Kira for Brexit

Kira helps organizations respond quickly and cost-effectively to legislative changes or other events, including the United Kingdom’s potential exit from the European Union ("Brexit").

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.

Ready to use out-of-the-box

Customers can use the built-in Brexit smart fields to locate specific concepts relevant to Brexit, including (without limitation):

In commercial contracts:

Amendment
Compliance with Law
Currency
Governing Law
Dispute Resolution
Termination for Convenience
Exchange Rate/ Exchange Rate Risk

In credit/facilities agreements:

“Currency” Definition
Bail-In Clause
“EEA Financial Institution” Definition
COMI (Centre of Main Interest)
EEA Financial Institution Representation
Increased Costs
Value-Added Tax
Eligible Assignees

How does it work?

Kira processes contracts in dozens of formats and automatically converts them to machine readable text. It includes workflow tools for your team to validate the results prior to them being exported into reports in excel, word or PDF.

Kira is the leader in machine learning contract data extraction

Kira has been used on thousands of concurrent projects, helping hundreds of organizations gain greater visibility into their contracts. Our users include many of the world’s leading professional service firms and companies, in over 40 countries. We are among the most used and trusted AI solutions for professionals anywhere. There’s a reason why.