LexDye’s Contract Definition Tracker Software, Which Will Be Launched at the Upcoming American Bar Association’s Annual Meeting Simplifies the Management of Contract Terms During the Drafting Stage
BOSTON, MA—(Friday, August 1, 2014) – LexDye, Inc., an innovative provider of powerful analytical software tools for better contract drafting, announced today that the LexDye Definition Tracker will be officially launched at the American Bar Association’s Magnitude360 Annual Meeting, August 8 - August 10 in Boston. LexDye (www.LexDye.com) will exhibit the LexDye Definition Tracker at its booth (Booth #320) at the ABA EXPO during the ABA’s Annual Meeting.
Contract drafting requires an extraordinary level of accuracy. Complex contracts, such as those for mergers & acquisitions, IT outsourcing or IP licensing, often memorialize mission-critical transactions worth millions of dollars and more. Attorneys are entrusted with ensuring that these contracts accurately reflect the terms of the transactions. Drafting errors can be very costly for all concerned, leading to business disputes between the contract parties and resulting in high stakes litigation over the contract. Additionally, they can adversely impact the reputation of the law firm and attorneys involved, ranging from embarrassment over the drafting error to potential legal malpractice risks.
At the same time, the legal industry has been under growing pressure by clients to produce better products, particularly accurate contract drafts, for reasonable fees and, increasingly, for fixed fees. Lawyers also feel the pressure created by modern communications technology to be ever more responsive and to turn around a contract draft as quickly as possible. Yet, until the launch of the LexDye Definition Tracker, drafting lawyers have had to make do with conventional word processing tools to draft these contracts of ever-increasing complexity and importance.
“Relying only on conventional word processing tools and review by hand is not the most effective or diligent means for creating an error-free contract draft,” says David Mahoney, LexDye’s Chief Business Officer. “Today’s complex contracts can contain hundreds of defined terms. Keeping track of these terms and ensuring they are all properly defined and used is extraordinarily difficult. Unfortunately, we are not exaggerating here. Publicly traded companies are required to file their material contracts with the United States Securities and Exchange Commission. Analyzing a cross section of these critical contracts with the LexDye software, we quickly found numerous mistakes, including in agreements drafted by top law firms. Errors ranged from hugely embarrassing to highly material. All of these could have easily been avoided by simply analyzing the contract draft with the LexDye Definition Tracker during the drafting process.” (LexDye has published a case study on a drafting error in one multi-million dollar merger agreement on its website.)
The LexDye Definition Tracker is not a word processing software, but an analytical software that shows the user potential drafting errors in the contract. The software "dyes" the text of a document to highlight potential drafting errors for further review by the drafter.
“With the launch of the LexDye Definition Tracker, there simply can be no more excuse for making these drafting errors in the future,” says Mahoney. “The LexDye software does not aim to replace the drafter but to aid the drafting process by giving attorneys new insights not available with the word processing tools used thus far in conventional contract drafting.”
The LexDye Definition Tracker offers an intuitive user interface optimized for the drafting attorney and is designed to seamlessly integrate into the drafting process as is actually practiced by attorneys and other professionals. Stop by the LexDye booth (#320) at the American Bar Association Annual Meeting for the launch and live demonstration of the LexDye Definition Tracker.
LexDye, which is headquartered in Boston, was started by a group of experienced entrepreneurs. LexDye is focused on developing powerful analytical tools for better drafting of contracts and other documents. The company develops analytical tools, not word processing tools, that enable attorneys and other professionals to gain an in-depth understanding of contracts and other documents during the drafting process.