Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

Standard Business Agreement Contract Negotiation and Modification Using AI

July 29, 2021

A company’s value is retained in its contracts. Corporate lawyers invest significant time, thought, and energy into detailing business relationships and clarifying the terms of service. As a result, good standard business agreement contracts protect both parties in the event of a breach of etiquette. With the help of artificial intelligence (AI), corporate legal departments and procurement teams are discovering how to ensure their agreements adhere to company guidelines while accelerating the review and negotiation process from days or even weeks to mere minutes.  

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Why AI Is Critical in Contract Management Solutions

July 27, 2021

Contract management can be a complex undertaking. While some legal departments have succeeded in updating from manual to digital contract processes, for most there remains room for improvement. Forrester’s State of Contract Management 2020 report found that a third of contracts require over 30 hours to negotiate, and 52 percent of companies examine three or four versions of a contract before finalizing a deal.

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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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