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Ontra Launches Accord: A Game-Changer in Contract Negotiation

Ontra, a pioneering force in AI-powered legal technology, has just unveiled its latest product, Accord. This innovative software is designed to streamline contract negotiation within private markets, offering transformative advantages for legal and financial firms alike. With the burdensome nature of traditional contract processes, which often involve slow, inconsistent, and costly negotiations, Accord emerges as a solution that not only expedites these processes but also ensures precision and cost-effectiveness.

Why Accord Matters

The core challenge faced by private market firms lies in the intricate and labor-intensive nature of contract negotiations. Firms often grapple with the choice of outsourcing to law firms—resulting in steep legal fees—or managing these processes in-house, which is rife with potential errors and inefficiencies. Accord addresses these problems head-on. By automating routine contracts, the software significantly reduces the time and costs associated with contract negotiations, allowing in-house teams to reallocate their focus to high-impact tasks.

According to insights from George Weekes, Managing Partner at Morningside Capital Inc., the impacts of Accord are evident: “As we processed more NDAs, we realized the urgency of enhancing our efficiency. Accord has given us a unified, streamlined approach to handling NDAs.” This sentiment is echoed across various firms as they begin to harness Accord’s capabilities for improved procedural consistency and efficacy.

Key Features of Accord

1. AI-Powered Automation: Accord automates complex workflows, effectively handling mundane tasks which traditionally bog down negotiations. This automation allows firms to save an impressive 67% of the time previously spent on individual contracts.

2. Enhanced Negotiation Consistency: The technology helps solidify a company’s preferred negotiating positions and precedents, meaning that legal and financial teams work from a standard playbook. This not only ensures quality but also enhances the reliability of outcomes across negotiations.

3. Real-Time Collaboration: Teams utilizing Accord benefit from improved visibility into ongoing negotiations, allowing for better collaborative efforts across different departments. This feature reduces delays and increases the overall effectiveness of negotiations.

Ontra’s CEO, Troy Pospisil, emphasizes the paradigm shift that Accord represents, stating, “This tool brings the power of AI directly into private markets, eliminating inefficiencies and flattening the complexities involved in contract negotiation processes.” The impact of this automation is profound, as firms can now pivot towards pursuing high-level strategic initiatives that drive core business objectives.

The Road Ahead with Accord

Ontra is not stopping at Accord; the firm is committed to expanding its suite of AI-powered solutions throughout 2025. Future developments will target the optimization of critical workflows involved in contract negotiations, enhance due diligence procedures, and modernize Know Your Customer (KYC) processes.

With the endorsement of over 800 global general partners, banks, law firms, and advisors—including many of the top-ranked firms worldwide—Ontra's technology continues to set a high standard in the legal tech sector. By constantly innovating and addressing the unique challenges faced in private markets, Ontra is not just adapting to industry needs but actively shaping its future.

For those looking to elevate their contract negotiations, exploring Accord is a crucial step. Visit Ontra's website to learn more about transforming your contract-related processes with cutting-edge AI technology.

About Ontra

Ontra is recognized as a global leader in AI-driven legal technology specifically tailored for private markets. By leveraging data derived from over 1.5 million contracts and an extensive network of legal professionals, Ontra’s platform maximizes operational efficiency throughout the fund lifecycle. The company prides itself on automating contracts and improving workflow effectiveness, providing firms with the tools necessary to focus on their strategic goals.