Summary & Video
During transactions, parties need to determine the current industry standard, precedent, or market trend for a certain contract term, provision, or clause.
How Market Check helps: CoCounsel’s Market Check skill quickly analyzes a database of contracts to identify trending terms so that lawyers can immediately draft, negotiate, and redline with confidence.
How Market Check works: Market Check uses Casetext’s AllSearch database technology. You may create and search databases of your trusted contracts for trending terms, or search trending terms in a large, representative set of publicly available transaction documents from the SEC’s EDGAR database.
Market Check is currently only available with Enterprise Subscriptions. If you have questions about your subscription, please visit www.casetext.com/contact-us.
Step-by-step instructions for using Market Check:
Use Market Check in two overall steps. First, create databases, and then, second, search databases to find trending terms.
1. Create Databases
To create an AllSearch database of your contracts, go to the Casetext home screen and follow these instructions: How do I use AllSearch?
For questions about creating AllSearch Databases, please visit www.casetext.com/contact-us.
2. Search databases to find trending terms
Once databases are created, then search databases to find trending terms.
1. Launch Market Check. Open the CoCounsel skills menu, find the section labeled “Transactional” skills, and select the skill “Market Check.”
2. Select a database. A list of your databases is visible. Use the arrows to navigate your database list, then click "Submit."
Selecting the “Market Check Merger Agreements” database
For a large, representative set of publicly available transaction documents from the SEC’s EDGAR database, navigate to the database titled, “Market Check Merger Agreements." The title of this database will include the date range of its contracts, which is regularly updated.
3. Explain your search. Explain the type of clause you want to study, and, if applicable, include attributes of the contracts where it would be used, then click "Submit." CoCounsel will provide a brief interpretation. Change your explanation to improve CoCounsel's interpretation, or re-click "Submit."
Filters with the “Market Check Merger Agreements” database
When you select this database, you may apply filters to your results.
Applying filters to your databases will be available in future versions of this skill.
4. Watch CoCounsel’s Progress.
5. Market Check is Complete. When the Market Check skill is completed, click anywhere on the skill to see the full response.
6. Market Check’s Full Response. The full response will include the explanation and filters from the original request, the option to “Do Another Check,” and a response in two main parts:
An answer that summarizes content from the relevant contracts; and
The list of the relevant contract documents summarized in the answer, including:
Collapsable document sections for navigation
Clickable document titles to open the underlying contract
Highlighted quotes to assess relevance
Page cites for targeted review
Use CoCounsel’s Results: Click download or copy to use the results.
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How are Market Check and Extract Contract Data skills different?
Market Check and Extract Contract Data skills both identify terms across a set of contracts, but these skills are used for different purposes:
Market Check provides an overview of trending contract terms.
Extract Contract Data provides answers to specific questions about contract terms.
How do Market Check and Extract Contract Data skills work together?
Use Market Check and Extract Contract Data skills together for better insights. For example:
Start with Market Check
1. Use Market Check to find trending terms in an AllSearch database of your contracts.
The database selected is “atticus-contracts-lb2.”
2. Your search is “What is the penalty for late delivery in product supply agreements?”
Applying filters to your databases will be available in future versions of this skill.
3. The results will provide a quick overview of trending language for late delivery penalties, including a list of the documents containing the relevant terms.
Continue with Extract Contract Data
After reviewing the trending language in your database of contracts, you may need answers to specific questions about the contracts in your database. Use Extract Contract Data to search the same AllSearch database for these specific answers.
1. Launch Extract Contract Data, select “See other upload options,” and choose the same AllSearch database used in the Market Check skill.
The same database is selected: “atticus-contracts-lb2.”
2. Select the contracts you want to search by either checking the box for all contracts on a page, or by checking the box next to individual contracts. Use the arrows to see more contracts in the database.
3. Enter your specific questions and select “yes/no” as the output format for each question. The questions entered are as follows: “Can buyers cancel the agreement for late delivery?” and “Is a fee assessed for late delivery?”
4. Export results as an Excel document.
5. Open the spreadsheet to work with your extracted data. For example, you might filter results by the respective columns (Image 1), and then calculate the percentage of contracts answering Yes and No to the question “Can buyers cancel the agreement for late delivery?” (Image 2).
The actions in this step are taken within a spreadsheet application, like Microsoft Excel, Apple Numbers, or Google Sheets, and not within CoCounsel.
Image 1:
Image 2:
Sample prompts to illustrate best practices for prompting:
Specifically identify the type of contract at issue:
What are the penalties for late delivery in the product supply agreements?
Ask for trends across the dataset, rather than individual contracts:
What is the typical period of a non-compete clause in an asset purchase agreement?
Do not use for mathematical questions. As explained above, you can import the data into Excel, but CoCounsel, as a large language model, struggles with math.
Sample use case:
Use contracts returned to create a clause library or negotiation playbook:
Take the answers from a "Market Check" question (e.g., how is "Material Adverse Effect" typically defined?) and use it to create a library of preferred clauses or a playbook of negotiation positions (e.g., preferred position, first fallback position, second fallback position, etc.).