ConcordNow - Detailed Review
Legal Tools
ConcordNow - Product Overview
Overview of Concord
Concord, often referred to as ConcordNow, is a leading contract management platform that leverages AI to streamline and optimize the entire contract lifecycle. Here’s a brief overview of its primary function, target audience, and key features:
Primary Function
Concord’s primary function is to manage contracts from creation to execution, using AI-driven tools to analyze, store, and track contractual agreements. This platform helps users extract key terms, track deadlines, and generate actionable insights from their contracts, ultimately driving revenue growth and improving efficiency.
Target Audience
Concord is designed for a wide range of users, including businesses of all sizes, from small and medium-sized businesses (SMBs) to large enterprises. Its user base includes legal teams, contract managers, procurement departments, and other stakeholders involved in contract management. Notably, over 100,000 companies worldwide, including notable organizations like Just Eat, Crédit Mutuel, and Stanford University, use Concord for their contract management needs.
Key Features
Contract Signing and Storage
Users can edit, red-line, chat, and comment directly on documents in real-time, both internally and with external parties. This eliminates the need for sending drafts back and forth via email attachments.
AI-Powered Search
Concord features an AI-driven full-text search and optical character recognition (OCR) capabilities, allowing users to quickly find specific agreements and extract key terms from documents, including PDFs and Word docs.
Automated Workflows
The platform automates various tasks such as routing contracts to approvers, setting conditional approval chains, and assigning document properties. It also provides automated alerts for upcoming renewals and cancellations.
Data Extraction and Insights
Concord’s AI extracts key terms from agreements and generates comprehensive reports and analytics. This helps users gain actionable insights, forecast trends, and reduce risk.
Compliance and Security
The platform ensures compliance with eSIGN and UETA regulations, encrypts all extracted data, and restricts access to authorized users only.
Conclusion
Overall, Concord is a comprehensive contract management solution that leverages AI to simplify and enhance the contract management process, making it an invaluable tool for businesses looking to streamline their contractual operations.
ConcordNow - User Interface and Experience
User Interface of Concord
The user interface of Concord, particularly in its legal tools and AI-driven product category, is characterized by several key features that enhance ease of use and overall user experience.
Intuitive Interface
Concord boasts an intuitive Google-style interface that makes it easy for users to find and manage their agreements. This interface is user-friendly, allowing users to quickly locate the features and tools they need without extensive training.
Real-Time Collaboration
Users can edit, red-line, chat, and comment directly within documents in real time. This real-time collaboration feature enables seamless interaction between internal reviewers, customers, and vendors, eliminating the need for back-and-forth email exchanges.
Streamlined Workflow
Concord automates various aspects of contract management, including drafting, negotiating, signing, and storing agreements. It supports conditional approval workflows, pre-defined approval processes, and automated version control, which streamline the contract review and approval process.
Search and Document Management
The platform features AI-powered full-text search and optical character recognition (OCR), allowing users to quickly find agreements and specific text within documents, even in PDFs and Word files. This makes it easier to track and manage contracts efficiently.
Version Control and Audit Trail
Concord maintains a comprehensive audit trail, tracking all versions, comments, edits, and actions. This ensures that all changes are documented and accessible, helping legal teams meet compliance requirements.
E-Signature and Security
The platform includes legally binding e-signature capabilities at no additional cost, ensuring that contracts are fully executed and secure. The system also provides a secure, single source of truth for all agreements.
Customizable Workflows
Users can create pre-defined workflows for templates, which automatically update when the workflow library is updated. This feature helps in setting up consistent and efficient approval processes.
Feedback and Support
Users have praised Concord for its ease of use and effective customer support. Many reviewers have highlighted the responsiveness of the customer success team in addressing any concerns or issues that arise.
Overall, Concord’s user interface is designed to be straightforward and efficient, making it easy for legal teams and other users to manage contracts from creation to execution without unnecessary hassle. The combination of real-time collaboration, automated workflows, and advanced search capabilities ensures a smooth and productive user experience.
ConcordNow - Key Features and Functionality
Concord: A Contract Management and Agreement Intelligence Platform
Concord offers a plethora of features that are particularly beneficial for legal teams and organizations managing contracts. Here are the main features and how they work, including the integration of AI:
Sign Contracts
Concord allows users to edit, red-line, chat, and comment directly within documents in real-time, involving both internal reviewers and external parties like customers and vendors. This eliminates the need for sending drafts back and forth via email attachments, streamlining the contract review process.
