Extract for Contract Analysis
Extract for Contract Analysis
Analyze and Review Legal Contracts Quickly & Accurately using AI
Organizations often have the need to perform legal work that involves reviewing hundreds or even thousands of contracts to establish their exposure to changes in legislation. It is becoming more and more important to enhance visibility of contract terms to respond to these changes in compliance, risk management and general due diligence reporting.
Organizations manually sort contracts into categories and read through a sample of each to extract the relevant details. In the case of Lease Review, lawyers would read and manually input what key information they had the time to extract from Lease Agreements into a spreadsheet.
Eliminate Manual Contract Reviews
The traditional manual method of manually reviewing thousands of contracts was extremely lengthy and inefficient. Typically, due to time and cost reasons, only checking a sample set of information is collated. This can expose the organization to risk of missing information as well as the risk of human error when performing the contract review.
With Extract for Contract Analysis you can:
- Eradicate human error on contract analysis
- Increase the speed of these tasks by several magnitudes
- Staff can also be re-deployed to more productive and rewarding tasks, leading to improved morale
- Risk is mitigated as the whole contract estate can be reviewed instead of using a common random sampling method, often traditionally used when trying to reduce workloads
Contract Intelligence using iManage Extract for Contract Review
iManage Extract is an application built upon the iManage RAVN AI platform that automatically reviews and analyses contracts.
It can automatically cluster agreements, including scanned PDFs, into separate contract categories. From each category the requested data points are extracted, such as landlord, tenant, key dates, rates etc.
iManage Extract then allows you to export the requested data into a spreadsheet or contract management engine.
The application has the ability highlights in the report where iManage Extract is unable to extract the data points or lacks confidence in the value. This is attributed to poor quality in the original documents or where sections of text has been crossed through and edited by hand.
In a recent example the exercise took two days to set up and could then process the full contract estate in minutes, compared to the traditional manual approach which had been estimated to have taken two junior lawyers over four months to perform.
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