A specialised discovery and management tool for contracts is being developed by Seal Software Group and Nuix, utilising unique metadata to find and analyse contracts located anywhere within an organisation’s data stores.

Finding, reviewing and controlling contracts is vital for managing risk and costs, and is a critical phase of any merger and acquisition due diligence or insolvency and business recovery project.

Nuix Contract Discovery will be utilised to locate contracts, extract the key information for analysis, to enable assessment for exposure, liability and risk.

The solution allows organisations to increase visibility over contracts and contract drafts, through contextually extracting key clauses and critical milestone information, including contract type, contracting parties and start/termination dates for both existing known contracts and those identified during the contract discovery process. This enables organisations to be in a proactive and prepared position when faced with events that require an understanding of all contracts held by the business, including when undertaking eDiscovery for litigation.

Nuix CEO, Eddie Sheehy said, “Nuix Contract Discovery opens the door to unmatched control of unmanaged contracts, which reduces the cost and complexity associated with contract management. This capability enriches other business functions such as financial planning, accounting, sales, services, customer relationship management and IT, particularly in regards to asset management.”

Seal Software Group Founder and CEO, Ulf Zetterberg said, “Business functions, especially around mergers and acquisitions, rely on knowing exactly what is happening with contracts in order to assess value and risk. Unfortunately, too many businesses lack cohesion between different business divisions and management, leaving gaping holes in the knowledge base around contracts.”