Store Agreements
Contracts can be automatically routed to the correct approvers, who can review and approve them directly within the Concord platform. Users can set up conditional approval chains that are triggered based on specific field values, ensuring that the right people are involved at the right time.
Track Deadlines
Concord provides automated alerts for upcoming renewals and cancellations, ensuring that no deadlines are missed. This feature helps in maintaining compliance and avoiding potential legal issues related to contract timelines.
Find Documents
With AI-powered full-text search and optical character recognition (OCR), users can quickly locate agreements even if the text is buried deep within PDFs or Word documents. This feature makes document retrieval efficient and reduces the time spent searching for specific contracts.
Access Data
Concord’s agreement intelligence (AI) allows users to extract key terms from agreements with just a few clicks. The AI automatically identifies essential details such as lifecycle details, parties involved, and clauses, filtering out unnecessary information. This reduces manual effort and increases accuracy.
Generate Reports
The platform offers a comprehensive dashboard for reporting and analytics, enabling users to gather insights on all their contracts quickly. This feature helps in making informed decisions based on contractual obligations and rights.
Automate Workflows
Concord allows for the automation of various workflows, such as assigning document properties, sharing documents with specific people, or moving files into designated folders. This automation reduces manual tasks and increases efficiency.
Gain Insights
The AI-powered features provide personalized recommendations based on patterns in the agreement data. Users can forecast trends, reduce risk, and take action to capture value more quickly. The AI turns key terms into meaningful metrics, offering deeper insights into contract documents and helping in strategic decision-making.
Automated Approvals and Compliance
For legal teams, Concord automates compliance through pre-approved templates, automated approvals, and pre-defined workflows. This ensures that all contracts follow the necessary approval processes and are compliant with legal requirements. The platform also maintains a full audit trail of all versions, comments, edits, and actions, ensuring compliance over time.
Online Negotiations and Version Control
Concord facilitates online negotiations by allowing real-time edits, redlines, and comments directly within the document. It also maintains version control, ensuring that all changes made to a document are automatically saved and tracked.
Legally-Binding E-Signatures
The platform includes legally-binding e-signatures at no additional cost, enabling fully-executed contracts. This feature is integrated seamlessly into the contract management process.
AI-Driven Features
Concord’s AI ensures high accuracy in automating processes such as extracting key contract terms, collecting and analyzing data from signed contracts, and providing actionable insights. The AI also auto-fills contract details, reducing the need for manual data entry and freeing users to focus on more strategic activities.
These features collectively make Concord a powerful tool for managing contracts, enhancing efficiency, and ensuring compliance, all while leveraging AI to streamline and analyze contract data.
ConcordNow - Performance and Accuracy
Performance
Concord’s performance is marked by its ability to automate and streamline contract management processes. Here are some highlights:Speed and Efficiency
Concord significantly expedites tasks by automating the analysis of large volumes of contracts, allowing teams to process documents much faster than manual methods.Data Extraction and Organization
The tool efficiently extracts key terms from agreements, auto-fills data, and generates summaries, saving time and resources on manual labor.Search and Retrieval
Concord’s AI-powered full-text search and optical character recognition (OCR) capabilities enable quick and accurate retrieval of contracts, even from deep within PDFs and Word documents.Workflow Automation
It automates document properties assignment, sharing, and organization, making contract management more efficient.Accuracy
Accuracy is a critical component of Concord’s functionality:Consistent Criteria Application
AI tools in Concord consistently apply the same criteria and rules to each contract, reducing the likelihood of human error such as misspellings or incorrect data entry.Risk Identification
The software can identify potential risks and compliance issues within contracts, including unfavorable terms, missing clauses, or inconsistencies, thereby mitigating legal and financial risks.Compliance
Concord ensures compliance with eSIGN and UETA regulations, encrypting extracted data and restricting access to authorized users.Limitations and Areas for Improvement
Despite its strengths, there are some limitations and areas where Concord could improve:Template and Document Compatibility
Users have reported issues with importing third-party templates, particularly with maintaining the original formatting of clauses and signature areas. This can require manual adjustments after uploading documents into Concord.Automated Exhibits
Some users have noted that Concord does not support automated exhibits from Excel files, which can be cumbersome when dealing with contracts that have multiple pages and items to track.User Interface and Updates
There have been complaints about changes to the user interface, such as smaller signing fields and duplicate date fields, which can make the process more tedious. Users have also expressed frustration with unannounced changes to the platform.Customization of Contract Stages
Some users have suggested the need for additional stages in contract workflows to enhance automation further.Engagement and Factual Accuracy
Concord’s engagement with users is generally positive, with many appreciating its ease of use and integration with other tools like Hubspot. However, to maintain high factual accuracy, it is crucial for users to review AI-generated reports and ensure that the automated processes align with their specific needs and preferences. In summary, Concord demonstrates strong performance and accuracy in contract management through its automation, data extraction, and risk identification capabilities. However, it faces some challenges related to template compatibility, user interface updates, and the need for more customizable workflow stages. Addressing these areas can further enhance the tool’s overall effectiveness. ConcordNow - Pricing and Plans
Plans and Pricing
Essentials Plan
- Cost: $399 per month (paid annually)
- Users: Includes 5 users, with additional users at $39 per month.
