New AI-Powered Software Solution Streamlines and Simplifies Contract Negotiation, Saving Time and Reducing Cost
Ontra, the global leader in AI-powered legal technology for private markets, announced the launch of Accord, an innovative software solution that transforms contract negotiation. By automating routine contracts, Accord enables firms to reduce costs, accelerate deal flow, and free up in-house teams for higher-value work.
For private markets firms, contract negotiations are often slow, inconsistent, and expensive, diverting resources from core business priorities. When outsourced to traditional law firms, this runs up high legal bills and incurs additional overhead. When processed manually in-house, the time-consuming, tedious work leads to errors and unnecessary back-and-forth. Accord eliminates manual work associated with contract negotiation and management, allowing customers to easily negotiate, analyze, and manage their routine contracts, saving an early adopter 67% of the time spent per contract. Powered by Ontra’s AI engine, Accord automates contract workflows and surfaces insights for private funds managers.
“As we grew larger, we began processing more NDAs,” said George Weekes, Managing Partner at Morningside Capital Inc. “We knew that we had to find a way to improve our process and make things more efficient and consistent. Ontra’s Accord was just what we were looking for. It allowed us to have a consistent approach to NDAs and streamline our workflow.”
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Accord helps teams craft detailed negotiation playbooks, surfaces precedent, and automatically suggests relevant markups with AI purpose-built for private markets. The product allows users to:
- Save time and expense with AI-powered workflows that automate manual tasks to streamline contract negotiation and review.
- Improve negotiation consistency and quality by leveraging their firm’s preferred negotiating positions and precedent.
- Get real-time visibility into the status of ongoing negotiations, enabling greater collaboration across teams.
“Accord marks a fundamental shift in contract negotiation, bringing the power of AI to the private markets,” said Ontra CEO and Founder Troy Pospisil. “By eliminating inefficiencies and automating tedious processes, we’re empowering firms to move faster, focus on higher-value initiatives, and maintain a competitive edge.”
Ontra will add several more AI-powered solutions to its platform this year, expanding the suite of products that automate critical workflows across the fund lifecycle. Ontra works side-by-side with the largest fund managers in the world to develop products that completely solve key challenges. Its newest products in development will streamline due diligence questionnaires, simplify Know Your Customer (KYC) processes, and further accelerate contract negotiation timelines.
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