Contract Revision Summary Document

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A Contract Revision Summary Document is a contract-related summary that is a document revision summary.

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.

      Want to join the beta? Leave a comment below.

      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). ...

Screenshot 2024-01-16 at 9.31.07 AM.png

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.

2023

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)
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