Vendor contracts checked before signing and tracked until they end.
Bluegrass builds contract review systems for banks. Each vendor or partner contract is checked against your clause standards and the guidance on third-party relationships before it is signed, and its renewal dates, service levels, fees and obligations are tracked afterward.
Contracts are where third-party risk is actually allocated, yet once signed most of them sit in a shared drive until a renewal notice arrives or something goes wrong.
What vendor contract review involves today
Before signing, someone in legal or third-party risk reads each contract for the terms the interagency guidance expects, such as audit rights, data security, subcontracting, business continuity, termination and the regulator's right to examine the service. Negotiated changes then have to be checked against the version that was approved.
After signing, renewal and notice dates, service levels, fee changes and the vendor's reporting duties are tracked in spreadsheets, where they are tracked at all. Automatic renewals pass unnoticed and service-level credits go unclaimed, and the contract file is out of date when an examiner asks for it.
How automated contract review works
- 01
Collect the contract
Drafts, executed contracts, amendments and order forms are gathered from your contract repository or third-party risk system and linked to the vendor record.
- 02
Check against your standards
Each contract is read against your clause library and the terms the guidance expects for a relationship of its criticality, and missing or weaker terms are listed with their passages.
- 03
Draft the redlines
Suggested language from your approved clauses is drafted for each gap, with a summary for legal and the business owner.
- 04
Extract the obligations
Renewal and notice dates, service levels, fees, reporting duties and termination rights are pulled into a structured record for each contract.
- 05
Track and remind
Owners are reminded before notice periods close, and vendors' reports are checked against their service levels as they arrive.
Where people stay in the loop
Negotiating and signing stay with legal and the business owner, and accepting a contract below your standard stays with whoever your policy allows to grant the exception. Every extracted date and term links to its clause, so the owner can confirm it before relying on it.
The systems it works with
The system works with your contract repository, third-party risk platform or the shared drives that hold your contracts, and sends reminders through the email or task tools your team already uses.
When to build it, and when to buy it
Contract management platforms are mature, and many now extract dates and terms with AI, so a bank that needs a repository with reminders may find one sufficient.
A custom build makes sense when contracts must be checked against bank-specific standards and the guidance, when the results should feed your vendor assessments, or when fintech program agreements carry obligations that need monitoring.
We hold no reseller agreements, partner quotas or revenue share with any vendor, so a recommendation to buy is made on its merits.
What this work costs you today
A quick way to put a number on the problem before talking to anyone, using your own figures rather than ours.
Enter your volume and the minutes each one takes to see what the work costs in a year.
The numbers stay in your browser and are not stored or sent anywhere. Bring the figure to the first call, since it is the baseline any system should be measured against.
Questions about vendor contract review
- Can it review contracts we signed years ago?
- A backlog of executed contracts is often a good place to start, because extracting the dates and terms across all of them shows where notice periods fall and where the gaps are. The evaluation tests it on a sample first.
- Does it negotiate with vendors?
- It drafts redlines from your approved clauses, and legal and the business owner decide what to send and what to accept.
- Does it work for fintech program agreements?
- It reads program agreements for the bank's oversight rights and the partner's obligations, such as reporting, complaints and marketing approval, and passes them to partner oversight so that each obligation is monitored.
Related systems
Built for
A senior team that has done this before
We are a small, entirely senior team with fifty years of combined AI engineering, multiple granted patents and Y Combinator founders, from Yale, MIT, McKinsey, Goldman Sachs, Microsoft and Vista Equity Partners. The people who scope your work are the people who write the code.
Selected work
We built the AI transformation roadmap for a top-50 P&C brokerage, and it is saving the firm millions of dollars in vendor fees it did not need to pay.
Clients include some of the largest banks, RIAs, fintechs and AI labs, as well as a top-3 P&C carrier, a top-10 P&C brokerage, a top-5 trucking brokerage, a leading specialty MGA and a leading trucking MGA.
We run only 3 to 5 engagements at a time, so that every client works directly with the senior team.
About the team- Dozens
- of insurance companies, RIAs, banks and fintechs we have worked with
- 50 yrs
- combined AI engineering experience
- 10+ Patents
- granted to members of the team
- 100%
- of the IP we build is assigned to you
Find out whether this is worth building for your business.
A 30-minute call with an engineer usually shows whether this is worth building. Within a week you will have a free written point of view, including whether a packaged product would serve you better.