Project managers reading the contracts and having to act upon them make mistakes, miss some important nuances and thus we lose tens of thousands if not hundreds of thousands euros in a semi-long period. If we could automate and improve contract reading and interpreting we would gain considerable amount of time in all cases and real cost saving in some cases.
It is challenging and time consuming to extract important info from long and complicated contracts.
Most people in our organisation are affected if some details are missed from contracts. Every over-doing or mis-doing brings a lot of additional work to different departments. Also, our clients suffer as we could miss deadlines.
We haven’t tried any automated solutions but have put more focus on reading contracts more carefully but still turns out later that something is missed or forgotten.
A standardised summary of the most crucial points from big contracts would be a good tool for a project manager and would save a lot of resources for us.
Different contract forms and formats are difficult to put into one standard.