10 Smart Ways to Review Contracts with Heretik
Built on the leading document review platform Relativity, Heretik’s flexible workflows and machine learning models make it the most comprehensive contract review toolkit for any size team or project!
Claire Williams | May 27, 2020
Claire Williams // May 27, 2020
We often get asked what makes Heretik different from other contract review solutions on the market. The simple answer is – quite a bit! Since day one, our vision at Heretik has been to empower professionals to thrive at their trade. We strive to build solutions that naturally streamlines structuring data so that people can get back to doing their actual work.
To do that, we’ve put a great deal of emphasis on the review experience and continue to collaborate with some of the most innovative legal organizations in the world to build the most functional contract review tool on the market. Built on the leading document review platform Relativity, Heretik’s flexible workflows and machine learning models make it the most comprehensive toolkit for any size team or project.
In this post, we’ve rounded up ten ways our clients are working smarter with Heretik’s contract review solution!
1. Quickly identify textual similarities or differences across sections or entire documents.
With our Heretik Compare tool, teams can run analysis and generate reports (exportable to Relativity Saved Searches, Excel, or Word files) to understand textual similarities or differences across unlimited numbers of documents. You can select a base document as your exemplar or simply choose to copy and paste text the base. With the ability to map sections, you’re able to insert placeholders or adjust the order of the sections for a more accurate comparison between documents. Once run, Heretik will not only provide you a side-by-side redline comparison, but also a similarity score for each document or section in your set.
2. Automate QC work by comparing text field inputs at scale.
The Compare fun doesn’t stop there! In addition to clauses or full documents, Heretik Compare can be used on long text fields entered by reviewers or from previous CLM databases. Project managers can quickly understand and report on these inputs at scale, not only speeding up the QC process, but also making it much more accurate.
3. Review your contracts as contracts.
Upon document upload, Heretik OCR and Heretik Analysis work together to maintain the integrity of your original PDF documents, while also providing you all the benefits of extracted text. Reviewers are able to navigate sections and data points, as well as leverage our dynamic search functionality all from the actual contract.
4. Pinpoint key data points in seconds for a faster and more efficient review…
Instead of trying to find needles in haystacks, build customized Heretik Models to have the needles find you (in a non-painful way!). Heretik Models are used to find key data points, such as currencies, dates, names, addresses, and more. Once the analysis is complete, reviewers are presented with a drop-down list to choose from while coding specific fields. Out-of-the-box, Heretik comes with date, currency, percentage, and duration models, however these can be customized to extract text and numerical data points using regular expressions. The best part? We’ve created a growing library of regular expressions for you to get started with and have a team of experts that can help tailor models to your needs.
5. … or have Heretik extract and auto-populate your first pass reviews.
You read that right! Many of our clients are pairing Heretik Models with their own regular expressions to automate their project’s first pass review. With the ability to auto-populate all types of choice fields (and of course text fields too), Heretik can complete first pass reviews in a fraction of the time. Reviewers can then spend their time confirming and interpreting information rather than struggling to find it.
6. Make notes and share important details, comments, or questions right on your documents.
With Heretik’s inline comment tool, teams can easily write, edit, tag, and respond to notes or questions right on their documents.
7. Auto-hyperlink and bookmark sections referenced throughout a document.
Anyone familiar with contract review knows it’s impossible to read them straight through. Every section or clause references another two or three sections, which can create an extremely inefficient (and frustrating) experience. Instead of having to scroll page by page to find what you’re looking for, Heretik Analysis automatically hyperlinks and bookmarks these section references, creating much smoother review. You’re also able to manually create links and bookmarks on anything else you want in the document or across documents!
8. Structure your contract data without disrupting the review.
Our proprietary Heretik Viewer was built with the reviewer in mind. Our ‘Send-to-Field’ functionality allows users to simply highlight information with one click, and upon release, see a drop-down menu that allows them to send this information to any field – text, pick list, multi-pick list, etc. The captured information becomes clickable navigation anchors point during the rest of the review, and also turns into structured, reportable (and exportable) contract data.
9. Actionable and exportable reporting every step of the way.
One of the many great things about structured data is the ability to create dashboards and reports that turn data into action. Whether you’re using Heretik’s machine learning models to auto-extract data or taking advantage of coding contracts in our state-of-the-art Heretik Viewer, all of the information captured is accessible via dynamic (and customizable) dashboards and/or exportable into Word or Excel reports.
10. Use structured data to auto-draft templatized notifications, amendments, letters, and more.
Need to generate amendments as part of your LIBOR project or quickly create notice and consent letters as part of a commercial transaction? Not a problem. Heretik’s Document Assembly feature allows you to insert previously extracted data points into templates, allowing teams to scale up response efforts while scaling back on time.
Want to see some of these features in action or ready to get started with Heretik? Click below to get in touch with our team.
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CLAIRE WILLIAMS
Claire is a Marketing Coordinator at Heretik. She recently graduated from Miami University Ohio with a double major in Journalism and Mandarin Chinese. Prior to Heretik, Claire worked at Amdur Productions and for Miami University College of Arts and Science.
