ContractPrime releases AI powered Contract Review
December 3, 2022, Singapore – ContractPrime, leader in legal ops software has enhanced its contract review solution with the release of Machine Learning assisted negotiation platform. Trained models for different industry verticals and departments are made available for the clients to take advantage of automated review process.
Third party contracts can be analyzed and negotiated with confidence now as the enhanced solution will mark the non-standard clauses. Terms and keywords like jurisdiction, contract period and renewal terms are extracted. Risk scores are automatically calculated, and alternatives clauses are provided from the precedent bank.
Artificial Intelligence solution is developed based on feedback ContractPrime has received from the clients and the need to automate the first pass of document review saving lawyer’s time. Any associated agreements from contract repository, based on counter party or work division are marked and displayed as knowledge graph. Reviewers can visualize the relationship between contracts and analytics of the clauses used across the documents in the Legal Ops platform.
“In-house lawyers are offering strategic business advice and efficient contract review is needed”, says Chandra Jeganathan, CEO of ContractPrime. “ContractPrime ships with models to identify document types and mark terms and keywords for easier analysis of third-party contracts. Risk scoring can be configured by governance team to highlight document sections that need lawyer attention”. The model is developed based on ContractPrime internal legal team in line with industry and organization accepted standards. Extensions can be configured by power users to suit ever-changing business requirements.
Legacy contracts on paper can now be scanned and ML engine can extract business data, to be presented on the dashboard for further management review. “Business is no longer blindsided by contract breaches or overruns as paper agreements are digitized successfully”, says Nithy Sethu, Product Manager of ContractPrime. “Data from years of paper contracts, which are in storage can be analyzed helping business to make informed decisions on credit exposure to supply chain shocks”. Contract repository data can be reported to understand the most used clauses. ML engine can monitor for any contract changes and notify contract owners, with links to legislation or regulation, to intervene and reduce risks when negotiating with external contracts.
Legal Ops solution built on Microsoft 365 for end-to-end corporate legal department needs with integrated CLM, Matter Management, Spend Management, Compliance and Legal Library. Contract workflow software can be adopted for department needs with templates available for FMCG, Finance, Manufacturing and Healthcare domains. ContractPrime consulting can review the in-house maturity model and make recommendations to achieve the digital transformation objectives.
More information about ContractPrime can be found at www.contractprime.com