DENVER, February 2, 2021 (Newswire.com) - TermScout, the first-ever objective contract rating company, today released customer-favorability ratings on the standard contracts used by more than 150 top software companies, including household names like Salesforce, AWS, Google, Microsoft, and SolarWinds. The ratings are being released with an overhauled web-platform as part of the startup company's official launch.
Billions of online software transactions occur annually - with most customers having no idea what terms they agree to. TermScout adds transparency to the contracting process.
"For the first time, the world can easily and affordably understand and compare the terms their vendors impose on them," said CEO Otto Hanson. "We believe that commerce is optimal when customers can quickly identify vendors with reasonable terms and 'click-accept' those contracts without friction."
While favorability ratings are free to all users, TermScout also offers advanced reviews that answer important questions such as:
- What are the limits on each party's liability?
- Does the contract put your IP at risk?
- What data security practices does the vendor commit to?
And hundreds of others.
Every answer can easily be compared to other contracts, enabling users to understand, for example, how Google's security practices compare to SolarWinds, or how Salesforce's termination provisions compare to Hubspot's.
"We are delighted that TermScout is leveraging the World Commerce & Contracting Principles in their contract review software. Organisations around the world are looking to reduce the time it takes to reach agreement and produce more balanced contracts. WorldCC has spent more than six years creating standards and contracting principles to support and streamline the drafting and negotiation of contracts. Having these guidelines embedded in leading-edge systems like TermScout is, without doubt, the way to realise the ambition of fairness and balance in the world of contracting," said Paula Doyle, VP - Global Head of Research and Analytics at WorldCC.
Soon, TermScout will be available on the Theorem LTS marketplace, enabling legal tech buyers there to quickly understand the terms of more than 1,200 vendors on the site. "A top priority for our clients is simplifying the contract process. We are excited to announce that Theorem clients now will have access to TermScout's contract analyses and ratings, which we believe will substantially reduce costs and transaction times," said Theorem CEO Joshua Maley.