Otto Hansen, the founder of Term Scout, visits Technically Legal to talk about the company he founded that uses machine learning to analyze and rate contracts. Specifically, it analyzes contracts to determine whether they are in line with industry standards and how vendor or customer friendly they are.
The goal of Term Scout’s rating system is to cut down on contract negotiation and eliminate the back and forth about uncontroversial terms so the parties can focus provisions that will require more give and take before they are finalized.
Term Scout is not Otto’s first start up. Otto is a lawyer who practiced for a few years before launching Term Scout, but prior to entering the legal world, he worked at a start up that was making ski gloves. It was his experience with the ski glove company that actually inspired Otto to go to law school.