- Features:
- Unlimited e-signatures
- Unlimited documents
- Unlimited free viewers and guests
- Collaboration and negotiation tools
- Deadline reminders
- Amendment management
Business Plan
- Cost: $699 per month (paid annually)
- Users: Includes 5 users, with additional users at $54 per month.
- Features:
- All features from the Essentials plan
- Approval workflows
- Customized reports
- Integrations with Salesforce, HubSpot, Google Drive, Box, Dropbox, and Zapier
- Custom roles
- Custom teams
- Intake forms
Enterprise Plan
- Cost: Custom pricing; contact sales for details.
- Features:
- All features from the Business plan
- Clause library
- Custom branding
- Subsidiary management
- Bulk send
- Open API
Additional Details
- Unlimited User Plans: Available upon contacting sales for both the Essentials and Business plans.
- Free Trial: A 14-day free trial is available, which includes full access to the Pro level account without requiring a credit card. After the trial, you can choose a plan; there are no free plans available as of March 31st, 2022.
- No Setup or Onboarding Fees: Initial setup and onboarding are included in the subscription fee, along with ongoing personalized support from a designated Customer Success Manager.
- No Additional Costs: Concord’s pricing is transparent, with no surprise add-on costs beyond the subscription fee.
- Free Signers: An unlimited number of invitees can e-sign documents for free without needing to create an account or pay.
Free Options
As of March 31st, 2022, Concord no longer supports free plans. However, third-party invitees can still sign or edit documents without being paid users.
ConcordNow - Integration and Compatibility
Concord Overview
Concord, a leading contract management and legal tools platform, offers extensive integration capabilities to ensure seamless collaboration and efficiency across various tools and platforms.
Native Integrations
Concord integrates natively with several popular tools, enhancing its functionality and user experience. For instance:
- Salesforce: Concord can generate documents automatically populated with data from Salesforce, allowing users to edit, share, negotiate, and sign contracts directly within Concord.
- HubSpot: Contracts can be created with data from HubSpot deals, which can then be shared, negotiated, and signed in Concord. This integration is also recognized in HubSpot’s App Marketplace.
Zapier Integrations
For tools that do not have native integrations, Concord leverages Zapier to connect with over 5,000 applications. This allows users to automate workflows without needing to write any code. Tools like Slack, Microsoft Teams, and Google Sheets can be easily integrated using Zapier.
Single Sign-On (SSO)
To enhance security, Concord supports Single Sign-On (SSO) through SAML 2.0, LDAP, and Azure Active Directory. This feature is available in the Enterprise plan, ensuring that users can access Concord securely without multiple logins.
Cloud Storage
Concord allows automatic export of signed documents to cloud storage services such as Dropbox, Box, or Google Drive. This ensures that all signed contracts are backed up and easily accessible.
API and Webhooks
For more customized integrations, Concord provides an open API that lets users extend its capabilities for use with their software, websites, or apps. Additionally, webhooks enable real-time data integration, streamlining app integrations and automating workflows.
