What does ThoughtRiver Review do?
ThoughtRiver automates the summarisation and risk assessment of contracts. You can train it easily to customize the the analysis for your own contracts and risk perspectives. Visit the get started page to request a free demo.
What kind of contracts can ThoughtRiver read?
ThoughtRiver has been designed to handle any type of contract. ThoughtRiver has been taught to read a wide array of contracts out-of-the-box. You can extend this capability yourself, ask us to do it for you or wait for someone else in the ThoughtRiver community to do it.
What are the advantages of using ThoughtRiver?
ThoughtRiver is a faster and more accurate step forward over conventional contract analysis methods – as well as giving you the meaning of the clauses, unlike traditional contract search tools. Risky contracts are flagged up efficiently while contractual risk is quantified scientifically for strategic decision-making.
Who should use ThoughtRiver?
Anyone who is frequently exposed to commercial contractual risk and wishes to manage that risk effectively and systematically. For example: General Counsels, Contract Lawyers, Commercial Teams – in fact anyone with a volume of contract data to analyse.
How does it work?
ThoughtRiver has built a contract description system which can be extended to cover any type of contract topic. The building blocks of this system are “properties” which define discrete pieces of meaning. Each property is taught using machine learning, natural language processing and other techniques how to extract the relevant meaning from contracts.
Is my data secure and private?
Only you can see what you upload into the Fathom. You get a specific and isolated virtual machine where contracts are uploaded and reviewed. Confidential party-related details are also anonymized.
Will the people at ThoughtRiver be able to see my contracts?
Not without your permission e.g. in the context of a support call.
Can I get my data back from ThoughtRiver if I cancel my contract?
Yes, on any cancellation we will provide a secure repository from which you will be able to get your contracts and associated data.
Is my data safe using ThoughtRiver?
Yes. When you open a ThoughtRiver account you get a dedicated server to store your contract data. All data on the server is encrypted and security is managed by a premium grade infrastructure provider, Rackspace.
Can I process non-contractual documents using ThoughtRiver?
ThoughtRiver is primarily designed to analyse contracts. However, you can submit non-contractual documents and it will report on contractual issues it finds.
Does ThoughtRiver make mistakes?
Yes, like humans it will make mistakes. This can occur because of a genuine misread, others because the point is debatable. However, once properly trained ThoughtRiver properties are more consistent and detailed than humans with an accuracy rate of 96%+.
Does ThoughtRiver offer indemnity insurance or liability for mistakes?
No, ThoughtRiver is not a legal service.
Can I use an API to access ThoughtRiver functionality?
Yes; you can trigger contract upload and processing by a REST API call and retrieve contract data and reports in the same way.
Will another client’s training interfere with my own training model?
No, ThoughtRiver ultimately decides what goes into the global model. However, if clients wish to share/include any training with permission from all parties, this can be accommodated by our platform.
How can I see a demo of the product for my department/company?
Simply visit our Get Started link to request a demo – you will also then be able to download our online brochure.
Will I have to invest lots of time training ThoughtRiver?
ThoughtRiver’s core property library is provided pre-trained although in the first few days you will want to run through some of your own contracts in case there are important stylistic differences. ThoughtRiver’s core library is constantly being trained and extended by ThoughtRiver and other users in the community. If you decide to create your own extensions to our library you will need to train them but ThoughtRiver offers a specialised training studio to accelerate the training process meaning that a new extension can be ready to use in as little as an hour.
How much configuration work will I need to do to start using ThoughtRiver?
There is typically 2 hours of set-up work to get your account up and running. Day 1 ThoughtRiver offers with a large library of pre-trained properties and associated risk configurations. These enable you to start processing general business contracts. In order to avoid an upfront risk configuration exercise, the software enables you to teach the platform about your risk preferences as you work, resulting in a digital ‘playbook’.
Will I be taught how to use ThoughtRiver?
Yes. A 3 hours telephone/webinar training session will be conducted for 3 users during implementation.
How do I install ThoughtRiver?
ThoughtRiver is an application available via your browser. You do not need to install any software or other equipment.