What are some common contract comparison tools?

Sick of going back and forth with several different versions of the same contract and just having no idea what has actually changed between them? It’s a bit of a time waster and it can mean that you’re stuck doing a lot of manual review and if it’s a legal team doing the manual review this can be very expensive for your startup. There are a lot of common contract comparison tools out there that can make this process a lot easier.

Contract Comparison Tool – Microsoft Word

You can use Microsoft Word’s built-in feature called “Legal Blackline” to compare two contracts. Here’s a step-by-step guide on how to do it:

1. Open Microsoft Word: Launch Microsoft Word on your computer.
2. Open the First Contract: Open the first contract document that you want to compare.
3. Navigate to the “Review” Tab: Click on the “Review” tab at the top of the window. This tab contains tools for editing and proofreading documents.
4. Click on “Compare”: In the “Review” tab, locate the “Compare” group. Click on the “Compare” button. A drop-down menu will appear.
5. Select “Compare”: From the drop-down menu, select “Compare.”
6. Choose the Second Contract: A new window will appear. Click the “Original Document” dropdown and select “Open…” to choose the second contract document.
7. Select the Revised Document: Click the “Revised Document” dropdown and select the second contract document.
8. Click “OK”: After selecting both documents, click the “OK” button.
9. Review the Comparison: Microsoft Word will now generate a comparison of the two documents, highlighting the differences between them. You can review these changes in the comparison document that opens.
10. Accept or Reject Changes: Review each change and decide whether to accept or reject it. You can do this by right-clicking on the change and selecting “Accept” or “Reject.”
11. Save the Comparison: Once you’ve reviewed and made any necessary changes, save the comparison document.

By following these steps, you can effectively compare two contracts using Microsoft Word’s built-in features. This can be helpful for identifying differences between versions and ensuring that both parties agree on any changes made.

Contract Comparison Tool – Google Docs

Google Docs doesn’t have a native “Compare” feature like Microsoft Word does, but you can still compare two contracts manually by following these steps:

1. Open Google Docs:

• Go to Google Docs and open the first contract document that you want to compare.

2. Open a New Document:

• Open a new Google Docs document. This will be where you’ll paste the content of the second contract.

3. Copy the Second Contract:

• Go back to the second contract document and select all of its content. You can do this by clicking and dragging your cursor over the text or by pressing “Ctrl + A” (or “Command + A” on Mac) to select all. Then, right-click and choose “Copy,” or press “Ctrl + C” (or “Command + C” on Mac).

4. Paste into the New Document:

• Go back to the new Google Docs document you opened and right-click where you want to paste the content of the second contract. Choose “Paste” or press “Ctrl + V” (or “Command + V” on Mac) to paste the content.

5. Manually Compare the Documents:

• Now that you have both contracts in the same document, you can manually compare them side by side. You can scroll through each document to identify differences and similarities. Use formatting tools like highlighting or changing text color to mark changes if needed.

6. Track Changes (Optional):

• If you want to track changes as you make edits or revisions, you can use Google Docs’ built-in “Suggesting” mode. Click on “Editing” mode at the top right corner of the document and select “Suggesting.” This will allow you to make edits that can be accepted or rejected by others who have access to the document.

7. Save and Share:

• Once you’ve compared the contracts and made any necessary changes, save the document and share it with others involved in the contract review process.

While Google Docs doesn’t have a dedicated “Compare” feature like Microsoft Word, you can still effectively compare two contracts by copying and pasting them into the same document and reviewing them side by side.

Common Contract Comparison Tools – Contract Sent

Contract Sent’s advanced contract comparison tool is a powerful solution to the challenges of the back and forth of contract negotiations.

Contract Sent offers an online contract comparison tool that simplifies the process of comparing two contracts. Here’s how you can use it:

1. Access Contract Sent’s Online Tool:

• Visit Contract Sent’s website, sign up and navigate to our compare contracts tool.

2. Upload Contracts to Your Contract Sent Deal:

• Once you’re on the tool’s page, look for an option to upload your contracts – Compare Contracts. Click on the appropriate button to upload the first contract document.

3. Upload or Select Second Contract:

• After uploading the first contract, you’ll typically find an option to upload the second contract. Click on the corresponding button and select the second contract document from your computer.

4. Start Comparison:

• Once both contracts are uploaded or selected in our contract comparison tool, click compare contracts to begin comparing them. This may take a few moments to generate the comparison.

5. Review the Comparison:

• After the comparison is complete, the tool will display the compared documents side by side or in another format, highlighting the differences between them. You can review these differences to see what has changed between the two contracts.

6. Navigate Changes:

• Use the navigation options in Contract Sent to move between changes easily. This includes buttons to jump to the next or previous change, or clickable links in a list of changes.

7. Analyze Results:

• Take your time to analyze the results of the comparison. You’ll be able to click through the various sections that have changed and pay attention to any discrepancies or modifications between the contracts.

8. Download or Save Results:

• Contract Sent gives you the option to download the compared documents or save them for future reference super simply.

9. Share Results (Optional):

• If you’re collaborating with others, you might want to share the compared documents with them. Some tools offer sharing options directly from the tool’s interface. Contract Sent allows you to do this by simply copying and sharing a secret URL.

10. Further Action:

• Based on the comparison results, you may need to make revisions to one or both contracts, discuss changes with stakeholders, or take other appropriate actions.

Contract Sent’s online contract comparison tool streamlines the process of comparing contracts, saving time and reducing the likelihood of errors compared to manual comparisons.

Using common contract comparison tools will most definitely help you speed up the back and forth that you have during your contract negotiations. Anything that you can do to build an efficient company will help you grow faster as well as making sure your teams make informed decisions.