{"id":25938,"date":"2023-09-11T09:51:45","date_gmt":"2023-09-11T09:51:45","guid":{"rendered":"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/contracts\/novaquest-finds-time-savings-and-peace-of-mind-with-customized-contract-storage-and-management\/"},"modified":"2025-05-22T15:44:48","modified_gmt":"2025-05-22T15:44:48","slug":"novaquest-finds-time-savings-and-peace-of-mind-with-customized-contract-storage-and-management","status":"publish","type":[106],"link":"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/contracts\/novaquest-finds-time-savings-and-peace-of-mind-with-customized-contract-storage-and-management\/","title":{"rendered":"NovaQuest Finds Time Savings With Customized Contract Storage and Management"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor='row-6a08af0f947a0'] {\n\t\t\t\tbackground-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/18\/2023\/12\/article-header-1.png);\n\t\t\t  }<\/style>\n    <section class=\"bbg-row bg--has-media       bg--eeeeee text--white bbg-row--full-bg-bleed\" data-anchor='row-6a08af0f947a0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/contracts\/\" rel=\"category tag\">\n                    Contracts\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/legal-solutions\/\" rel=\"category tag\">\n                    Legal Solutions\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">NovaQuest Finds Time Savings With Customized Contract Storage and Management<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-jl-start bbg-row--full-bg-bleed\" data-anchor='row-6a08af0f9d0a7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-3 bbg-column--offset-1\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bbg_jumplinks-container vertical\"\n\tdata-link-color=\"#00d2b3\"\n\tdata-style=\"light\"\n\tdata-direction=\"vertical\"\n\tdata-mobile-behavior=\"dropdown\"\n>\n\t<style>\n\t\t.bbg_jumplinks-container .bbg_jumplinks-scroll:after {\n\t\t\tbackground: #00d2b3;\n\t\t}\n\t<\/style>\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08af0f9f275'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">September 11, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Challenge: Complex contracts with no single source of truth' data-anchor='row-6a08af0fa0aaa' id='challenge'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>In the world of capital investment, much of the success of a business comes down to the strength of its contracts. Missing a key detail in an agreement could, at best, send the legal team scrambling at the last minute. At worst, it could affect the entire outcome of the negotiations.<\/p>\n<p>For NovaQuest Capital Management, a life science investment firm specializing in biopharmaceuticals, the legal department needs to have confidence that its contracts are drafted and organized for optimal success.<\/p>\n<h2 id=\"challenge\">Challenge: Complex contracts with no single source of truth<\/h2>\n<p>Founded in 2010, and with more than $2.5 billion raised across multiple asset classes, North Carolina-based NovaQuest provides tailored capital solutions that fund innovation in biopharmaceutical development. This work keeps the legal team busy with complicated, tailored contract work that can make or break the business.<\/p>\n<p>\u201cIn our business, we live and die by our contracts,\u201d said Jacob Comer, partner and head of the legal team at NovaQuest. \u201cA lot of the value I add is in risk management on the contracting side and ensuring consistency in our approach.\u201d<\/p>\n<p>Maintaining that consistency, both in contract drafting and storage, is where the legal team struggled, especially as different team members worked on deals.<\/p>\n<p>\u201cWe spent a lot of time and effort here templatizing our approach to important contracts to ensure that we\u2019re repeatable in what we do,\u201d Comer said. \u201cWe were reliant mostly on network drives, and team members have different organizational ideas. They file contracts different ways under different names and different folder structures at different times.\u201d<\/p>\n<p>In Comer\u2019s experience, having evaluated and tested numerous contract management software solutions, none of the available options addressed the needs of his department.<\/p>\n<p>\u201cAll of them had two material limitations from my perspective. One, they were mostly geared toward people who need to churn out the same type of contract over and over again, and I don\u2019t need to do that,\u201d Comer said.<\/p>\n<p>His team didn\u2019t manage a large volume of formulaic contracts, but rather a few very complicated contracts that need to be customized for a particular transaction type.<\/p>\n<p>Secondly, he found that the contract management solutions on the market took a cookie-cutter approach to storage.<\/p>\n<p>\u201cIt\u2019s nearly impossible to go in and modify that in a way that makes sense for your particular business, for your particular kind of contract needs, or just your personal proclivity for organizing your contracts,\u201d Comer said. \u201cI wanted the ability to store our contracts in a logical way that we can design.