Parley Pro – Product Walk Through, Overview

Parley Pro is a collaborative contract management platform that has a wide range of capabilities, going from review and negotiation, to use of templates, to contract workflow management, to the use of NLP for key data extraction from contracts, and more.

In this AL TV Product Walk Through, Parley Pro CEO, Olga Mack, provides an initial overview of what the company does and introduces some of its many capabilities.

(Please press play to watch the quick overview, approx. 8 mins.)

AL TV Productions. 2020

In terms of Parley Pro’s NLP use, it has been trained on a corpus of commercial contracts. The models are optimised for extracting key entities, clause detection, and classification.

And, to get a sense of just how much this platform does, check out the functionality list below.

Parley Pro Functionality Checklist

  1. Platform Administration
    • User management
    • User access control
    • Approval routing workflow
    • Contract review routing workflow
    • Contract request processing workflow
    • Fields set up
    • Contract request form, contract intake form, contract summary form
    • Contract forms per a contract category
  2. Templates
    • Standard templates
    • Conditional templates
    • Ability to publish and unpublish templates
    • Template matching for specifics of a contract
  3. Dashboards
    • In-progress contract dashboard
    • Executed contract dashboard
    • My priorities dashboard (tasks)
  4. Executed Contracts
    • Proactive contract management
    • Notification for scheduled events
    • Contract amendment workflow
    • Contract termination
    • Contract cancellation
    • Download all metadata
    • Add newly executed contracts
  5. Contract workflow logic
  6. Contract Search
    • Text search
    • Fuzzy search
    • Boolean search
    • Search by fields
  7. Per-signature Contracts
    • Contract Request
    • Contract Creation
      • From a request
      • From a template
      • By uploading a counterparty contract
      • By uploading My team contract
      • Attachments
    • Contract Review
      • Real-time collaboration with internal stakeholders
      • Share contract with your internal stakeholders
      • Contract roles: Reviewer, Lead, Chief Negotiator and Viewer
      • Negotiation summary
      • Structured collaboration at a clause level
      • Discussions
      • Discussion board for all in progress and closed discussions
      • Clause level mention
      • In-contract messaging
      • Re-open closed discussions
    • Contract Negotiation
      • Online negotiation
      • Classic negotiation: using MS Word
      • Internal, external, queued (delayed) communication channels
    • Contract Approval
      • By teams
      • By an individual or a group of individuals
      • Sequential approval
      • Simultaneous approval
    • Contract Signature
      • Manual signature
      • eSignature (via DocuSign and Adobe Sign)
    • Contract Management
      • Key milestones set up
      • Notification schedule
      • Other metadata capture
      • Ad hoc fields
      • Ad hoc events
  8. AI data extraction for executed contracts
    • Effective Date
    • Initial Terms
  9. Other Capabilities
    • Contract Audit trail (all contract events are captured)
    • Download contract
  10. Integrations
    • DocuSign
    • Adobe Sign
    • Salesforce CRM
    • Salesforce CPQ
    • Google Drive
    • Box
    • SSO (various)
    • Open APIs (including the structured data captured by Parley Pro on each contract eg. the changes made to the document (for audit records) and the clauses themselves to feed into a contract management database).

P.S. the company was also recently named by Gartner as among its ‘Cool Vendors in CLM and Advanced Contract Analytics’.