1.Description of the offer
As a result of COVID-19 being
declared a pandemic, Force Majeure is likely to be triggered for all
procurement and sales contracts. Once triggered, it excuses contracting parties from contractual obligations and liabilities. At the same time, they are prevented from performance (either entirely or partially), resulting in multiple amendments and contract rescheduling that might put your business at risk. Our Nia Contracts Analysis solution helps clients understand the risk to their business from the Force Majeure clause in their contracts by digitizing and identifying all Force Majeure contracts quickly and accurately, thus enabling you to take appropriate action.
2. Type of User Benefits
Nia Contracts Analysis enables business, procurement, and legal teams to read and interpret the contract documents, navigating the complex hierarchy between the contracts, their sub-agreements, and related documents with ease. It helps you verify the measures taken by the supplier to mitigate the damages, interpret Force Majeure and other key clauses and create alternate contract language for your key clauses to mitigate the impact.
Customers leveraging Nia Contracts Analysis can identify and mitigate risks in their supplier contracts.
Other benefits include:
- Mitigate Contractual Risks
- Make Revenue Gains
- Increased employee productivity
- Compliance amidst changing regulations
- Faster Contracts processing time
3. Customer need or pain point addressed
Both businesses and customers are grappling with the ripple effects of the COVID-19 pandemic. One such area is contractual risks. We have seen rapid adoption of a few services related to procurement contracts, such as contract risk analysis and mitigation and extraction of Force Majeure clauses from all current & historical contracts.
Nia Contracts Analysis can quickly and accurately digitize and identify all force majeure and related clauses in a contract, enabling our clients to take appropriate action/decisions to ensure business continuity.