Concord

Concord is a contract management platform that assists with managing the full contract drafting and execution life cycle.

What is Concord

Concord is a contract management platform that assists with managing the full contract drafting and execution life cycle.

What type of technology?

Cloud based SaaS platform.

Vendor

Concord Worldwide, Inc.

Country of origin

Founded in France, headquartered in the USA.

Similar tech products

Docusign for online execution

CobbleStone for contract drafting

Agiloft for contract drafting

Google Docs for sharing documents

DropBox for sharing documents

Practice and Document Management Systems for audit trail and version control

Non-tech alternatives

Mail, handwritten mark-ups, wet ink signings of hard copy documents

More information

https://www.concordnow.com/

Which practitioners would find this technology useful?

Lawyers and legal teams involved in drafting, negotiating and managing execution of contracts and other legal documents.

How does it work?

Existing documents are uploaded to the Concord platform or else a document can be created within the platform from scratch or from an existing template.

The platform has a main dashboard showing recently modified contracts and the number of documents at different stages, from template, draft, review, pending to signed, signed.

There is a documents inbox where the status of every document, is viewed.  Statuses change automatically to show how far along the document is within Concord.  Documents can be grouped according to matters or clients and the usability is similar to Microsoft folder structures.

A document is initially set for internal viewing where it can get commented on and edited by the internal legal team.  All the usual functionality of Microsoft Word is available within the platform, although documents can also be uploaded directly into systems such as Word or Google Docs.  Every time someone edits a document, it creates a new version and an audit trail showing who has worked on the document and when.  Each previous version can be retrieved and compared against other versions.  Comments can be added and Concord also has its own “chat” functionality.

Once a draft is ready at the internal level, it can then be published to the public level.  This can then allow access by clients or the counterparties and their advisors.  Other users do not need to have a Concord account nor do they need to download software: they will simply be invited to the platform through being added as parties.

In short, Concord provides a more sophisticated and secure version of DropBox or Google Drive whereby practitioners can collaborate on drafting documents both within internal teams and across counterparty teams.

Finally, when the contract has been finalised, Concord can then be used as the electronic execution system, thereby making the use of a separate online signing system, such as DocuSign, redundant. 

Benefits

Much of the audit trail and version control functionality of Concord exists with good quality practice and document management systems.  However, such functionality ends as soon as the document leaves that system (such as by being emailed to another practitioner).  So, unless the system also has a remote portal that allows access to the document by non-users of the system, only half of the drafting process takes place with the benefit of the audit trail and version control.

Concord allows all the editing of the document to take place within the one environment, thereby capturing in the one system and within the audit trail the entirety of all edits, changes, comments, time of edits etc and various other meta-data over the entire life cycle of drafting and executing the contract.

Other benefits include:

  • Workflows can be created, such as automations for contract approvals, which can be made conditional upon certain circumstances being triggered.
  • AI reports and analytics – Concord has analytics for tracking particular types of clauses or suggesting preferred clauses.
  • Smart Fields – allows the user to compare certain fields across all contracts, e.g. contract amount, contract term and other conditions.
  • Deadlines and renewal function – can set automated deadline alerts, including alerts triggered by specific clauses which allows for greater compliance with contractual obligations, as well as automating contract renewals.

Concord has an open API to allow integration with other systems and already has integrations with major systems such as Google Drive, Dropbox, Box, Salesforce, DocuSign and more.

Concord utilises end-to-end encryption meaning that only the users at either end of the Concord link can access the documents and no one in between can access the information.  This makes Concord a far more secure way to transmit contracts between teams and external firms than via email.

Risks

Cyberisk, as with any cloud offering, is present as regards confidential and sensitive data moving beyond a firm’s internal systems.  Australian client Concord data