Contract Summary

Overview

Generate comprehensive contract summaries in under 3 minutes for SaaS agreements, MSAs, SOWs, and partnership deals. Turn complex legal documents into executive-ready breakdowns that highlight pricing, deliverables, risks, and renewal terms.

Use Cases

• Summarize vendor SaaS contracts before annual renewals to spot price increases or unfavorable auto-renewal clauses
• Create executive briefings for $100K+ enterprise software agreements during procurement reviews
• Generate internal deal sheets for sales contracts within 2 minutes of closing to accelerate legal sign-off
• Document MSA terms for cross-functional teams (engineering, finance, legal) using consistent formatting
• Prepare contract analysis for board meetings covering multi-year commitments and spend obligations
• Review partnership agreements to identify key performance milestones and termination conditions
• Extract pricing structures from tiered SaaS contracts to validate against budget forecasts

Template

Create contract summary for:

Agreement type: {{agreementType}}
Parties: {{parties}}

Key terms:
{{keyTerms}}

Deliverables:
{{deliverables}}

Include:
- Contract overview
- Scope of work/services
- Pricing and payment terms
- Timeline and milestones
- Responsibilities (both parties)
- Key clauses and conditions
- Renewal and termination terms
- Risks and considerations
- Next steps

Summary format: {{summaryFormat}}

Properties

• agreementType: Single Selection (default: SaaS)
  • Options: MSA (Master Service Agreement), SOW (Statement of Work), SaaS Agreement, Software License Agreement, Partnership Agreement, and 2 more
• parties: Single-line Text (default: Your Company and Acme Corp)
• keyTerms: Multi-line Text (default: 36-month term, $150K annual subscription, quarterly payments, auto-renewal)
• deliverables: Multi-line Text (default: Platform access, onboarding, training, ongoing support, quarterly business reviews)
• summaryFormat: Single Selection (default: Executive)
  • Options: Executive summary (high-level), Detailed breakdown, One-pager, Deal sheet (internal)

Benefits

• Generate contract summaries in 2-3 minutes instead of spending 45+ minutes reading through legal documents
• Identify hidden auto-renewal clauses and price escalation terms before they take effect
• Create consistent contract documentation across your entire team using standardized formatting
• Spot unfavorable payment terms, liability caps, and termination penalties during initial review
• Share executive-ready summaries with stakeholders within seconds of contract receipt
• Compare multiple vendor proposals side-by-side using identical summary structures
• Reduce legal review time by 40% with pre-organized contract breakdowns

Example Output

Using the default properties, this template generates:

# SaaS Agreement Executive Summary

**Parties:** Your Company and Acme Corp
**Term:** 36 months with automatic renewal
**Annual Value:** $150,000 USD

## Key Commercial Terms

- Quarterly payments of $37,500
- Platform access with comprehensive onboarding and training
- Ongoing technical support with quarterly business reviews
- Auto-renewal unless 90-day notice provided

## Service Scope

Acme Corp will provide full platform access including initial onboarding, user training,
continuous technical support, and quarterly strategic reviews to ensure service alignment
with business objectives.

## Payment Structure

$150K annual subscription billed quarterly in advance. Payment terms typically net 30
days from invoice date.

## Critical Obligations

**Your Company:** Timely payment, user management, data compliance
**Acme Corp:** Platform uptime, support response times, quarterly reviews, feature updates

## Key Provisions

- 36-month commitment with automatic renewal
- Quarterly payment cadence
- Service level agreements for uptime and support
- Data security and confidentiality protections
- Termination for cause provisions

## Risk Considerations

- Long-term financial commitment over 3 years
- Auto-renewal requires proactive cancellation notice
- Potential price escalation on renewal
- Vendor lock-in during contract term
- Integration dependencies with existing systems

## Recommended Actions

1. Review SLA metrics and penalties
2. Clarify data ownership and portability rights
3. Negotiate price cap for renewal increases
4. Set calendar reminders for renewal notice period
5. Establish internal stakeholder review process for quarterly business reviews

Common Mistakes to Avoid

Many teams rush through contract reviews and miss critical details. The most frequent issues include overlooking auto-renewal clauses that extend commitments without explicit approval, accepting payment terms that don’t align with fiscal year budgets (like quarterly payments that span fiscal periods), and failing to validate liability caps against the actual business risk of service failures.

Pricing structures often hide escalation clauses or usage overage fees that dramatically increase costs. Teams should verify whether the subscription includes all users or has per-seat charges, confirm if implementation and training are included or billed separately, and check if annual price increases are capped at specific percentages.

Termination terms frequently favor vendors. Without clear data export provisions, you could face expensive migration costs when switching providers. Missing the 90-day notice window for non-renewal often triggers another full-year commitment automatically.

Frequently Used With

• Proposal Template - Create proposals before contracts are finalized
• Pricing Strategy - Analyze and validate contract pricing terms
• ROI Calculation - Justify contract spend with financial impact analysis

Get Early Access to Migi

Want to streamline your contract review process even further? Get early access to Migi and turn contract analysis into a repeatable workflow with saved templates, team collaboration, and instant summaries.

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