AI-based Contract Review System

An AI-based Contract Review System is a contract agreement review system that is an AI-supported system and can support automated contract review processes.

AKA: AI-Assisted Contract Review System, AI-Supported Contract Review System, AI-Powered Contract Review System, AI-driven Contract Review System, AI-Driven Contract Review System, Intelligent Contract Review System, Contract Review AI System, AI-Assisted Contract Analysis System.
Context:
- It can (typically) assist AI-based Contract Review Legal Professionals by identifying potential issues, risks, and areas for negotiation in contracts.
- It can (typically) require AI-based Contract Review Training Datasets containing hundreds or thousands of AI-based contract review example contracts.
- It can (typically) achieve AI-based Contract Review Accuracy Levels exceeding 90% for AI-based contract review standard clauses.
- It can (typically) identify AI-based Contract Review Non-Standard Terms that deviate from AI-based contract review organizational standards.
- It can (typically) extract AI-based Contract Review Key Figures including AI-based contract review payment terms and AI-based contract review obligation dates.
- It can (typically) generate AI-based Contract Review Redlined Documents with AI-based contract review suggested changes.
- It can (typically) reduce AI-based Contract Review Time Measures by more than 50% compared to AI-based contract review manual processes.
- It can (typically) require AI-based Contract Review Human Oversight for AI-based contract review complex negotiations and AI-based contract review final decisions.
- It can (typically) perform AI-based Contract Review Element Identification through AI-based contract review semantic analysis and AI-based contract review structure detection.
- It can (typically) assess AI-based Contract Review Risk Items through AI-based contract review condition analysis and AI-based contract review obligation tracking.
- It can (typically) support AI-based Contract Review Automated Workflows through AI-based contract review process orchestration.
- ...
- It can (often) based on a AI-based Contract Review Intelligent Solution.
- It can (often) involve AI-based Contract Review Document Analysis and AI-based Contract Review Information Extraction from contracts to facilitate a quicker and more efficient review process.
- It can (often) provide insights and recommendations based on the extracted information, aiding in AI-based contract review decision-making.
- It can (often) require ongoing training and updates to keep up with changes in AI-based contract review law and AI-based contract review legal standards.
- It can (often) identify AI-based Contract Review Compliance Risks and AI-based contract review contractual obligations within AI-based contract review legal documents.
- It can (often) learn from AI-based Contract Review Pattern Recognition to improve AI-based contract review accuracy over time.
- It can (often) process AI-based Contract Review Multi-Language Documents using AI-based contract review natural language processing.
- It can (often) streamline AI-based Contract Review Due Diligence Processes through AI-based contract review batch processing and AI-based contract review parallel analysis.
- It can (often) support AI-based Contract Review Legal Workflows through AI-based contract review process automation.
- ...
- It can range from being a Simple AI-based Contract Review System to being a Comprehensive AI-based Contract Review System, depending on its AI-based contract review scope.
- It can range from being an AI-based Contract Risk Review System to being an AI-based Contract Compliance Review System, depending on its AI-based contract review focus.
- It can range from being a Rule-Based AI-based Contract Review System to being a Deep Learning AI-based Contract Review System, depending on its AI-based contract review sophistication level.
- It can range from being a Single-Language AI-based Contract Review System to being a Multi-Language AI-based Contract Review System, depending on its AI-based contract review language processing capability.
- It can range from being a Standalone AI-based Contract Review System to being an Integrated AI-based Contract Review System, depending on its AI-based contract review deployment model.
- It can range from being a Non-Interactive AI-based Contract Review System to being an Interactive AI-based Contract Review System, depending on its AI-based contract review interaction model.
- It can range from being a Batch-Processing AI-based Contract Review System to being a Real-Time AI-based Contract Review System, depending on its AI-based contract review processing approach.
- ...
- It can reduce the AI-based Contract Review Time Measure and AI-based Contract Review Effort Measure, thereby increasing overall efficiency.
- It can support both AI-based Contract Review Pre-Signature Review and AI-based Contract Review Post-Signature Review, enhancing contract lifecycle management.
- It can be integrated into existing AI-based Contract Review Management Processes to augment human expertise.
- It can be described in a AI-based Contract Review Automation Professional Presentation or a AI-based Contract Review Automation Publication.
- It can be within an AI-based Contract Review Assistant.
- It can interact with AI-based Contract Review Document Management Systems through AI-based contract review system integration interfaces.
- It can enhance AI-based Contract Review Legal Decision Making through AI-based contract review analysis insights.
- ...
Example(s):
- AI-based Contract Review Commercial Platforms, such as:
