Automated Contract Analysis

Automated Contract Analysis

Contract review and analysis during the negotiation is the most expensive and time-consuming process. Modern contract management software has automated process to review and outline the non-standard clauses in the contract. Contract software can extract key terms and metadata from agreements based on the knowledge it has acquired from sample documents. Analysis software can show the obligations, deliverables, and analogies with the calculated risk scores. Lawyers can act on the finding, guided with suggested clause alternatives from the legal library. Transform from manual contract analysis to automated review. The result is a bespoke review process for the organization which saves time and minimizes the risk of not being compliant.

Implement standards in contract review Change management and training are the biggest challenges during new hire onboarding process. They must be explained on standards in the negotiation cycle, acceptable terms, and precedents to be used. Contract workflow software implements SOP for contract analysis by creating tasks to review the critical findings in document. Collaborate with internal and external contract team members to coauthor documents. Redline can trigger another review and iteration can continue till all involved parties agree.

Extract critical document data Manage risk by reviewing the collected data, critical dates, terms, clauses, jurisdiction and contract metadata. For example, payment terms and indemnity are compared against standard conditions. Milestone dates are added to calendar to notify users for follow up actions. Contract software will create tasks as questions, to be commented by the legal department. Workflow must be configured to notify owners when key terms are changed during the workflow cycle. Contract Analysis Governance Legal department will provide task list to be performed for different contract types. The tasks will be created by workflow to guide negotiators to follow the process. Models to compare the agreements will be developed and tested by the governance team. Model will learn continuously as more contracts are added to the contract repository. Users can be guaranteed that analysis is always performed against the standard precedents vetted by the legal department. Contract Analysis Software ContractPrime contract lifecycle management software analyzes the documents by following automated process 1. Intake: Documents in any format are converted by machine learning algorithm to classify by contract types 2. Extract: Based on classification metadata and key terms are extracted to be validated against the standard clauses 3. Review: Users are presented with non-standards clauses and risk score for the deviations. Microsoft Teams provides the collaboration to review and redlining of the documents. Delegate tasks like legal research through planner and track through contract calendar. 4. Report: Visualization, rollups of the clauses used across the contracts, frequently deviated precedents, and analytics to review the contract by any keywords. Impact of external business condition changes like counter parties invoking force majeure can be studied. 5. Deep learning: NLP enabled algorithms for classification of large volume of inflight or legacy documents. Contract Analysis goes beyond simple review process and answers the business and legal questions to make contractual and regulatory decisions. ContractPrime has developed domain specific models to help organizations get started with minimal setup time.

PageLightPrime Our aim is to provide best information to all of our visitors. We feel very happy to serve you so visit to my article..