Five types of agreements our users love to review with Heretik
Take a look at some of the most popular types of agreements our users love to review in Heretik, as well as how Heretik specifically analyzes and extracts key information to ultimately help make smarter, faster, and more favorable decisions with that data!
Claire Williams | May 27, 2020
Claire Williams // February 15, 2021
Over the past few years, our users have run all different kinds of documents through Heretik. Some of them obvious – like leases or master service agreements, and others maybe not so much – like insurance policies or employee handbooks. Today, we wanted to take a look at some of the most popular types of agreements our users love to review in Heretik, as well as how Heretik specifically analyzes and extracts key information to ultimately help make smarter, faster, and more favorable decisions with that data.
1. Purchase Agreements
Defined: A purchase agreement is a type of contract that outlines terms and conditions related to a sale of goods and then serves as documentation of the transaction.
Purchase agreements are the most popular type of agreement reviewed with Heretik for the last three years! Heretik has a number of features that make reviewing lengthy purchasing agreements more efficient, but one of our users favorite tools specifically is Document Assembly (click here for a quick tutorial), which allows them to take previously captured contract data to auto-generate notice letters, amendments, addendums, and more.
2. Leases
Defined: Leases are a contract between a landlord and tenant, laying out the terms of monthly rent, upkeep of the property, the extent of time, and more.
Coming in as the second most popular agreement type our users love to review with Heretik is leases! There are all sorts of use cases that include lease review – commercial real estate development, commercial mortgage loan transaction, and residential mortgage acquirer, just to name a few.
Heretik’s own OCR (optical character recognition) that runs during Heretik Analysis was designed to address contract formatting issues such as double columns, tables, and readability. This paired with our Image Viewer allows our users to turn just about any agreement into an interactive document that can be navigated by sections or data points, searched, coded, commented on, and so much more.
3. Master Service Agreements
Defined: Master service agreements (MSAs) are a contract that spell out broader business terms between two parties meant to simplify future contracts and deals during a period of time. These can be for information technology, government contracts, and long-term client/vendor relationships.
Reviewing master service agreements is pretty typical in the world of contract review. However, anyone that’s actually reviewed a set of MSAs knows that it’s never a straightforward task.
Upon upload, Heretik not only quickly analyzes thousands of pages and automatically groups relevant amendments, it can also auto-populate several dozen key data points across documents. Many of our users love to customize these auto-extracted data points using regular expressions. Learn more about building regular expressions in Heretik here or check out this short tutorial!
4. Financial Agreements
Defined: Includes stocks & equity statements, tax returns, cash flow statements and more; all which have vital information regarding a company’s assets and financial standing
A company’s financial documents can be extensive. With economic shifts and events, like the COVID-19 pandemic, LIBOR, Brexit, and more, there are bound to be sections or terms that need to be adjusted.
Heretik makes tracking down and updating said places simple, and more importantly, can help set up your team’s workflow to handle future changes. Heretik’s Compare tool allows you to identify textual differences across sections or entire documents, which can show you what other documents might need to be updated or amended, a similarity score to a base document of your choice, and can specifically focus on either entire documents or just specific section to maximize efficiency and speed.
5. Consulting Agreements
Defined: A contract outlining the services a consultant, company, or independent contractor will perform for a client. It also includes detailed compensation terms, contract termination, intellectual property ownership, confidentiality agreements and more.
Often times consulting agreements require updated, additional documents such as renewal letters, addendums, and others. Over time, these additional (but very important) amendments or addendums can be tricky to find, however are still essential for having a wide scope of your data.
Our users love the ease of Heretik Unitization model; which, upon upload, automatically groups family of documents with one another based on shared field values. So other documents that are related to a specific consulting agreement, such as addendums or invoices, can be grouped and shared together; simplifying the painful problem of having to manually group related documents together during a review project. These related documents will then show up within the Heretik Viewer, which can be easily navigated to in the same window. No more hunting through pages and pages hoping to find certain data points.
These are just a few of the agreement types that our users love to review with Heretik! 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.
