Fact: Nobody enjoys reviewing contracts

The process of reviewing contracts can be time-consuming, tedious, error-prone, and resource-intensive.

Thankfully, the advent of Artificial Intelligence (AI) and Machine Learning (ML) has revolutionized contract management by offering unprecedented efficiency, accuracy, scalability and speed.

Just upload your documents to Cloud Contracts 365, (it accepts multiple file formats .docx, PDF, PDF image) and it will generate a risk score to let you know how much risk it finds. It can review any contract, including third party documents. And you can compare versions (like you might in Teams) to see where the document has been changed.

We’re only human

Are you feeling a little hangry today? Didn't get a good night’s sleep? Irritated by that neighbour playing Metallica again? Humans are fallible creatures and human error is inevitable, especially when reviewing lengthy and intricate contracts. AI combined with ML algorithms, on the other hand, is consistently and remarkably accurate, which makes them the perfect partner for contract analysis. They never experience a food coma or a hangover. They can identify and flag potential errors, inconsistencies, or non-compliance issues within your contracts. It will notify you to ensure that you meet legal and regulatory requirements. By minimizing errors and improving compliance, organizations can mitigate legal risks and safeguard their interests.

Do you feel the need for speed?

Contract review by humans can be slow. Miss something, and the stakes are high.

By contrast, AI-powered contract review can swiftly process vast volumes of contracts, drastically reducing the time required for review and the stress of missing something critical.

Cloud Contracts 365 hones in on the commercial terms in your contracts at high speed (just a few minutes in most instances) and flags areas of concerns so that you make prompt decisions and seize business opportunities on the spot.

Contract standardization and consistency

One hidden area of risk in most businesses is a lack of consistency in the management of contracts. AI-based contract review systems employ ML algorithms to learn from patterns and previous reviews, enabling the establishment of standardized processes and consistent outcomes. This helps maintain uniformity across contract reviews, ensuring that similar clauses or terms are treated consistently. Standardization enhances clarity, reduces ambiguity, and facilitates easier comparison and benchmarking of contracts.

Less time on tedious work = more time to add value

Paying lawyers to review contracts can be expensive because it takes a lot of time. AI and machine learning automates repetitive tasks, streamlines workflows, and minimizes the need for manual intervention so your legal team can focus on higher-value activities such as negotiation, strategy, and relationship building.

AI can flex and grow to meet your business needs

AI-powered contract review solutions are highly scalable and adaptable. They can handle large volumes of contracts simultaneously, making them suitable for organizations with diverse portfolios or rapid growth.

All your ducks in a row

AI and ML technologies make collaboration a doddle. By centralizing all your contract data and providing a unified platform, it promotes transparency, streamlines communication, and fosters knowledge sharing. This leads to improved efficiency, reduced duplication of efforts, and better coordination among stakeholders.

Learn from your contracts (one day, in the forseeable future!)

AI-powered contract review will provide valuable business insights. It will allow you to go beyond surface-level analysis. Machine Learning algorithms can analyse historical contract data, identifying risks, and evaluating contract performance. By extracting data from a large body of contracts, Cloud Contracts 365 can identify trends, patterns, and potential risks, empowering you to make informed decisions, negotiate better terms, and proactively manage contractual obligations.

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