Bulk Upload and Legacy Contracts
Users can bulk upload legacy contracts in .zip files, making it easy to migrate existing documents to the Concord platform.
Cross-Platform Compatibility
Concord is accessible via a web interface, ensuring compatibility across different devices and operating systems. This web-based approach allows users to manage contracts, collaborate, and access features from any device with an internet connection.
Conclusion
In summary, Concord’s integration capabilities are highly flexible and extensive, allowing it to seamlessly integrate with a wide range of tools and platforms, thereby enhancing productivity, collaboration, and data management for legal and contract management processes.
ConcordNow - Customer Support and Resources
Customer Support
Phone Support
For immediate assistance, users can contact Concord’s customer service via phone. The toll-free number is (844) 693-7446, and there is also a direct customer service line at (415) 689-5488.
Email Support
Concord provides various email addresses for different inquiries, including accounting/billing, customer service, general information, legal, media, and sales/reservations. This allows users to direct their queries to the most relevant department.
Help Center
Concord has a dedicated help center where users can find answers to common questions, tutorials, and other helpful resources to resolve issues on their own.
Additional Resources
Website and Documentation
The Concord website is a rich source of information, offering detailed product overviews, case studies, and feature explanations. Users can learn about automated approvals, pre-approved templates, online negotiations, version control, and full audit trails.
AI-Powered Tools
Concord’s platform includes AI-powered search, real-time sending and e-signing, and instant access to actionable insights. These tools help streamline contract management, track deadlines, and extract key terms from agreements.
Training and Demos
Users can book a demo to get a hands-on understanding of how Concord’s tools work. This is particularly useful for new users who want to see the features in action before committing to the service.
Operational Hours
Concord’s customer service operates from Monday to Friday, 8:00 AM to 5:00 PM PST. This ensures that users have support during standard business hours.
Technical Support for Specific Needs
While the primary resources are geared towards the legal tools, it’s worth noting that Concord also provides technical support for other products, such as cloud fax services, which includes immediate support from a US-based team of engineers. However, this is more relevant to their cloud fax customers rather than the legal tools.
By leveraging these support options and resources, users of Concord’s legal tools can efficiently manage their contracts, automate compliance, and gain valuable insights from their agreement data.
ConcordNow - Pros and Cons
Advantages of Concord
Concord, a contract management software, offers several significant advantages that make it a valuable tool for managing contracts and streamlining legal processes.
User-Friendly Interface
Concord boasts an easy-to-use interface that is accessible to all team members, not just those in legal roles. It allows for direct editing, redlining, commenting, and chatting on the platform, making collaboration seamless.
Effective Customer Support
Users praise Concord’s customer support, noting that the Customer Success Managers are responsive and provide effective solutions to concerns. The support staff is always available and supportive.
Comprehensive Features
Concord includes a range of features such as electronic signatures, third-party access, and the ability to track changes and set lifecycles. It also offers version control among multiple content contributors.
Centralized Document Management
The software provides a centralized location for document maintenance, making it easier to manage contracts and track the signature process. All contracts are stored in one convenient location, eliminating the need for local storage.
AI Contract Review
Concord utilizes AI to analyze and assess contract terms and conditions, extracting key data, auto-filling fields, and generating summaries. This automation saves time and resources on manual labor.
Automated Reminders and Notifications
The software automates reminders for contract renewals, helping users avoid potential losses due to overlooked deadlines.
Mobile Compatibility
The signing process is simple, easy to use, and mobile-friendly, allowing users to manage contracts efficiently on various devices.
Disadvantages of Concord
While Concord offers many benefits, there are also some notable drawbacks that users have reported.
Document Management Issues
Some users have experienced issues with document management, such as poor formatting when uploading Word documents. The indentations of clauses and signature areas within the contract do not transfer well.
Technical Glitches
There have been reports of various bugs and glitches, such as issues with sharing contracts, incorrect email addresses appearing, and malfunctions in the sharing feature. These can be frustrating and affect daily use.
Limited Flexibility in Approval Processes
Users have noted that the linear setup of approvals can be restrictive, and a more flexible model allowing for concurrent review and approval would be preferable.
Inefficient Workarounds
For certain tasks, such as creating a new Statement of Work (SOW) from a previously signed document, users have to manually select, copy, and paste content, which is not efficient.