  - Thomson Reuters AI-based Contract Review Platforms, such as:
    - Thomson Reuters Document Intelligence implementing AI-based contract review machine learning for AI-based contract review information extraction (https://legal.thomsonreuters.com/en/products/document-intelligence).
  - LegalTech AI-based Contract Review Platforms, such as:
    - ThoughtRiver's Lexible Fusion AI Engine, a AI-based contract review legal AI engine designed to automate AI-based contract review editing and AI-based contract review approval processes (https://www.thoughtriver.com/).
    - LawGeex's AI, a AI-based contract review platform that integrates a AI-based contract review managed-AI designed to automate the AI-based contract review process (https://www.lawgeex.com).
    - ContractSafe [AI]ssistant, an AI-based contract review management platform designed to automate AI-based contract review (https://www.contractsafe.com).
    - Legartis AI, an AI-based contract review service provider (https://www.legartis.ai).
    - LegalOn Assistant using AI to interpret and review contracts, saving significant time and reducing the risk of AI-based contract review human error.
    - Onit ReviewAI System implementing AI-based contract review automation for AI-based contract review enterprise clients.
- AI-based Contract Review Technical Components, such as:
- AI-based Contract Review Functional Capabilities, such as:
  - AI-based Contract Review Information Extraction Capabilities, such as:
    - AI-based Contract Review OCR Systems that automate the extraction of information from AI-based contract review legal documents.
    - AI-based Contract Review Key Term Extractors identifying AI-based contract review critical provisions.
    - AI-based Contract Review Clause Extraction Systems locating and categorizing AI-based contract review standard clauses and AI-based contract review custom clauses.
  - AI-based Contract Review Analysis Capabilities, such as:
    - Automated identification of AI-based contract review non-compliance issues in a contract.
    - Highlighting of AI-based contract review unfavorable terms using AI-based Contract Review Natural Language Understanding.
    - Comparison of a contract against a database of AI-based contract review legal precedents and AI-based contract review standards.
    - AI-based Contract Review Obligation Tracking monitoring AI-based contract review performance requirements and AI-based contract review deadline items.
  - AI-based Contract Review Output Generation Capabilities, such as:
    - Generation of a AI-based contract review redlined document indicating suggested changes.
    - Prediction of potential AI-based contract review legal disputes based on AI-based contract review language analysis.
    - AI-based Contract Review Analytics Generation producing AI-based contract review performance metrics and AI-based contract review trend analysis.
- AI-based Contract Review Interactive Systems, such as:
  - AI-based Contract Review Query Conversation Systems, such as:
    - AI-based Contract Review Element Query System for AI-based contract review component explanations.
    - AI-based Contract Review Requirement Query System for AI-based contract review obligation clarifications.
  - AI-based Contract Review Conversational Systems, such as:
    - AI-based Contract Review Risk Discussion System for AI-based contract review risk exploration dialogues.
    - AI-based Contract Review Compliance Dialog System for AI-based contract review requirement verification discussions.
- ...
Counter-Example(s):
- Manual Contract Review: The process of reviewing contracts solely by human legal experts without AI support.
- Generic Document Analysis: Analysis of documents that are not specifically legal contracts or do not require specialized legal interpretation.
- Automated Legal Advice: Providing legal advice or decisions without human oversight, which typically remains the domain of licensed legal professionals.
- Non-Contract AI Applications: Other AI applications outside the realm of contract review, like Automated Image Recognition or Predictive Text Generation.
- Customer Relationship Management (CRM) System, which manages customer interactions rather than AI-based contract review legal documents.
- Accounting Information System, which processes financial data rather than AI-based contract review contractual terms.
- Human Resource Management System, which handles personnel matters rather than AI-based contract review agreements.
- Inventory Management System, which tracks physical goods rather than AI-based contract review legal obligations.
- Contract Template AI System, which only handles AI-based contract review document generation without AI-based contract review analysis capabilities.
- Legal Research AI System, which focuses on AI-based contract review case law analysis rather than AI-based contract review contract-specific processes.
See: Contract Analysis, Legal Document Critical Evaluation, Machine Learning in Law, Contract Lifecycle Management, Natural Language Processing, AI in Legal Tech, Contract Management System, Legal Tech, Machine Learning, Contract Issue-Containing Clause Writing System, AI-Supported Contract Analysis System, Legal AI System, Document Analysis AI, Contract Review-Supporting System, AI-Supported Contract Review Workflow, Automated Contract Review Software System, Contract Risk Management System, AI-Powered Contract Review Solution, Contract Management Platform (CMS), Legal-Domain Technology Product, Automated Contract Analysis Task, Contracts-Skilled Information-Providing Chatbot, Legal-Domain Information-Providing Conversational AI System, Automated Contract Review Workflow, Contract Automation Agent.

