playbooks, surfaces precedent, and automatically suggests relevant markups with AI purpose-built for private markets.
Accord enables private fund’s in-house teams to:
- Save time and expense with AI-powered workflows that automate manual tasks to streamline contract negotiation and review.
- Improve negotiation consistency and quality by leveraging your firm’s preferred negotiating positions and precedent.
- Get real-time visibility into the status of ongoing negotiations, enabling greater collaboration across teams.
Schedule an Accord demo today
Ready to accelerate your repetitive contract negotiations, from NDAs to vendor agreements? Accord from Ontra can help. Reach out today to schedule an Accord demo.
