Method for collecting and storing data regarding terms and conditions of contractual agreements

A method for collecting data in a database of a computer system regarding contractual agreements comprising:

• establishing standard contract clauses for selected contractual terms and conditions;
• comparing clauses in a contractual agreement to the standard contract clauses;
• identifying the clauses in the contractual agreement that are substantively the same as at least one of the standard contract clauses, and entering data in the database identifying those clauses of a contract that are substantively the same as the at least one of the standard contract clauses;
• for a clause in the contractual agreement that is not substantively the same as at least one of the standard contract clauses previously stored in the database, issuing a prompt from the computer system to collect information regarding the non-standard clause which is not requested for corresponding standard clauses, and
• storing the collected information regarding the identified non-standard clause in the database.

A method for collecting data in a database of a computer system regarding contractual agreements comprising:

• identifying a clause in a contractual agreement corresponding to a selected contract term or contract condition;
• comparing the identified clause to a standard contract clause corresponding to the selected contract term or contract condition;
• if the identified clause is substantively the same as the standard contract clause, then storing in one of said data fields data indicating that the contractual agreement includes the standard contract clause for the selected contract term or contract condition and assigning a standard risk factor to the identified clause;
• if the identified clause differs substantively from the standard contract clause, collecting additional data regarding the identified non-standard contract clause, storing the additional data in an appropriate fields of said plurality of data fields, and
• assessing a risk associated clause based on the additional data collected for each identified non-standard contract clause in the contractual agreement.