Revolutionize Contracting with AI: Efficient, Accurate, and Streamlined

Table of Contents

1. Introduction
2. AI-powered Contracting
3. How AI Contracting Works
4. Uploading and Analyzing a Contract
5. Navigation and Features in We Agree
6. Contract Sheet and Metadata
7. CLM Contract Analysis and Results
8. The Clause Outline
9. Navigating the Contract
10. Risk Assessment and Policy Compliance
11. Duration and Termination of the Agreement
12. Using the AI-Driven Contract Review
13. The Future of AI Contracting
14. Conclusion

Introduction

AI Contracting is revolutionizing the way contracts are handled in various industries, providing efficient and accurate contract review and risk assessment solutions. In this article, we will delve into the world of AI-powered Contracting, exploring how it works, its benefits, and its potential for the future.

AI-powered Contracting

AI Contracting utilizes advanced artificial intelligence algorithms to analyze and process contracts, making the contracting process faster, more accurate, and less prone to errors. By automating various aspects of contract review and risk assessment, AI Contracting streamlines the entire contracting process, saving time and resources for businesses.

How AI Contracting Works

AI Contracting employs GPT (Generative Pre-trained Transformer) models, such as GPT4 Turbo, to analyze contracts. These models can be integrated with other GPT instances for enhanced performance. When a contract is uploaded, AI Contracting extracts Relevant metadata, identifies key contract topics, and performs a thorough review and risk assessment of the document.

Uploading and Analyzing a Contract

Uploading a contract to AI Contracting is a seamless process. Contracts can be forwarded via email to the designated portal, where they appear in the user's inbox. Alternatively, there are other convenient ways to upload contracts into the system. Once uploaded, AI Contracting prompts the user to enter metadata to facilitate contract identification and management. The document is then analyzed by the AI, while the user can monitor the progress.

Navigation and Features in We Agree

In the We Agree platform, the left-HAND side navigation provides easy access to various sections of the contract sheet. It includes a general overview, contract repository, specific contract metadata, and tasks related to the contract. Users can invite colleagues, assign tasks, and involve guest users through this interface, ensuring smooth collaboration throughout the contract lifecycle.

Contract Sheet and Metadata

The contract sheet in We Agree categorizes contract metadata based on the type of agreement, such as distribution agreements. It covers essential operational, commercial, financial, and legal aspects of the contract. By capturing comprehensive data, AI Contracting enables more advanced contract lifecycle management, optimizing operational efficiency and risk management.

CLM Contract Analysis and Results

Once the AI analysis is complete, the results are categorized according to the systematic structure of the contract sheet. The AI highlights clauses and provides a risk assessment based on predefined policies. Users can navigate through these results, accessing detailed information about each clause and its metadata. The AI review panel on the right side of the screen displays the analysis and risk assessment.

The Clause Outline

The left margin of the contract sheet features a clause outline, which serves as a convenient table of contents for the analyzed contract. Users can click on the clauses to navigate directly to the relevant sections of the contract. This structure ensures easy comprehension and access to specific contract details.

Navigating the Contract

There are three ways to navigate a contract within the We Agree platform. Users can click on the table of contents, scroll through the contract and click on highlighted text, or click on specific clauses in the agreement. Regardless of the method chosen, the corresponding section in the right panel will display the metadata details and risk assessment for easy reference.

Risk Assessment and Policy Compliance

The AI-driven risk assessment in AI Contracting evaluates various factors, including compliance with predefined policies. It intelligently identifies risks and marks clauses as conforming to policies or high-risk. Specific policy criteria, such as competition law compliance, automatic contract extensions, and distribution exclusivity, are considered during the assessment. This assessment aids in policy compliance and regulatory adherence.

Duration and Termination of the Agreement

The AI analysis accurately identifies the duration and termination conditions of the agreement, even if they are not explicitly stated in the contract. By referencing the starting date and duration, AI Contracting determines the contract's expiration date. This feature ensures that organizations can effectively manage contract timelines and avoid inadvertent violations of competition law.

Pros:

• Efficient contract review and risk assessment
• Time-saving automation
• Enhanced contract lifecycle management
• Easy navigation and access to contract details
• Policy compliance and regulatory adherence

Cons:

• Dependency on reliable and accurate contract metadata
• Limited to reviewing and assessing contracts, not providing legal advice

Using the AI-Driven Contract Review

Authorized users can leverage the AI-driven contract review in We Agree by marking clauses as acceptable or highlighting concerns. This functionality allows users to actively collaborate and make informed decisions based on their expertise and risk tolerance. By engaging with the AI-driven insights, users can streamline the review process and ensure contract compliance.

The Future of AI Contracting

The future of AI Contracting is promising, with continuous improvements in user experience and functionality. AI Contracting platforms are expected to become more intuitive and user-friendly, making contract review and risk assessment even more accessible to businesses. With advancements in AI technology, the potential for AI Contracting to revolutionize Contract Management is limitless.

Conclusion

AI Contracting offers a Game-changing solution for businesses seeking efficient and accurate contract review and risk assessment. By leveraging AI algorithms and GPT models, organizations can streamline their contracting processes, save time and resources, and make informed decisions. With AI Contracting paving the way, the future of contract management is set to be spectacularly exciting.

Highlights:

• AI-powered Contracting revolutionizes contract review and risk assessment.
• We Agree platform utilizes GPT models for advanced contract analysis.
• Efficient uploading and analysis of contracts with AI Contracting.
• Intuitive navigation and comprehensive contract sheet in We Agree.
• Results categorized based on systematic contract metadata.
• Identify risks, assess compliance, and manage contractual obligations.
• Accurate determination of contract duration and termination.
• Interactive AI-driven contract review empowers users to make informed decisions.
• Promising future with continuous improvements in AI Contracting technology.

FAQ:

Q: What is the benefit of using AI Contracting? A: AI Contracting offers efficient and accurate contract review and risk assessment, saving time and resources for businesses. It streamlines the entire contracting process and improves contract management.

Q: How does AI Contracting analyze contracts? A: AI Contracting utilizes advanced AI algorithms, such as GPT models, to extract metadata, identify key contract topics, and perform a thorough review and risk assessment of the document.

Q: Can AI Contracting handle different types of contracts? A: Yes, AI Contracting can analyze various contract types, including distribution agreements, by categorizing contract metadata based on the specific agreement type.

Q: How does AI Contracting ensure policy compliance? A: AI Contracting assesses contracts against predefined policies, such as competition law compliance and other regulatory requirements. It highlights clauses that conform to policies or pose high risks.

Q: What is the future of AI Contracting? A: The future of AI Contracting looks promising, with improvements in user experience and functionality expected. AI Contracting platforms will become even more intuitive and user-friendly, revolutionizing contract management.

Resources:

• We Agree