Contract Revision Summary
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A Contract Revision Summary is a contract-related summary that is a document revision summary.
- AKA: Contract Redlines Summary.
- Context:
- It can (typically) be the output of a Contract Revision Summarization Task (either manually or automated).
- It can (typically) encapsulate the Key Contract Changes in a Changed Contract.
- It can reference a Contract Revision Summary Template.
- It can be requested by a Legal Professionas or a Business Executives.
- It can support Contract Negotiation, Contract Compliance Monitoring, and Contract Review Process.
- …
- Example(s):
- Counter-Example(s):
- See: Contract Summary Document, Contract Revision Summarization Task, Contract Review Process, Legal Document Summarization, Contract Management.
References
2024
- https://www.linkedin.com/posts/jbecke_macro-ai-compare-summary-activity-7149473736268681216-nKJH/?utm_source=share&utm_medium=member_android
- QUOTE: AI Compare Summaries (see pdf attached). Using a mix of our proprietary parsing algorithms and large language models, we create a cover page summarizing changes in bullets.
The goal is to provide a high level summary similar to what a lawyer may provide a colleague or client.
Macro's document compare feature is already the best on the market, and soon it will be the smartest.
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This AI relies on our handcrafted document diff algorithm which is an engineering masterpiece.
We co-developed the algorithm with some of the top global law firms. It maintains the same red/blue/green style users expect from the prior generation of tools but is fast, accurate, and can merge in edits from multiple authors and run many redlines at a time (e.g. 5 original to 5 changes). ...
- QUOTE: AI Compare Summaries (see pdf attached). Using a mix of our proprietary parsing algorithms and large language models, we create a cover page summarizing changes in bullets.
2024
- GPT-4
- NOTES:
- It can provide AI previews, chat, summaries, and risk assessments for legal documents through its generative AI feature.
- It can edit Word and PDF files, with a specific focus on legal documents, differentiating it from mainstream tools like Microsoft Word or Adobe Acrobat.
- It can offer enhanced reading, modern navigation, and capabilities to compare, consolidate, and create multi-redline documents as part of its document review and comparison feature.
- It can introduce upcoming features for templates, document creation, sending, and eSignature to expand its capabilities.
- It can target professionals such as law firms, legal departments, hedge funds, private equity firms, and executives who regularly deal with complex legal documents.
- It can position itself as an alternative to Adobe for PDF editing, Litera, Microsoft Word, and Contract Lifecycle Management systems, emphasizing its efficiency and specialization in legal document management.
- It can boast a clientele that includes a significant portion of the AmLaw 50 law firms, Wall Street finance firms, and Fortune 500 companies, indicating a strong presence in the legal and financial sectors.
- It can emphasize its AI capabilities in linking and managing complex documents, ensuring compliance with security standards like SOC 2 Type II.
- It can receive positive feedback from professionals in law firms and other industries for its efficiency and ease of use in reviewing and managing legal documents.
- It can ensure compatibility with existing Word and PDF files and be accessible across multiple platforms, including PC, Mac, tablet, and mobile.
- It can use an email-based marketing approach, as indicated by the website prompt for visitors to download the tool by submitting an email address.
- It can provide additional resources like a blog, a community platform, and detailed help documents, showcasing their commitment to user education and community engagement.
- NOTES:
2023
- GBard https://g.co/bard/share/4d45d51d95f4 https://g.co/bard/share/66995aa062d2
- … Contract Revision summary: A summary of the changes that have been made to a contract from one version to the next. This summary can be helpful for tracking the evolution of the contract and for ensuring that all changes are properly documented.
2023
- Google Bard
- A contract revision summary is a document that summarizes the changes made to a contract during the revision process.
- It can:
- Help to ensure that all parties are aware of the changes made to the contract
- Provide a record of the changes made to the contract, which can be useful in case of any disputes
- Help to track the evolution of the contract over time
- The following are some of the key elements that should be included in a contract revision summary:
- Date of revision: The date on which the revision was made.
- Names of the parties involved: The names of the parties who agreed to the revision.
- Specific changes made to the contract: A list of the specific changes made to the contract, such as changes to the terms, conditions, or clauses.
- Reason for the revision: The reason why the revision was made. This could be due to a change in law, a change in the parties' circumstances, or a desire to clarify or improve the contract.
- Signatures of the parties involved: The signatures of the parties who agreed to the revision.
- The contract revision summary should be kept with the original contract and should be referenced whenever there is any question about the terms of the contract.
- Here is an example of a contract revision summary:
Date of revision: 2023-09-12 Names of the parties involved: * Acme Corporation * XYZ Company Specific changes made to the contract: * The term of the contract was extended from one year to two years. * The price of the goods was increased by 10%. * The payment terms were changed to net 30 days. Reason for the revision: * The parties agreed to extend the term of the contract to accommodate a new project. * The price of the goods was increased to reflect the rising cost of materials. * The payment terms were changed to net 30 days to improve cash flow. Signatures of the parties involved: * Acme Corporation (By: John Smith) * XYZ Company (By: Jane Doe)