ContractsRx Disrupts the Legal Industry With the Launch of Two New SaaS-based Technology Solutions

By AIT News Desk On Aug 21, 2020

Denver-based ContractsRx launches ClickTractsSM and SumTractsSM solutions to simplify, streamline and standardize the contracting process, freeing companies from the shackles of long, costly and error-prone legal contracting processes.

ContractsRx, a legal contract software innovator, announced two new solutions that transform how contracts are created, managed and accessed. These new Software-as-a-service (SaaS) solutions help businesses of all sizes create a simpler, more efficient contracting process to get contracts done faster, with less risk and greater transparency.

ContractsRx’s ClickTracts solution bypasses the traditional paper-based contracting process, providing businesses the ability to create reusable templates that can be customized for unique contract terms with electronic signatures. The built-in search engine allows users to easily find templates, signed contracts, and terms within signed contracts enabling efficiency. The SumTracts solution leverages machine-learning algorithms that search contract repositories to create contract summaries, timelines and links for ‘in context’ results.

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“The inefficiency of the contracting process can take legal staff away from their day jobs for weeks at a time and distract them from more knowledge-based work,” says Founder and Principal Ramon Rhymes. “We founded ContractsRx with the mission to create a technology prescription for unnecessary waste and cost in contracting. Having spent decades working within in-house legal departments, my teams faced both daily and event-specific challenges that caused us to be reactive instead of creating a contract ecosystem that works. We built the ContractsRx solutions on the premise that contracts requiring little negotiation or only need business terms defined, like nondisclosures, can be standardized and automated to increase speed and accuracy and provide easy access to relevant versions of contracts.”

Both ClickTracts and SumTracts solutions are available for a monthly subscription fee, and can be used together or standalone. ContractsRx also provides consulting services leveraging over 40 years of combined contract experience across a team of attorneys and highly trained contracts managers and negotiators.