How AI Helps Companies Identify Force Majeure Clauses in Contracts
Supply chains today are complex and global in nature. Unforeseen events, like COVID-19, can disrupt the hyperconnected production, logistics and delivery of goods. As a result many companies are invoking force majeure provision. Others may receive a force majeure notice from a supplier.
Unnoticed or ambiguous force majeure clauses can leave your organization at risk of suppliers excusing themselves from delivering goods or services.
Procurement and legal teams need to determine if any current situation may trigger force majeure and leave their organization at risk. And in order to mitigate risk and money, they need to do this quickly.
Manually searching, extracting and analyzing contracts is costly. It is also time and labor-intensive.
DocuSign Agreement Cloud assists in identifying in large volumes, force majeure provisions within your or third party supplier agreements. This analysis enables procurement and legal teams to effectively compare and analyze force majeure clauses and its variations that may go undetected. It doesn’t stop there. Through ad hoc queries it can also analyze other pertinent contract terms that leave your organization exposed to risk and provides opportunities across your supplier relationships.