Seal Software Awarded Patent for Non-Standard Clause Detection Technology Featured in Contract Analytics Platform
(Canada Newswire Via Acquire Media NewsEdge) SAN FRANCISCO, Aug. 14, 2014 /CNW/ -- Seal Software, the leading provider of Contract Discovery and Contract Analytics solutions, today announced that it has received patent approval for its "Non-Standard Clauses Detection" technology from the U.S. Patent and Trademark Office. The patented technology plays a key role in helping customers quickly identify non-standard contractual terms, and is currently available via Seal Software's Contract Analytics platform.
This patent approval is an important milestone for Seal Software as it expands its leadership position in the growing contract discovery and analytics market. Seal Software's Contract Analytics platform allows customers to gain better visibility and control of their contract portfolios; enabling organizations to select and/or customize policies for search and extraction based on several levels, while continually learning and creating reusable content for forward-moving analytics.
"While locating standard terms and conditions using machine learning algorithms or methods can be simple, identifying non-standard clause definitions has historically been more difficult, until now," said Kevin Gidney, founder and CTO, Seal Software. "We created the non-standard clause detection technology using our experience with differing detection methods and technologies to create a simplified process, utilizing many advanced functions and learning algorithms. Our goal with this advanced technology was to place more power in customer's hands in a simplistic, user-friendly way."
With the ability to quickly and easily detect non-standard clauses, general counsel, legal process outsourcing providers (LPOs) and legal firms are able to focus search and extraction efforts on critical, non-standard items, providing faster, more effective service to partners, clients and vendors. Without this advanced technology, identifying non-standard clause definitions presents a significant challenge, requiring lawyers to ascertain the relevance of contractual terms subjectively, and review all clauses or randomly selected samples, regardless of if they are well known, low risk or standard. Additionally, with companies deploying Contract Lifecycle Management (CLM) systems and clause libraries, a majority of these items could be excluded. Seal's non-standard clause detection technology performs this automatically, allowing end users to focus efforts on non-standard language for a significantly expedited search and analysis process and lower overall cost.
To learn more about the non-standard clause detection technology and its impact on contract management, visit the Seal Software Blog. Seal Software also recently made available its latest e-book, "The Business Case for Seal Software," providing insight for organizations looking at integrating Contract Discovery and Analytics into their workflow. The e-book can be downloaded here.
About Seal Software
Seal Software's Contract Discovery and Analytics platform helps companies maximize revenue opportunities and reduce expenses and costs associated with contracts, and contract management systems and processes.
Seal Contract Discovery locates contractual documents within minutes wherever they reside within an organization and is rapidly deployable; extracting key contractual terms and clauses, rendering them for easy review, and populating corporate repositories, including Customer Relationship Management (CRM), Contract Lifecycle Management (CLM), and Enterprise Resource Planning (ERP).
Seal Contract Analytics empowers clients to analyze contracts by discovering specific language and clause combinations that are most relevant to your business.
For further information, visit the Seal Software website: www.seal-software.com.
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SOURCE Seal Software
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