Kira’s state of the art machine learning technology automatically identifies and extracts information from contracts and comes with 39 Brexit built-in smart fields; 22 general commercial smart fields and 17 credit/facilities agreement smart fields. If the review requires the identification of additional or unusual information, Kira Quick Study can be used to identify virtually any desired clause. Using Kira’s intuitive user interface, organizations gain an immediate high-level understanding of the potential impact that Brexit will have on their documents and can quickly tailor and export summaries of potentially problematic provisions.
Avoid potentially significant commercial implications with fast and accurate document reviews
Organizations, and those law firms assisting organizations, should consider how Brexit could affect their (or their clients’) business and commercial arrangements with third parties. They should act early to review key contracts and determine whether they provide sufficient protection against Brexit.
Brexit could have significant commercial implications on businesses, and has the potential to result in uncertainty in the interpretation of contractual language. Contract drafters may not have anticipated or addressed such an event and the parties may have to work together to renegotiate the contract in light of Brexit. Therefore, organizations should consider reviewing key contracts prior to Brexit (which is scheduled to occur on March 29, 2019, as of the date of this publication) to give themselves sufficient time to renegotiate or take other action.
Failure to review contracts in light of Brexit could result in significant commercial consequences, such as the imposition of tariffs, changes in exchange rates, potential termination rights or contractual uncertainty.
Kira can quickly review large volumes of legacy contracts and highlight the information that should be reviewed and considered in the context of Brexit. This enables organizations to begin preparing a remediation plan immediately, and ensures that Brexit doesn’t interfere with organizations’ existing contracts.