TermScoutTM, a legal-tech startup and participant in the LexisNexis Legal Tech Accelerator, has just released its first semi-annual Cloud Services Provider Contract Ratings. This report is the first ever of its kind and provides a fast and convenient way for buyers of cloud services to quickly compare cloud providers’ contracts.
The company surveyed and interviewed more than 100 cloud customers to determine the contract provisions that matter most to them, then used its proprietary methodology, TermScoresTM, to rate those provisions for the top five cloud providers. Its first official rating found Oracle to have the highest overall score and AWS to have the lowest score, with vast differences between the two. You can learn more about the top five cloud providers’ contracts here.1
“We hope these results will help cloud customers make more informed decisions about what they’re signing up for,” said Otto Hanson, Chief Executive Officer at TermScout. “These contracts determine what happens when something goes wrong with a cloud provider, such as a data breach. Customers have many options when it comes to cloud providers – now for the first time ever they can factor contract fairness into their decision about which provider to choose.”
In a recent survey of 450 consumers, 95% said they believe a company’s contracts reflect its values and attitudes towards customers, and 44% would be very likely to stop using a company’s services after learning that its contracts are less fair than its competitors.2
In October 2019, TermScout will publish ratings on the top ten US passenger airlines. The company is also currently analyzing the contracts for the major consumer tax preparation companies and student loan servicing companies and plans to publish these ratings in the fourth quarter of 2019.
TermScout’s mission is to facilitate healthy commercial transactions by helping people and organizations understand the contracts they sign. The company’s proprietary TermScoresTM rating methodology provide businesses and consumers with easy-to-understand insights into legal agreements they regularly encounter and often overlook. TermScout has a team of experienced attorneys, entrepreneurs, and technology specialists based in Denver, Colorado.
1 Additional details on cloud provider contracts and ratings available to journalists upon request.
2 Full survey results available upon request.