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How to Use 'Compare to Market'

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Written by Eileen Lichtenstein
Updated yesterday

What is 'Compare to Market'?

Compare to Market reviews a document and tells you if any terms within the document is above, at, or below the market standard based on the document type and jurisdiction.

Have questions about 'Compare to Market'? Check out our FAQ at the bottom of this article.


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How to Use 'Compare to Market'

1. Click "Review"

2. Click "Compare to Market"

3. (Optional) Select the party you're representing.

4. Select your jurisdiction.

5. (Optional) Add Deal Context.

To learn more about Deal Context, check out the article here.

6. Click "Start"

7. When analysis is completed, the statistics will give you a breakdown of terms that are above, at, or below market standards.

8. You can go through each term below for more information.

9. You can click "show" to jump to the portion of the document where its extracting that information from.

10. You can click "Download" to create a report of the "Compare to Market" results.

11. Example of the report below.


FAQ

Q: Where does Spellbook's data come from?

Spellbook extracts high-level statistical insights from contracts processed daily — for example, “average payment terms in software agreements”. It is always aggregated & anonymous – we never surface individual contract data. Statistics are shared back with users in a summarized form. No names, addresses, IDs, or other personal info is collected.

Q: How does it work?

When someone runs a review, Spellbook will capture that the review is being run and look at high-level document data (e.g., “this NDA is mutual”). Spellbook then aggregates this across thousands of documents to produce trends like: “X% of NDAs have mutual structure”.

Individual documents are only included if there’s a threshold of similar documents, ensuring complete anonymity.

Q: What if we need zero data retention for security approval?

Zero Data Retention is respected at the LLM level. Spellbook does not store any client-identifiable information used to improve market insights. All data is fully anonymized; only aggregated stats contribute to market insights. We temporarily access document text to provide features, but never attach client-specific data to the aggregated market data.

Resources:

Q: Can I opt out of this data collection?

Yes! But some trade-offs apply. Opting out removes users from future data collection. Which means that certain features will not be available, like Saved Prompts and Personalized Reviews, which require some level of data retention to function.

If you wish to opt out, please contact our support team at success@spellbook.legal.

Q: What documents does this work on?

We support Compare to Market for the following document types:

  • Master Services Agreement

  • Service Level Agreement

  • SaaS Services Agreement

  • Lease / Rental Agreement

  • Real Estate Purchase Agreement

  • General Non-real-estate Purchase Agreement

  • Sales Agreement

  • Loan and Financing Agreement

  • Non-Disclosure / Confidentiality Agreement

  • Employment Agreement

  • Independent Contractor Agreement

  • Licencing and Intellectual Property Agreement

  • Shareholder and Voting Agreement

  • Settlement and Liability Release

Q: Is the data pulling from my Library documents or only reviewed documents?

The data is not collected from your Clause Library. It is only gathered from documents you open and run through Review, Playbooks or Draft using the Spellbook Word Add-In.


Need assistance? Reach out to our support team at success@spellbook.legal


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