A computer-based method for updating clauses in contracts is disclosed. The method includes the steps of: receiving new risk clauses, the new risk clauses being created based upon potential market risks; receiving a selection of risk clauses, searching for contract clauses in a contract clause database based on the categories of the selection of risk clauses thereby yielding identified contract clauses, and selecting disadvantageous contract clauses from the identified contract clauses; finding disadvantageous contracts containing one or more of the disadvantageous contract clauses in an existing contract database; generating a report listing the disadvantageous contracts; transmitting each of the disadvantageous contracts in the report to a corresponding offer accepter; determining by the corresponding offer accepter whether there is a need to modify the disadvantageous contract; creating new contracts by updating the disadvantageous contract clauses of the existing contract with the selection of risk clauses correspondingly if there is a need to modify the disadvantageous contract. A related system is also disclosed.