World Commerce & Contracting (WorldCC), a global not for profit association, working with its members to improve the quality and integrity of their trading relationships worldwide, and TermScout, an AI-based contract data and review company, announced today they have entered into a partnership that will make TermScout's industry-leading market data available to all WorldCC members. TermScout and WorldCC have a shared mission - to make contracting frictionless and improve business relationships. The partnership is an important step towards realizing this mission.
Demonstrating its commitment to WorldCC members, TermScout is offering its Scout Plan, normally $99 per user per month, free to all members, enabling them to access thousands of publicly reviewed contracts using the TermScout platform. “Our goal is to leverage TermScout's vast database of contract data to create a shared understanding of what's market for contract terms,” said Sally Guyer, Global CEO of WorldCC. “This partnership will enable all WorldCC members to take full advantage of TermScout's public dataset consisting of detailed reviews of thousands of contracts.”
An important component of the partnerships will be to “bring to life” the WorldCC As a Service contracting principles (the aaS Principles) developed in 2019 working closely with global companies who buy and sell Cloud and SaaS. The aaS Principles focus on standard provisions that represent a “balanced” position for both buyers and sellers, helping them accelerate contract signature and revenues, produce savings on costs and improve their business relationships. TermScout has hard-coded the aaS Principles into its software, enabling all its platform users to quickly ascertain which of the principles are and are not met in reviewed contracts.
TermScout Founder and CEO Otto Hanson noted that “WorldCC has invested a tremendous amount of expertise into the aaS Principles. Starting today, anyone in the world can apply those Principles to more than 1,000 public contracts on TermScout's platform, plus any contract they choose to upload.”
As part of the new partnership, WorldCC and TermScout will be hosting a number of webinars to showcase how contract negotiators and business stakeholders can leverage free market data to expedite their contracting processes.
To learn more about the partnership and how to leverage data in contracting, join IBM, WorldCC, and TermScout at this free LinkedIn Live event at 11am ET on September 7. You can also sign up to WorldCC membership here to receive the free TermScout offer for all WorldCC members!
Founded in 2018 after winning the Global Legal Hackathon, TermScout's mission is to make the contracts of the world simple, understandable, and useful. It is the world's first contract rating and comparison company, serving in-house legal departments and procurement groups at companies like IBM, NetApp, Freshworks, Techstars, Automox, and many more. Headquartered in Denver, Colorado, with employees across the US, the company leverages advanced machine learning techniques to constantly train on the world's largest human-reviewed dataset. The company's AI-powered contract review platform enables users to quickly understand what a contract means and how it stacks up against other companies within an industry or even cross industry.
Learn more and try TermScout for free at www.termscout.com/worldcc
About World Commerce & Contracting
World Commerce & Contracting is a not-for-profit association dedicated to helping its global members achieve high performing and trusted trading relationships. With 70,000 members from over 20,000 companies across 180 countries worldwide, the association welcomes everyone with an interest in better contracting: business leaders, practitioners, experts and newcomers. It is independent, provocative and disciplined for its members, the contracting community and society at large.
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