Ontra Launches AI-Powered Accord for Contract Negotiation

Ontra has introduced Accord, an AI-powered software solution aimed at transforming contract negotiation in private markets, announced in a press release. Accord automates routine contracts, helping firms reduce costs, accelerate deal flow, and free up in-house teams for more valuable tasks.

The software addresses common challenges in contract negotiations, such as slow processes and high costs, by eliminating manual work and providing tools for easy negotiation, analysis, and management of contracts. Early adopters have reported a 67% reduction in time spent per contract. Accord's AI engine automates workflows and provides insights for private fund managers.

Accord also assists teams in creating detailed negotiation playbooks, suggesting relevant markups, and improving negotiation consistency by leveraging preferred negotiating positions and precedents. Users benefit from real-time visibility into ongoing negotiations, enhancing team collaboration.

Ontra plans to expand its platform with additional AI-powered solutions this year, focusing on automating critical workflows across the fund lifecycle, including due diligence questionnaires and Know Your Customer (KYC) processes.