Technology has greatly eased the burden of creating and managing contracts. Computers, e-signatures, and other advancements have chipped away at the time needed to manage contracts, and now, professionals can use AI to automate some tasks. AI contract management tools cut the time required to review and summarize contracts, all while reducing errors and mitigating risk. Take a glimpse at some ways you can save time and ensure accuracy with ConvergePoint AI.
Quickly Create Accurate Contract Summaries
In the past, legal teams had no choice but to create contract summaries manually, and some still use this method. To create a manual summary, one or more members of the legal team must read through the contract slowly, taking notes along the way. Those notes are then turned into a concise outline with all the key points and information. While concise, the outline must contain all vital information, including dates, stakeholders, and obligations.
Even with multiple team members working on the same contract, it can take hours to days to finish a single summary. It’s challenging for law firms to allocate the resources needed for such a lengthy process, but that’s not the only issue.
Humans have subconscious biases that impact how they interpret contracts. These biases can seep into summaries, possibly offending stakeholders. Consistency issues are also a concern when multiple people summarize one contract. Slight language changes can make the contract look biased and unprofessional.
You also can’t ignore the possibility of human error when summarizing contracts manually. Tired eyes may miss important clauses or input the wrong dates. While anyone can make mistakes, it’s most likely to occur when people struggle to keep up with the demands of a busy practice. Artificial intelligence has emerged as the antidote to these problems.
ConvergePoint AI reviews contracts, identifies the key information, and creates summaries in a matter of seconds. You can customize the summary based on your specific needs, but generally, these outlines contain the following:
- Involved parties
- Commencement, deadlines, and other important dates
- Financial terms
- Obligations
- Deliverables
- Termination and other key clauses
- Dispute resolution terms
ConvergePoint and other AI contract management tools are also trained to avoid biases and ensure consistency when generating summaries. The tools accomplish this while preventing the errors and mistakes that humans are prone to making when reviewing and summarizing complex legal documents.
Ensure Accuracy and Mitigate Risk
Accuracy and risk are two concerns when creating, reviewing, and managing contracts. Professionals want to ensure the contract accurately states the stakeholders’ intentions without creating unnecessary risk.
The ConvergePoint contract management tool looks for potential risks and possible errors you may have missed when drafting the document. It analyzes the contract information and compares it to historical data and company information. If it finds any inconsistencies or errors, it sends an alert so you can remedy the problem.
This tool also flags vague clauses and other sections that may put stakeholders at risk. With AI’s help, you’ll have sufficient information to understand the potential risk before signing a contract.
Streamline Contract Review with AI Contract Software
Stakeholders generally complete contract reviews within four to eight weeks, but it can take longer without a plan and structure in place. AI tools like ConvergePoint streamline contract review so you can move through each stage on schedule.
First, you can use the AI tool to set pre-defined rules for the review. You can set rules by contract type or create specific rules for a single contract. Once rules are set, you can add reviewers to the system and set rules for approving changes.
ConvergePoint AI contract software also allows you to create tasks and set deadlines during the contract review stage. The system will remind people when they have tasks to complete and send alerts if there are delays. People are apt to stay on track when receiving alerts, which speeds up the review process.
You can accelerate the process even more by adding pre-defined clauses to ConvergePoint. Reviewers can quickly add these clauses to the contract if needed, and you’ll see those additions by tracking changes and following the audit trail. You can compare all versions of the document to track the progress and read any comments reviewers have left. This level of transparency is vital when preparing contracts.
Related Article: How to Create Contracts Faster with AI Assisted Tools
Get Fast Answers to Questions
Questions often arise during the contract lifecycle, and finding answers isn’t always simple. Lawyers often have to dig through paperwork, pour over digital files, and ask coworkers, causing productivity to grind to a halt. This is especially problematic when a client is the one asking the question. Not only do you need the answer quickly, but it has to be accurate to protect your reputation and all parties’ interests.
AI tools such as ConvergePoint provide fast answers to important questions about contracts. Using natural language, you can ask ConvergePoint specific questions, like, “Does this contract have a confidentiality clause?” You will immediately receive a response to your question. It’s so quick that you can answer a client’s question without having to call back.
See an Immediate Overview of Active Contracts
Regular contract reviews are recommended to ensure compliance and relevancy. Manual reviews usually begin with the time-consuming process of tracking down the contracts. Once found, legal teams must scour over the information, searching for key terms, obligations, and clauses.
ConvergePoint provides a central location for storing and managing contracts, so the documents are always within easy reach. You can search for specific contracts or have the tool review all active contracts. These reviews contain key terms, obligations, and other vital information. You’ll also see which contracts are about to renew or expire and can have the system notify all interested parties if needed.
Increase Efficiency With AI Contract Management Tools
With ConvergePoint AI, you can maintain control over contract management while automating time-consuming tasks. Request a demo from ConvergePoint to see the AI contract management tool in action. Once you see how much easier contract management is with AI, you’ll be ready to add this tool to your arsenal.