Introducing Agreemint.io, Founding Story!
Smarter AI Negotiator for Contracts!
Part 1, Agreemint’s Founding Story:
Over two decades of running Business divisions, Global Sales organizations, new product launched to market, Peter Graham has spent countless number of hours in redlined contracts, with constant delays in back and forth negotiations, in getting routine contracts signed with prospects. In our everyday business, we constantly repeat the use of regular contracting documents either signing up a Client agreement, Project management document, a Non-disclosure agreement, Software license agreement or on-boarding Employees offer letter, compensation and tax compliances you name it. Certain set of document set, clauses, order of the your priorities, company’s priorities remains the same month after month , quarter after quarter and year after year. If we push our companies for growth, the processes gets multiplied not skewed.
Consider a simple NDA as example, for any new innovation, new client prospecting, in the enterprise world we operate in, we sign in this document even before going in discussing economics of the a contract, we sign a NDA just in case if anything confidential is dealt doesn’t get unearthed in another means. So every step of the business transaction carried through multiple contracts reviews , negotiation , sign-off’s, hand to concerned team and closure and compliances.
If you run a pattern recognition on the work flow , many of the parameters of these transactions, agreements provisions only varies at few touch points and what essentially takes majority of the time in executing the contracts is, time delay involved in convincing your other party to accept, review and/or compromise the provision to get the job seamless done.
Depending on value of the transaction, creed, whose needs and time are critical often these negotiations comes back to you with redlines covered and often a compromise tilted to one side often the underdogs or small,medium players niche players don’t have a say. When we can’t decide the best course of action for us, we often end up experts in business transactions its often the lawyers, corporate law firms, counsel adds another layer of expensive resources on your costs shed to help get this transactions done.
Often many top rated lawyers provide exceptional counsel services but also make a hole in your balance sheet if you are a startup, small , medium business enterprise, it’s often considered a luxury to have one. A good lawyer is powerful ally, but a bad one will kills your business in one deal. Resulting in bad relationships lingering over a long time when you feel inadequate in a transaction. So having un-biased, trusty worthy partners in business is still way to run our business in this 2020 as well. Call us Old fashioned, but art of getting a yes to negotiation is a few decades old, the rules hasn’t changed much.
What if we can recognize patterns of these parameters in these regular contracts, consider each party preferences and order of priorities customized to their own needs, using an Artificial Intelligent Algorithmic Mediation engine to compare user preferences, un biased negotiator for both sides, predict a best case scenario for both parties to review and accept to sign off. Sounds like magic isn’t it?
Over two decades of culminated thoughts from Peter Graham who served as CEO of Mocana Corp, growing the business from zero to few hundreds of millions in Global sales, got together with Chris Boyce, Dr. Paul Fahn together to build World’s first worlds first fully AI smart contracting platform, agreemint.io, tonight we are releasing a public Beta on product Hunt,
Agreemint.io is first full cycle Smart Contracting platform which uses, Artificial Intelligence(AI) Mediation Engine ( AIME) to create, negotiate, review and sign a two-party contract within the same platform. Aim is to help individuals and businesses transform the speed of getting a contract done by lowering the negotiation delay costs in going back and forth, over lawyering, and over-redlining of common contracts, users don’t have to get frustrated when received documents to sign with redlines on it.
Instead of spending days which turn in to weeks spent in back and forth negotiations, you can create a contract, negotiate, approve and sign in an hour in some cases minutes on the same day of initiating a contract. No more over negotiating for routine contracts, no redlines, and your lawyer’s retainer can be best used for more important & critical use cases.
Part 2, Why we believe Agreemint’s offering can solve it objectively?
A good agreement is one that meets the legitimate interests of each sides to the extent possible, resolves conflicting interests fairly and takes common interests in to account.
Any method of negotiation may be fairly judged by three criteria, It should
- Produce a wise agreement if agreement is possible,
- It should be efficient in time and costs involved
- It should improve or at least not damage the relationship between the parties, we call it as not having bad blood in our hands.
Today, we negotiate or bargain over positions, we tend to lock in positions. Bargaining from a place of positioning establishes a defense stance even before going in. We are Humans, no matter how objectively we trade the thread, our ego becomes identified with our position, you now have a new interest in “saving face”, making it less and less likely that any agreement will wisely reconcile the parties original interests. Arguing over positions which is inefficient, endangers a already fragile business relationship even before you got started. When there are multiple parties involved, positional bargaining is even worse, that’s when one side gangs up against the other resulting in non-trusting business or personal relationships in everyday business.
When you wanted to start something fresh, forge a new partnership or repair a one old when a mutually beneficial situations arises, how many times we have ended up not negotiating well, over compensating, over experteering and walking away for a potentially good business deal. We see it repeated over time and time again day in & day out.
Instead of walking away or feeling compromised, what if there is an alternative, if you do not like the choice you have to make between hard and soft positional negotiation, you can ofcourse change the game. Harvard Negotiation Project, has decades of research in to producing an alternative approach to positional bargaining, a method called principled negotiation or negotiation on the merits, explicitly designed to produce wise outcomes efficiently can be boiled down to four basics. These four points design a straightforward method of negotiation that can be used under almost any circumstance,
- Separate the People from the problem
- Focus on Interests, not positions
- Invent multiple Options for Mutual gains before deciding what to do
- Insist that the results be based on Using Objective Criteria
Using an AI Algorithmic Mediation Engine, we believe we can objectively present you with best 3 out of 4 these criteria met for you in almost every negotiation we do using agreemint.io. Agreemint’s aim is, Driven by AI reasoning algorithm, Agreemint.io can become a Business Standard for everyday regular & repeatable transactions helping AI enable Business Intelligence Decisions Making platform which offers,
- Intuitive Pattern Recognitions of User Preferences
- Predictive AI algorithm Negotiator
- Reusable Contents & Lawyer approved Language presets
- Full stack ability to Generate, Negotiate, Review and Authority to get Signature approved within one single platform
- Optimal, Simple & Transparent management process in reporting & compliances
Agreemint is aimed to help a generation of new business users whether you are a seasoned business manager or a millennial starting your business very young, a project manager or software lead or in administration, or a freelancing or gig-economist or newbie who is just learning the trade and get intimidated with the legalese to start with, we wanted to help you get your business done in simple, optimized with smarter transparent AI contracting.
I’m really to be glad to be working on my first US Inc advisory assignment with a dedicated hardworking folks at Agreemint founding team of Peter Graham, Chris Boyce and Paul Fahn in getting Agreemint’s first public beta released on Product Hunt today. We are fans of new products and services coming out of PH everyday, and it’s a heart warming start to see this team put the application together and launching it today.
Wishing them great success in the product launch and eagerly looking forward to put it out in the market, get more early user feedback, iterate and bring in a commercial enterprise version which can brought soon to a larger segment.
It’s not going to be a easier ride in current Legal tech & Automation space, its definitely going to be a long feat of things to be done, but we have get started somewhere, hope this would be a great start. Pressing forward!
P.s. I wrote the post midnight minuted after going live, kindly excuse the grammatical errors , run-on errors if any, I will get to it when I have to a chance to catch my breath a little bit in amidst everything. Been a long week till today, Thank you so much for reading this so far, appreciate your time.