\u201d<\/p>\n<p><strong>[Download our <\/strong><a href=\"https:\/\/pro.bloomberglaw.com\/insights\/contracts\/a-buyers-guide-to-contract-management-software\/?trackingcode-cta=BLCS23110972\">Buyer\u2019s Guide to Contract Management Software<\/a><strong> for actionable insights to simplify your search for the right contract management software.]<\/strong><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Solution: Customized system for organizing, storing, and searching contracts' data-anchor='row-6a08af0fa2c81' id='solution'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 id=\"solution\">Solution: Optimized contract workflow and storage for the whole team<\/h2>\n<p>Comer became an innovation partner to help guide the development of <a href=\"https:\/\/pro.bloomberglaw.com\/products\/contract-solutions\/\">Bloomberg Law Contract Solutions<\/a>, and he immediately realized it offered the right mix of tools to make his team successful.<\/p>\n<p>At the top of his list was an organization system that made sense for his business and the ability to customize how they organize, store, and search their agreements. With Contract Solutions, the entire team has access to the repository of contracts, which is organized in a logical way using parent-child structures that doesn\u2019t differ depending on who the principal author of the contract was.<\/p>\n<p>\u201cThat consistency is tremendously helpful,\u201d Comer said. \u201cBeing able to go back and find specific solutions to specific contractual problems we\u2019ve had in the past was tremendously appealing to us relative to competitor solutions that just don\u2019t allow that flexibility.\u201d<\/p>\n\n<\/div>\n<div class=\"wpb_content_element bbg-card  quote\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><div class=\"noBackground\"\n><\/p>\n<div class=\"quote-content-wrapper\">\n<div class=\"quotebody\">\n<p class=\"large\">With Contract Solutions in particular, I can say whatever your problem happens to be with contracts, this tool is probably going to help you.<\/p>\n<div class=\"cite\">\n<p>\n          <strong>Jacob Comer, Partner, NovaQuest<\/strong><br \/>\n          <span class=\"attribution\"><\/span>\n        <\/p>\n<\/p><\/div><\/div><\/div>\n<\/div>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Among the other features in Contract Solutions that Comer found most appealing is the seamless integration with Microsoft Word.<\/p>\n<p>\u201cI think it\u2019s incredibly important that the tools are available not just in a web setting or at a database setting, but also in the programs that you use on a day-to-day basis, like Word,\u201d he said. \u201cThe ability to get at everything that I need right there in Word while I\u2019m working on it \u2013 I can\u2019t possibly overstate the value of that to me.\u201d<\/p>\n<p>Additionally, Comer was pleased by the ease of extracting and organizing his company\u2019s preferred clauses within Contract Solutions.<\/p>\n<p>\u201cI like being able to look across your body of contract work over several years and see a number of different iterations of how you\u2019ve solved the same problem, and find the one that\u2019s best for the situation that you\u2019re dealing with right now. That is a real value-add and not something that we\u2019re able to get in any other solution that we\u2019re familiar with,\u201d Comer said.<\/p>\n<p>This also extends to the full EDGAR database of filings from which Contract Solutions can source examples of relevant clauses.<\/p>\n<p>\u201cNo one wants to reinvent the wheel when they don\u2019t have to,\u201d Comer said. \u201cEven if you\u2019re not in love with the way that they dealt with it, starting with that is always better than starting from scratch.\u201d<\/p>\n<p><strong>[<a href=\"https:\/\/pro.bloomberglaw.com\/contract-solutions-demo-request\/?trackingcode-cta=BLCS23110972\">Request a demo<\/a> to see how Contract Solutions can simplify and streamline your contract workflows with AI-powered tools built into Microsoft Word.]<\/strong><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none row-jump-link-section bbg-jl-end bbg-row--full-bg-bleed\" data-jump-link-label='Results: Saving time and ensuring consistency across teams' data-anchor='row-6a08af0fa6a58' id='results'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 id=\"results\">Results: Saving time and ensuring consistency across teams<\/h2>\n<p>Because Contract Solutions is built specifically for attorneys and not as an enterprise platform, it\u2019s able to provide value to the legal team on day one.<\/p>\n<p>\u201cThe most unique thing about Contract Solutions \u2013 and certainly the most valuable thing about Contract Solutions \u2013 is it provides a number of tools that I can mix and match and utilize and customize in ways that make it tremendously more likely that the products are going to be useful to my business than would be the case with almost any other product that we\u2019ve looked at,\u201d Comer said.<\/p>\n<p>In particular, Comer highlighted Bloomberg Law\u2019s thoughtful use of artificial intelligence. At a time when legal professionals are experimenting with AI to varying degrees of success, Bloomberg Law Contract Solutions employs machine learning in ways that speed up routine legal tasks.