News Flash: Data-driven contracts and a feature so smart other's would call it AI!

1. We have jumped the bandwagon and introduced a new data-driven practice to our editor. 2. We have updated the interface to give you a better overview of the entire lifecycle of your contracts. 3. We have made an update to the way you find recipients that is so smart, other companies would probably call it AI.

4 min.
September 25, 2019

They say that idleness is the root of all evil. So since we are aiming to stay on the right side of history and be somewhat good people, we are making sure to always stay busy improving our platform with new features and updates.

Lately, we introduced a new Contract Drafter, made sure to meet the new SCA requirements and in the coming months we will expand the product to support how you manage your contracts through their entire lifecycle.

However, we have also made the following three new updates to the products that we think you should know of. We firmly believe that they can improve your workflow significantly and make your contract management much easier.

1. We have jumped the bandwagon and introduced a new data-driven practice to our editor.
2. We have updated the interface to give you a better overview of the entire lifecycle of your contracts.
3. We have made an update to the way you find recipients that is so smart, other companies would probably call it AI.

Let's take a closer look!

Data-driven feature in the Editor

You know how everything must be data-driven these days? Well, now you can enrich your vocabulary of bullshit with this new buzzword: data-driven documents. (Who wouldn't want their hands on one of those?) Through an integration with Reactivepad, you will now be able to make calculations and use advanced formulas to create Excel-like expressions.

Say hello to data-driven documents!

Simply, go to Edit mode when you draft the contract. Find Insert in the top bar and choose Formula to get started. From then on you can create values and excel like calculations inside the formulas. In this way, you get calculations directly inside your textual narrative, so our editor becomes a bit like a Word and Excel combined.

So when is that going to be useful? Imagine how it easy it will be to create a commission-based employment agreement for a sales person now that you can use a spreadsheet like calculations. And speaking of sales, what about creating a sales & purchase agreement where the payments depend on certain variables or where the numbers change every month. Now, you don't even have to make those calculations yourself, and what is even more; you also get a much better overview. Other noteworthy use cases are ownership agreements, loan agreements or investment agreements.

In order to use this new data-driven feature in the editor, you must be on at least a Standard+ Plan or a Business Plan. If you are already on such a plan, then make sure to play around and get a feeling of all the new things you can do. If not, check out our Pricing plans and reach out to learn more about the advantages of a Business setup: Book a demo!

Improved Interface

As you may already have noticed, the Drafts tab and the Contracts tab have been merged into a single tab called Documents. Now, you have one single list with all pre-signed documents, pending documents and the signed contracts that you can manage by adding tasks and reminders.

Under documents you will still be able to get a clear status overview of all your documents: from drafts, to pending contracts, signed contracts and rejected contracts.

We have done this to improve your workflow and give you a better overview of your contracts through their entire life-cycle. Having everything in a single flow emphasizes that we consider contracts as “living” documents that hold a value from when then the first draft is created and negotiations begin to when the final contract is signed and the data in it should be analysed for optimisations.

Use company details automatically

Okay, and now it's time for something seriously smart! Try to imagine our contact list on speed. Take your time... Okay, there you have it. Through a direct integration with Risika, you can now access the state business register directly in the contract to find your company recipient.

You can now access the state business register directly in the contract

Just type the company name of your recipient in the search field and hit enter. Then we will automatically search through the Danish CVR-register, the Swedish Bolagsverket, the Norwegian Brønnøysundregistret, and the British Company House to find the company you are looking for. When you have found the company, we will then (also automatically) fetch all relevant data such as the company address, the company registration number. All those will (again... automatically) be inserted in the party details.

For example, if you type Contractbook... We will automatically suggest Contractbook. If you choose that the contract should be sent to us, it will then fetch our address (Sundkaj 125, Pakhus 47, 3. sal tv, 2150 Copenhagen, Denmark), and our CVR number (36890649). All of this works directly in the contract, so you don't need to have multiple tabs open to manually search in your state business register. For now, this only works for Danish, Norwegian, Swedish and British companies but there are more to come in the near future.

It's so damn smart, other legal tech companies would call it AI. Well... We just call it efficient contract management! A 100 % natural digital technology.

Do not hesitate to contact us in case you have any questions regarding these three updates. Or anything else for that matter. For example, the data-driven answer to the meaning of life is quite simply 42.

Sincerely yours,

Contractbook

Effective Contract Management
for Modern Businesses

Create, sign and store all your legal documents in one, safe place.

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