Risk Assessment

Risk Assessment

Risk analysis is part and parcel of the service when you take up the Silver and Gold Packages, putting you in a great position to address issues when the opportunity presents itself.

MIA Contract Lawyers uses ThoughtRiver to power ContractControl, which it harnesses using our staff’s decades of high-level contract experience.

ThoughtRiver is a leading British Artificial Intelligence Contract Review System. AI Contract Review will be used in the next decade by more and more law firms around the world. High Street law firms have either introduced them or are trialling them now. MIA Contract Lawyers is at the cutting edge of these developments by partnering with ThoughtRiver.​​

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Risk Analysis is a function of all AI Contract Review systems, but most are based on identifying pretty standard issues:

  • Does the contract specify a choice of law clause?

  • Does the agreement specify any right we have to terminate if the other party(s) suspends, or threatens to suspend, payment of its debts or is unable to pay its debts as they fall due?

  • Does the agreement specify any right we have to terminate for force majeure events?

  • Does the agreement specify that we are obliged to notify the counterparty in the event that we disclose confidential information?

  • Does the agreement specify that any right or obligation we have regarding confidentiality extends to our affiliates?

Some of these questions are important when assessing your company’s risk profile. It does not however present an accurate picture, focussing on generic issues only.

MIA Contract Lawyers has worked with ThoughtRiver so that the risk review performed identifies your real risk:

  • risks that are specific to Australia and Australian law,

  • risks that, if they manifest, can cost your company a considerable amount.