Abstracting contract information is a complicated process that takes hours to finish. Luckily, that is just a thing of the past. The software market and the latest technology have now ventured into the legal arena. By bringing in contract analysis software, reviewing contracts and integrating documents are now made easy.
14+ Contract Analysis Software
2. Conga AI Analyze
6. Ayfie Inspector
8. Smart Contract Analytics
10. Wolters Kluwer offers M&A Clause Analytics
11. Wolters Kluwer Wiz
12. Aavenir Obligationflow
13. Anvi Legal
What Is Contract Analysis Software
Contract analysis software is a rule-based or machine learning based language processing tool that helps legal discovery experts to thoroughly review the contents of contracts. These tools allow abstraction of vital information from contracts, contract migration from a paper-based or legacy system to a new system, and due diligence and auditing.
The main benefit of implementing contract analysis software is that it improves the entire contract review process and easily integrates documents. Fueled by the latest developments in artificial intelligence, you can use contract analysis software to automatically locate, extract, and review key information and data points in just minutes.
Apart from enhanced visibility into your contracts, for a speedy snapshot of vital contract terms, the software quickly and intuitively responds to changes in law, terms, provisions, clauses, deadlines, and due dates.
Contract review tools are built on AI and machine learning to assist legal teams in conducting contract search, document tagging, e-signature, contract templating, alerts, dashboard, secure contract repository, and easy integration and import of documents.
Top 10 Contract Analysis Software
Kira is an excellent software for searching and analyzing contract text. This contract review software offers pre-built, machine learning models covering due diligence, general commercial, corporate organization, real estate, and compliance. Kira has 180 employees and makes $29.9M in revenue.
2. Conga AI Analyze
Conga AI Analyze is an AI-based legal tool that optimizes and streamlines the contract analysis process by scanning contract documents and automating analysis to determine key information and terms for an organization’s legal team.
kReveal is designed to help companies extract business and legal information from large portfolios of contracts. This reduces the cost and time for due diligence, compliances audits, obligations management, and risk analysis, among many other related aspects.
Brightleaf has a semantic intelligence engine/natural language processing technology for analyzing and abstracting commercial terms, legal provisions, and obligations from text-based legal documents.
Heretik is a lightweight contract review application designed to integrate into existing contract management tools, allowing teams to transform existing agreements into structured and actionable data.
6. ayfie Inspector
ayfie Inspector is a text analyzer that lets users find crucial information within structured or unstructured content, connecting activities, places, things, and time.
eBrevia uses AI to extract data from documents to bring unprecedented accuracy and speed to contract analysis, due diligence, and lease distribution.
8. Standav Smart Contract Analytics Platform
Standav Smart Contract Analytics Platform is a comprehensive contract discovery and analytics platform powered by AI and machine learning.
9. Imprima AI
Imprima AI is a suite of due diligence tools that minimizes outsourcing, negating the need for external providers to have access to confidential data. This, therefore, speeds up the due diligence process and controls costs.
10. Wolters Kluwer M&A Clause Analytics
Wolters Kluwer M&A Clause Analytics offers custom model agreements to reveal what to expect from opposing counsel based on their deal positions, deal size, and industry.
What Are the Primary Functions on Contract Analysis Software?
– Classifying document and contract type
– Extracting provisions, party names, dates, addresses, payment terms, and other important contract data in real-time
– Tracking both parties’ obligations, liabilities, and renewals
– Generating reports with the answers to your contracting and benchmarking questions
How Can I Identify Risks in a Contract?
You can identify risks in a contract by evaluating contract types (like MSA or SOW), value, financial terms, privacy requirements, contract age, the use of certain clauses, or other data points. For more insights, you may also visit our blog about Contract Management Software.
What Do We Mean by Contract Review Process?
A contract review refers to the thorough examination of a legal agreement before it is signed to ensure clarity and accuracy in everything that is stated in the document. This gives your company the confidence to move forward according to agreement terms.
Contract analysis covers many different business and legal aspects, which are all derived from the contract clauses. In addition, there are many important factors that can affect the interpretation of a contract, and that includes language and styles. Different agreement types can have different types of language in similar clauses. This is why the analyst must be very careful. Indeed, it sounds complicated, but contract review software will help streamline the process every step of the way.
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