Aug 7, 2023
· Otto is CEO of TermScout, which provides data and analytics on
market terms in contracts to reduce friction in negotiations.
· Otto was motivated to start TermScout after seeing startups
overpay for legal services due to a lack of data on market
terms.
· TermScout uses AI and human review to analyze contracts and
provide market data on common clauses.
· TermScout's offering helps lawyers know what's "market" to
resolve disputes over contract terms. TermScout's customers are
both the contracting parties and their legal teams.
· TermScout also offers contract certification to validate a
vendor's contract as balanced and have it labeled as such.
· Otto sees room for more contract standardization not only by way
of the use of standard forms, but also through the standardization
of various contracts' overall concepts.
· When it comes to the interoperation of various legal tech
vendors' offerings, Otto and Charlie discuss how legal tech tools
should ideally interoperate via APIs using a standard schema.
· Otto and Charlie also consider how the onus is on legal tech
companies to coordinate standards and seamless interoperability to
improve customer experience and reduce the drag on software use
that comes from having to constantly shift among different legal
tech applications.