<\/p>\n<p>\u201cOne of the things that I like about Contract Solutions is that it seems to have struck that right balance of making my job easier without trying to do my job for me,\u201d Comer said.<\/p>\n\n<\/div>\n<style>#bloomberg-video-6a08af0fda0ed .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/09\/NovaQuest_Jacob_thumbnail-150x150.png); }@media (min-width: 150px) { #bloomberg-video-6a08af0fda0ed .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/09\/NovaQuest_Jacob_thumbnail-300x169.png); } }@media (min-width: 300px) { #bloomberg-video-6a08af0fda0ed .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/09\/NovaQuest_Jacob_thumbnail-768x432.png); } }@media (min-width: 768px) { #bloomberg-video-6a08af0fda0ed .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/09\/NovaQuest_Jacob_thumbnail-1024x576.png); } }<\/style><div class='bloomberg-video' data-aspect-ratio='16:9' data-service='vimeo-video' id='bloomberg-video-6a08af0fda0ed'><div class='bloomberg-video__wrapper bloomberg-video__wrapper--core'>\t\t\t\t<a\n\t\t\t\t\tclass=\"bloomberg-video__link\"\n\t\t\t\t\thref=\"https:\/\/vimeo.com\/853087960\"\n\t\t\t\t\ttarget=\"_blank\"\n\t\t\t\t\trel=\"noopener\"\n\t\t\t\t\ttitle=\"\"\n\t\t\t\t\tdata-video-id=\"853087960\"\n\t\t\t\t\tdata-orientation=\"Horizontal\"\n\t\t\t\t\tdata-video-loop=\"0\"\n\t\t\t\t\tdata-video-title=\"Watch: Jacob Comer, partner at NovaQuest, describes how using Contract Solutions to logically organize contracts has allowed for greater consistency and efficiency. `{`0:43`}`\"\n\t\t\t\t\taria-label=\"Play Video\"\n\t\t\t\t><\/a>\n\t\t\t\t<\/div><\/div><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Watch: Jacob Comer, partner at NovaQuest, describes how using Contract Solutions to logically organize contracts has allowed for greater consistency and efficiency. [0:43]<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a08af0fe05b1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>One example Comer shared is the time savings associated with the automated clause library and analysis functionality, which he estimates saves at least an hour or two in the drafting process.<\/p>\n<p>\u201cAs you scale that out over all of the time that we spend contracting, that\u2019s a lot of hours saved that I can do any number of other things,\u201d Comer said.<\/p>\n<p>When it comes to the organization system, Comer immediately saw the benefits could expand beyond the legal department, as well.<\/p>\n<p>\u201cIt\u2019s not just saving me time and headache, it\u2019s saving lots of people on the investment team time and headache,\u201d Comer said. \u201cIt\u2019s also dramatically reducing the risk of mistakes, missing a new contract and missing a superseded agreement.\u201d<\/p>\n<p>Bloomberg Law continues to expand the features and functionality of Contract Solutions based on the valuable feedback from innovation partners like Comer. Because of this, he has no doubt that Contract Solutions can solve the most significant contract workflow challenges facing in-house legal teams.<\/p>\n<p>\u201cWith Contract Solutions in particular, I can say whatever your problem happens to be with contracts, this tool is probably going to help you,\u201d Comer said.<\/p>\n<p><strong>[<a href=\"https:\/\/pro.bloomberglaw.com\/contract-solutions-demo-request\/?trackingcode-cta=BLCS23110972\">Request a demo<\/a> to see how Contract Solutions can simplify and streamline your contract workflows with AI-powered tools built into Microsoft Word.]<\/strong><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08af0fe20e4]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08af0fe20e4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a08af0fe4190'] = 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#card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">A Buyer\u2019s Guide to Contract Management Software<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Choosing the right contract management software is crucial. This free guide provides corporate legal departments with actionable insights to simplify the search for the most effective solution for your team.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2473686795119008595\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/pro.bloomberglaw.com\/insights\/legal-solutions\/a-buyers-guide-to-contract-management-software\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Case study: See how Contract Solutions allows NovaQuest to optimize its contract workflows and storage.<\/p>\n","protected":false},"author":84,"featured_media":27759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[72,76],"tags":[113,100,79],"event_category":[],"series":[],"class_list":["post-25938","post","type-post","status-publish","format-standard","hentry","category-contracts","category-legal-solutions","tag-case-study","tag-contract-solutions","tag-in-house","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - 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