What is Contract Analysis Software?
Sometimes, companies (and the professionals who serve them) need to review contracts in bulk. Generally, these projects tend to break down into two broad categories: (1) event-driven contract reviews (i.e., help determine implications of a company sale or financing (e.g., M&A due diligence) or a major change event (e.g., Brexit or the LIBOR transition)), and (2) knowledge management contract reviews (e.g., loading details of legacy contracts into a company’s CLM; a law firm trying to determine “what’s market” in private merger agreements). Contracts analysis software helps accelerate these project-based contract reviews, and can make it more accurate and comprehensive too.
We happen to know the contract analysis software business reasonably well: our previous business was Kira Systems, which was an early and pretty-well-adopted vendor to professional services firms for contract analysis software. When we exited the business, some 18 of the top-25 global mergers & acquisitions law firms subscribed to Kira, as well as parts of all the Big Four.
How Contracts AI helps in contract analysis software
Contract analysis software tends to be about enabling users to review contracts faster and more accurately. Contracts AI plays a big part in this, finding relevant documents, entities, and provisions; (sometimes) interpreting findings (e.g., saying that a contract is “exclusive” or “not-exclusive” rather than only identifying presence of exclusivity clauses); grouping connected documents; connecting related agreements; identifying non-standard language; identifying missing pages and unsigned documents. Users of AI-enabled contract analysis software report that it enables them to review contracts as or more accurately in 20–90% less time.
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