Slow Update Cycle
Some users have mentioned that the software’s update cycle is slow, with few new features introduced over the past year, which can be disappointing for those expecting continuous improvements.
Overall, while Concord offers a range of beneficial features and a user-friendly interface, it also has some areas that need improvement, particularly in document management and technical stability.
ConcordNow - Comparison with Competitors
Unique Features of Concord
- Comprehensive Contract Management: Concord offers a centralized and secure repository for creating, negotiating, managing, and storing an unlimited number of contracts. It includes features like pre-approved templates, automated approvals, online negotiations, version control, and a full audit trail.
- Unlimited E-Signatures: Concord provides legally binding e-signatures at no extra cost, which is a significant advantage over many other platforms that charge additional fees for this service.
- Strong Collaboration Tools: Concord enables real-time collaboration with comments and chats directly on the contract, ensuring private edits and comments remain confidential. It also integrates with popular business tools like Salesforce, Google Workspace, and Microsoft Office.
- Automated Workflows and Notifications: Concord allows users to set up pre-defined workflows and receive automated alerts for renewals, deadlines, and other critical clauses, ensuring timely actions are taken.
Potential Alternatives
Lexis AI (LexisNexis)
- Advanced Legal Research: Lexis AI combines LexisNexis’s vast legal database with AI functionality, offering tools like Brief Analysis and Judicial Analytics. It also includes an AI-powered document drafting assistant, which helps ensure compliance with jurisdiction-specific requirements.
- Different Focus: Unlike Concord, which is primarily focused on contract management, Lexis AI is more geared towards legal research and document drafting.
Harvey AI
- Contract Analysis and Due Diligence: Harvey AI is particularly useful for contract analysis, due diligence, and legal research across multiple jurisdictions. It can review hundreds of contracts simultaneously and extract key provisions, risks, and obligations with high accuracy.
- Predictive Capabilities: Harvey AI offers predictive abilities by analyzing legal trends and case histories, providing insights that can help in proactive decision-making.
MyCase
- Document Automation and Time Tracking: MyCase offers AI Document Automation, which streamlines legal document creation by filling in templates with case-specific details. It also includes AI-powered time tracking and email management tools.
- Different Scope: MyCase is more focused on legal practice management, including client intake, billing, and time tracking, rather than the comprehensive contract management offered by Concord.
NexLaw
- Litigation Support: NexLaw is an AI-based platform that assists with litigation tasks such as quick access to relevant case law, trial procedures, and analyzing past case data to estimate likely outcomes. It also includes features for document organization and witness statement analysis.
- Litigation Focus: NexLaw is specifically designed for litigation support, which is a different area of focus compared to Concord’s contract management capabilities.
Thomson Reuters CoCounsel
- Research and Drafting Assistance: CoCounsel is an AI-powered legal assistant that supports attorneys with research, drafting, and document review. It analyzes thousands of cases to identify relevant precedents and legal arguments.
- Comprehensive Legal Support: While CoCounsel offers broad legal support, it does not have the same level of contract management features as Concord.
Each of these alternatives has its own strengths and focuses, making them suitable for different aspects of legal work. Concord stands out for its all-in-one contract management solution, but depending on the specific needs of a legal team, one of these alternatives might be more appropriate.
ConcordNow - Frequently Asked Questions
Frequently Asked Questions about Concord
What is Concord and what does it do?
Concord is a cloud-based contract management platform that helps law firms, legal departments, and businesses streamline the process of creating, negotiating, and managing contracts. It offers features such as contract creation and customization, collaboration and negotiation tools, electronic signatures, version control, and workflow automation.How does Concord automate compliance for legal teams?
Concord automates compliance by providing pre-approved templates, pre-defined approval workflows, and a full audit trail. This ensures that all versions, comments, edits, and actions are tracked, keeping the business compliant. Additionally, it offers legally-binding e-signatures and ensures consistent use of clauses across all templates.What are the key features of Concord?
Key features of Concord include contract creation and customization using pre-built templates, real-time collaboration and negotiation tools, electronic signatures, version control and tracking, and workflow automation. It also provides a centralized and secure repository for storing and managing contracts throughout their lifecycle.Does Concord offer any integrations with other business tools?
