Uhura Solutions, a contract intelligence solution provider, has launched an open beta of its AI-based force majeure contract review platform. The service, which will help businesses understand the impact of the COVID-19 outbreak on contracts and agreements, is available for free.
No business has been spared from the devastating effects of the COVID-19 infection. The spread of the coronavirus infection is causing delays, reductions, or cancellations of service contracts. Businesses seek to understand their options and determine how a pandemic impacts longstanding business agreements. Keeping COVID-19 in mind, knowing which contracts have a force majeure clause in them will allow your company to assertively react to any business risks when they happen.
Uhura Solutions has developed and deployed a new AI-based contract analysis solution to help businesses understand the impact of the COVID-19 outbreak on contracts and agreements. The solution reviews contract terms and specifically looks for a force majeure clause that allows the party to back out of a deal without penalty. The solution is designed to be intuitive and easy to use. The user only has to upload the contract and the solution will automatically process it and report results.
The AI-enabled solution is flexible and powerful enough to seek out force majeure clauses in contracts. The solution answers the questions: Is there a specific reference to an “epidemic” or “pandemic” as a force majeure event? If not, are there phrases that relate to government measures, or events beyond the reasonable control of the parties? What happens in a force majeure event? The solution is designed to be intuitive and easy to use. The user only has to upload the contract and the solution will automatically process it and report results.
Force majeure is a contract provision related to things that happen outside of a party’s control (for instance, plague, famine, war, acts of God, etc.). It provides non-performance relief when such instances have transpired. If no clause addresses pandemic restrictions, a contract could potentially be at risk. Many companies can be affected by a lack of this clause, specifically, the ones who offer products and services.
You can find more information here – https://uhurasolutions.com/force-majeure/