To help you stay on top of your obligations around privacy, security, and confidentiality as it pertains to customers, employees, vendors, and other 3rd parties, LinkSquares has added six new terms to our roster of Smart Values. Designed in response to customer requests, these new Smart Values help you manage the contract challenges surrounding events like adhering to regulations (e.g. CCPA), preventing and managing data breaches, and employee separations to name a few.
What are Smart Values?
Most contract analysis tools have a feature similar to Google Search that lets you track down specific phrases within any document stored in your contract repository, but LinkSquares takes this one step further with Smart Values. Using artificial intelligence to parse the content of your legal agreements, LinkSquares software can identify specific contract clauses and extract structured data from those clauses.
Put simply, Smart Values turn oblique legalese into a manageable report or spreadsheet.
For example, using Smart Values, you can identify every legal agreement with a defined termination date and then export an Excel spreadsheet that links to each contract, giving you the ability to view specific information and refer back to the original agreement easily. So, if you need your Sales or Customer Success team to win back clients with expiring contracts, you can prioritize those deals that will terminate the soonest.
What are the new Confidentiality Smart Values?
Identify every contract in your repository with a confidentiality clause and quickly be able to see the exact text that’s in the agreement.
Confidentiality Consent Required
Identify every contract in your repository that requires the consent of one or more parties before confidentiality can be waived.
Identify every contract in your repository that allows for automatic waiver of confidentiality in specific circumstances.
Confidentiality Post Termination Period
Identify every contract in your repository that contains a post-termination provision. A confidentiality clause may contain a provision where the party(ies) are responsible for continuing confidentiality obligations after the termination of the contract.
What are the new Data Breach Smart Values?
The below terms are in addition to our Data Breach Smart Value that extracts the entire data breach clause from agreements.
Data Breach Notify Immediately
Identify those contracts in your repository that require you to notify clients immediately in the event of a data breach. Within the data breach clause, there is usually a time period specified when one party must notify the other of the breach. The LinkSquares AI has been trained to determine if variations of “immediately notify” are present (e.g. “without undue delay” or “promptly notify”). You can then export a spreadsheet of these clients so your IT and Customer Support teams can prioritize identifying and notifying these clients in accordance with your contractual obligations.
Data Breach Notification Period
Identify those contracts in your repository that specify a client-notification window in the event of a data breach. (For example, notification within 1 day or 3 days of a confirmed data breach.) Export a spreadsheet of these clients so your IT and Customer Support teams can prioritize identifying and notifying these clients in accordance with your contractual obligations.
How do I get access to these new Smart Values?
You can view a full list of our Smart Values here as well as see an in-depth overview of how to use them here: https://linksquares.com/smart-values-overview/
If you want to find out how Smart Values can revolutionize your contract management, request a LinkSquares demo today.