Yes, Concord integrates with popular business tools such as Salesforce, Microsoft Office, and Google Workspace. These integrations help in syncing data, improving collaboration, and reducing manual data entry.What are the pricing options for Concord?
Concord offers several pricing tiers, including a free tier, Standard ($17 per user/month), Pro ($34 per user/month), and an Enterprise plan (pricing available upon request). All plans include unlimited documents and e-signatures, and a free trial is available.Is there a free trial available for Concord?
Yes, Concord offers a free trial that includes full access to the Pro level account. After the 14-day trial, you can choose a plan or remain on the free tier without losing access to your agreements.How secure is the data stored on Concord?
Concord prioritizes data security with 256-bit encryption for data both in transit and at rest. It also complies with SOC 2 Type 2 standards, ensuring independent verification of its security practices and controls.What kind of support does Concord offer?
Concord provides 24/7 online support through its support portal, comprehensive documentation, and dedicated account managers for Business and Enterprise customers. This ensures users have flexible and responsive assistance when needed.Can Concord be used by small businesses or individuals?
While Concord is highly suitable for law firms, legal departments, and businesses managing complex contracts, it may not be ideal for small businesses or individuals with basic contract management needs. However, the free tier and trial can still be explored to see if it meets their requirements.How does Concord enhance productivity and efficiency?
Concord enhances productivity by automating repetitive tasks, streamlining the contract review and approval process, and providing real-time collaboration tools. It also helps in maintaining compliance and reducing the time spent on routine paperwork.Are there any analytics features available in Concord?
While the primary sources do not explicitly mention analytics features, Concord’s focus on streamlining processes and managing contracts efficiently suggests that it may offer some form of tracking and reporting. However, for detailed analytics, it is best to check directly with Concord’s support or documentation. ConcordNow - Conclusion and Recommendation
Final Assessment of Concord in the Legal Tools AI-Driven Product Category
Concord stands out as a highly efficient and innovative contract management software, particularly with its recent integration of AI features. Here’s a detailed look at what Concord offers and who would benefit most from using it.Key Features
Automated Key Term Extraction
Concord’s AI can automatically extract key terms from contracts, including lifecycle details, parties involved, and clauses. This eliminates the need for manual sifting through documents, saving significant time and effort.
Valuable Insights and Analytics
The AI collects and analyzes data from signed contracts, providing actionable insights that help in making informed decisions based on contractual obligations and rights. It also generates meaningful metrics from the extracted data, offering deeper insights into contract documents.
Efficient Setup and Bulk Analysis
Concord allows for quick setup and can handle bulk uploads of contracts, making it ideal for managing large volumes of documents efficiently.
Smart Auto-Filling and Compliance
The AI reduces manual data entry by auto-filling contract details, ensuring high accuracy. It also complies with eSIGN and UETA regulations, encrypting data to protect confidential information.
Collaborative Tools
Concord offers features like real-time editing, redlining, private/public chat, and commenting. It also provides automated versioning, conditional approvals, workflow libraries, and auto-notifications.
Who Would Benefit Most
Concord is particularly beneficial for several types of users:
Legal Professionals
Lawyers and legal teams can significantly reduce the time spent on contract review and analysis. The AI-assisted data extraction, compliance checks, and smart search features make contract management more efficient.
Businesses and Corporations
Companies dealing with a high volume of contracts can streamline their contract management processes. Concord’s automated features help in managing deadlines, auto-renewals, and other clauses, ensuring that all contractual obligations are met.
Contract Managers
Those responsible for overseeing contracts can leverage Concord’s AI to automate routine tasks, such as data extraction and compliance checks, allowing them to focus on more strategic activities.
Overall Recommendation
Concord is a highly recommended tool for anyone involved in contract management. Its AI-driven features significantly enhance efficiency, accuracy, and compliance, making it an invaluable asset for legal professionals, businesses, and contract managers. The ability to automate key tasks, provide valuable insights, and ensure compliance with legal regulations makes Concord a standout in the legal tools AI-driven product category.
In summary, if you are looking to streamline your contract management processes, reduce manual labor, and gain deeper insights into your contracts, Concord is an excellent choice. Its user-friendly interface, scalable platform, and advanced AI features make it a valuable tool for anyone seeking to optimize their contract management workflows.