The Corona virus (COVID-19) is rapidly spreading and almost the entire world is currently being confronted with its consequences. Your company may be a party to contracts where the counterparty is seeking to cancel its obligations because of COVID-19 by applying a force majeure or a material adverse change clause. Or, vice versa, your company may also be seeking to cancel your obligations under certain contracts or looking for options to put certain contracts on hold. Furthermore, there might be other business reasons where you urgently need to review a huge volume of contracts with respect to specific clauses.
This is where EY Law can help: within the framework of EY Law’s global partnership with Luminance, EY Law Belgium has been using the AI platform Luminance in its services for the past months. Luminance is an AI-based document analysis platform that uses powerful machine learning, algorithms and pattern-recognition to quickly analyze legal documents and generate reports. By highlighting anomalies and identifying risks, the platform enables a review of large volumes of documents in no time. By using Luminance, our lawyers very quickly can find relevant clauses in legal documents (e.g. whether there is a force majeure clause and how it has been defined). The technology can in no time flag deviations and anomalies in documents, which then can be reviewed in greater detail by our experienced team of lawyers.
Please contact our legal managed services and technology specialists in case you need help with your contract reviews.
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