Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

How Does Clause Extraction NLP Work in Legal Tech?

July 20, 2021

Natural Language Processing (NLP) is a subfield of Artificial Intelligence (AI) that uses computational tools to tag, translate, summarize, analyze, and extract data for review. The result is a technology platform capable of "understanding" the contents of documents, including the contextual nuances of the language within them.  For example, AI-based legal software can flag an exclusivity provision as an urgent issue requiring review by a senior attorney.

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How Automated Contract Markup Accelerates Negotiations

July 13, 2021

Contracts are fundamental to every deal, whether you are focused on merging companies, protecting trade secrets, or outlining how a business relationship will unfold. Traditionally, a contract can take weeks or even months to negotiate. However, corporate culture today values immediacy, and businesses are placing increased pressure on legal departments to speed up the review and negotiation process.

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Mastering Agreements With Automated Contract Negotiation

July 8, 2021

Automated contract negotiation has arrived, and the most innovative legal departments and procurement teams are implementing the technology to accelerate contract negotiations and complete the work of experienced contract reviewers in a matter of minutes. As a leading pioneer in contract law artificial intelligence (AI) with well-known clients including NetApp and Panasonic, LexCheck has featured in The Wall Street Journal, the American Bar Association Journal and recognized by the Associate for Corporate Counsel’s Value Champion for 2021.

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Applying AI Contract Analysis to Template Agreements

June 24, 2021

A contract template includes sections of boilerplate language—terms and phrases that rarely, if ever, change from agreement to agreement. By starting from a uniform draft, lawyers can save time and resources in the earliest stage of contract negotiation. However, there are drawbacks to template agreements, as errors can arise at many points during the process.

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Capitalize on NLP for Contract Analysis

June 22, 2021

Natural language processing (NLP) is a rapidly growing interest area of artificial intelligence (AI). By 2025, the NLP market is projected to reach more than $43 billion in value—and for a good reason. As computers become more intelligent, they are able to take over tasks previously only completed by humans. The application of NLP in contract analysis goes beyond simply finding errors. It has the potential to change the negotiation process altogether.

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AI-Powered Business Operations Contract Negotiation

June 17, 2021

When conducting business operations contract negotiations, legal departments build on past successes. Contract negotiation powered by artificial intelligence (AI) automates this process and ensures contract terms strictly follow a company’s negotiation guidelines. As a company’s contract guidelines, or AI Digital Playbook, are updated, negotiations become more fine-tuned. Likewise, because AI “understands” where boilerplate language will not suffice, it can offer suggestions when clauses need to be revised or adapted to unique partnerships.

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Mastering Contract Risk Management With Artificial Intelligence

June 15, 2021

Individuals and organizations are exposed to risk when they sign a contract. Contract risk management defines the routine practice of minimizing personal or organizational risk when entering a contract. Vague language, omissions, outdated conditions, and poorly negotiated terms can represent significant blind spots for companies, whether they’re contracting with suppliers, subcontractors, customers, clients, partners, or third-party service providers.

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Build better contract negotiations with AI

Even the best lawyers can miss critical nuances that make their contracts less effective. Artificial intelligence gives you the guidance you need to meticulously write, review and negotiate contracts while streamlining legal operations.

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