• A software development company signed numerous contracts but lacked a mechanism to oversee the performance of all their terms (invoice dispute notification, early termination notice, late payment interest, annual adjustment reconciliation, etc.).
• This resulted in late fees and customer dissatisfaction.

Solution:

• The company implemented an automated process for extracting actions from contracts using BestAgreement.AI’s “Actions Extraction” feature.
• A dedicated individual was appointed to monitor the fulfillment of all contractual obligations.

Result:

• Late fees were reduced by 90%.
• The company improved its reputation among clients.

Demo: Extracting Actions and Deadlines from a Contract 

Detailed Case:

During an internal audit, the software development company discovered that no one was overseeing the performance of all contractual obligations after the contracts were signed. While payments were made on time, critical tasks such as sending termination notices to prevent automatic renewal were not completed. Additionally, the audit revealed substantial penalties incurred due to untimely client reporting.

The company empowered a COO assistant to ensure full contract compliance. Using BestAgreement.AI’s “Actions Extraction” feature, he efficiently analyzed all contracts within 24 hours, extracting deadlines and creating a centralized calendar for tracking.

By automating the process of extracting actions from contracts using the “Actions Extraction” feature, the company reduced the risk of late reporting, subsequently decreased penalties by 90%, and significantly enhanced its reputation by fulfilling all contractual obligations.

The post AI Contract Performance Monitoring Cuts Penalties by 90% appeared first on bestAgreement.ai.

A venture capital fund primarily using standard YC SAFE Notes spent $16,000 monthly on legal fees due to manually reviewing modified SAFE Note agreements from startups.

Solution: 

The VC Fund adopted the BestAgreement.ai’s Compare feature to automate the analysis of differences between standard and modified SAFE Notes.

Outcome:

BestAgreement.ai’s Compare feature cut legal consultation needs by 75%, saving the fund up to $12,000 per month.

A demo video comparing YC SAFE Note to modified version 

Detailed Case:

A California-based venture capital fund invests in 2-3 startups per week, primarily through standard YC SAFE Notes. However, startups frequently submit modified SAFE Note agreements, which require a thorough legal review by the fund’s legal team.This examination costs the fund approximately $4,000 per week. 

In June, the VC Fund began using the BestAgreement’s Compare feature (in private beta mode) as one of the early investors in 12New.AI, the company behind Bestagreement.ai. 

By automating the analysis of contract differences, the VC Fund reduced legal fees from $16k per month to just $4k per month. As the AI tool accurately identified discrepancies in 75% of cases, legal advice was rarely needed, resulting in monthly savings of around $12,000.

The post 75% Reduction in Legal Costs for SAFE Note Comparison appeared first on bestAgreement.ai.

A German construction company faced potential risks when procuring materials for a project in Saudi Arabia. Although they had identified a local supplier, the procurement managers were concerned about hidden risks in the contract.

Solution:

The construction firm utilized BestAgreement.ai, an AI-powered contract review tool, to ensure a favorable agreement. The platform’s Red Flag feature analyzed the contract, identifying several unfavorable terms.

Outcome:

The constructor proactively approached the supplier to renegotiate the contract.

By highlighting the identified red flags, the company secured a revised agreement that aligned with their interests and mitigated potential risks.

Video:

Detailed Case:

A German construction firm was tasked with sourcing materials for a new project in Saudi Arabia. After identifying a ​​Saudi-based company as a potential supplier, they received a draft contract outlining the terms of the agreement. 

Despite the seemingly straightforward contract, the builder’s procurement team used BestAgreement.ai to uncover potential risks. The platform’s RedFlag feature, powered by advanced AI algorithms, meticulously scans contracts to identify potential issues that could negatively impact the client.

BestAgreement.ai’s RedFlag identified risky contract terms exposing the building company to potential delays and financial losses (unclear delivery dates, excessive penalties, and unbalanced payments).

The construction firm’s procurement team approached the Saudi Arabian supplier to renegotiate the contract. They presented the identified red flags as potential risks hindering the project’s success and jeopardizing both parties’ interests. After constructive discussions, both parties reached a mutually agreeable revised contract that addressed the initial red flags.

The post Mitigating Procurement Risks in Construction appeared first on bestAgreement.ai.