Solution

How to audit the jurisdiction clauses of your contracts?

Contracts define the contractual rights and obligations of parties entering into a contractual relationship. They provide a framework for consideration to occur as well as a process the parties should follow in the event of a dispute. Disputes are typically resolved in court and the jurisdiction clause will define in which court disputes will be resolved.

What is a jurisdiction clause?

A jurisdiction clause provides guidance in which courts a contract will be judicated in the event of a dispute. Jurisdiction clauses are typically treated in conjunction with governing law clauses which define which laws apply to the contract. The jurisdiction of a contract does not need to be equal to the contract's governing law.

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What are the challenges with tracking jurisdiction clauses in contracts?

Jurisdiction clauses are important to track as they will determine in which courts disputes will be resolved. Jurisdiction courts will also have an impact on your insurance policies and potential legal costs which is why they should be monitored across all contract types.

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How Vault automates the auditing of jurisdiction clauses with AI?

Vault is a document data extraction and question answering tool which is able to detect applicable jurisdictions with large language model technology. Vault is also able to detect a broad range of key information from your contracts such as the effective date, termination rights and renewal clauses. To get started with Vault, simply upload your contracts and it will automatically extract their jurisdictions and key terms! See below for yourself!

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14.10   Third party rights.  A person who is not a Party to this Agreement shall not have any right to enforce any term of this Agreement under the Contracts (Rights of Third Parties) Act 1999.

14.11   Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

14.12   Governing Law. This Agreement, and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation, shall be governed by, and construed in accordance with, the law of England and Wales.

14.13 Jurisdiction. Each Party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement, its subject matter or formation.

What is the Jurisdiction?
Courts of England and Wales
What is the Governing Law?
England and Wales
What is the Jurisdiction?
Courts of England and Wales
What is the Governing Law?
England and Wales

14.10   Third party rights.  A person who is not a Party to this Agreement shall not have any right to enforce any term of this Agreement under the Contracts (Rights of Third Parties) Act 1999.

14.11   Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

14.12   Governing Law. This Agreement, and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation, shall be governed by, and construed in accordance with, the law of England and Wales.

14.13 Jurisdiction. Each Party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement, its subject matter or formation.

What is the Jurisdiction?
Courts of England and Wales
What is the Governing Law?
England and Wales
What is the Jurisdiction?
Courts of England and Wales
What is the Governing Law?
England and Wales

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How to get started with Vault

To see how Vault performs on your use document data extraction use case, book a demo with a member of our team using the following form.

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