References

2024

(ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept AI-Supported Contract Review in 1- 2 paragraphs. ChatGPT (model:gpt-4-turbo-preview). Retrieved: 2024-05-25.
- QUOTE: AI-supported contract review is a transformative approach in the field of legal technology, leveraging artificial intelligence to streamline the process of scrutinizing legal contracts. This method employs sophisticated algorithms to read, understand, and analyze legal documents at speeds and scales unattainable by human legal teams. AI tools in this context can quickly identify key information, clauses, and potential issues within contracts, such as compliance risks, obligations, and entitlements, enabling legal professionals to focus on higher-level analysis and decision-making rather than manual, time-consuming document review. These AI systems are trained on vast datasets of legal texts, from which they learn to recognize patterns, terminology, and the implications of various contractual elements. The result is a more efficient, accurate, and cost-effective method for reviewing contracts, reducing the likelihood of human error and freeing up legal professionals to concentrate on more strategic tasks.
  By integrating AI-supported contract review processes, businesses and legal firms can achieve a greater level of precision in risk management and contract negotiation, ensuring that agreements are fully optimized and compliant with relevant laws and regulations. This technology is continuously evolving, with ongoing improvements in natural language processing (NLP) and machine learning algorithms enhancing the depth of analysis these AI systems can provide. As adoption grows, AI-supported contract review is set to become a standard tool in the legal arsenal, revolutionizing how contracts are managed and paving the way for more sophisticated legal service delivery models.

2023a

(Thomas Reuters,2023) ⇒ "How AI contract review technology can ease the headache of tedious tasks". Published: August 15, 2023. In: Thomas Reuters Blog.
- QUOTE: Machine learning is a subset of artificial intelligence, that uses algorithms to “teach” software to learn from a data set and perform certain tasks. In contract review, this means using a set of hundreds or thousands of real contracts to teach the software to identify pieces of information.
  For instance, Document Intelligence can identify pertinent information from hundreds or thousands of documents in minutes. Thomson Reuters Practical Law attorney editors train Document Intelligence to identify contract types, contract provisions, and terms. It can also extract key figures like payments and dates for obligation data you can trust. Go beyond keyword search and tap into truly accurate results based on the context and intent of the text itself. With answers delivered almost instantly, users have accelerated information retrieval and review by more than 50% (...)
  (...)When companies rely on their legal team or domain experts to independently train AI models to align with their organizational needs, it often leads to a delayed realization of value and less precise outcomes. Consequently, initial high expectations may turn into disappointment. The reason for this is two-fold:
  - 1. AI requires a substantial amount of data, and that large volume of data also must be diverse to build scalable and accurate models.
  - 2. Most legal teams aren’t experts in training AI models and have a never-ending, growing to-do list. While the desire to innovate is strong, it becomes challenging to invest significant time in training AI when the business demands our utmost attention to fulfill our legal duties.

Document Intelligence is trained by Practical Law attorney editors and experienced subject-matter experts to work on day one. Models are robust and continuously improved, at no additional cost to the customer.

2023b

(Button, 2023) ⇒ Ken Button (2023), "How To Use AI To Simplify Contract Review". In: [ContractSafe Blog].
- QUOTE: Contract review is the process of examining a document to ensure its accuracy and completeness. Now, imagine having a brilliant assistant who does that for you. And they’re much faster, make fewer mistakes, and can handle thousands of contracts without burning out. That’s AI contract review.
  Instead of manually sifting through pages of legal jargon, AI swiftly scans, analyzes, and highlights key areas in contracts. It’s like a magnifying glass that can spot even the tiniest details in your contracts, and it learns from previous contracts, so every time it checks a new one, it becomes even smarter.

2022

(Schnetzer, 2022) ⇒ Nicole Schnetzer (2022). "Automated Contract Review: AI is the Future". In: Legartis Blog.
- QUOTE: Automated contract review is an AI-supported application, which analyses a contract clause by clause and structures the results for the user. The software guides the user through the contract review and gives instructions on how to deal with clauses, which are not in conformity with the company. The review and analysis takes place within seconds and delivers meaningful and precise results. Automated contract review is based on the use of artificial intelligence (Legal AI), which is pretrained and is continuously trained with new types of contracts and data sets. The AI is therefore always up to date and well prepared to review numerous types of contracts. The AI can currently draw on the knowledge of hundreds of contracts and uses pre-defined clusters, in order to achieve the highest possible level of accuracy when reviewing.

2021

(Bechor, 2021) ⇒ Noory Bechor (2021). "Demystifying AI-powered Contract Review Solutions - The Case for Managed AI". In: The LawGeex Blog.
- QUOTE: To provide some valuable context, LawGeex began seven years ago with the vision to automate the contract review process so that legal teams would be able to completely delegate this type of routine review work to technology, thereby freeing up their time to work on more strategic initiatives. After working with many clients over the years, we realized that the level of accuracy and customization required to delegate entirely to a machine was not quite the right approach. Our experience has taught us that AI alone is not yet sophisticated enough to handle the complex nature of contracts. As is the case with many other fields (e.g., autonomous vehicles, manufacturing robots, creditworthiness, etc.), and with many advanced, well-known AI-based applications including Facebook and Google, actual humans are required to close knowledge gaps and properly train the AI until technology reaches the desired level of maturity.
  This realization allowed us to move from an AI-only model to that of “Managed AI”, combining the capabilities of both artificial intelligence and human expertise. This model delivers more accurate results and empowers clients to truly delegate their contract work with complete confidence.