AI has quickly become ubiquitous and a big part of modern life. For sure, you have heard of AI chatbots, AI image generators, and image writers. While these are the ones on the center stage, there are plenty of other useful AI tools out there. For example, there are AI contract review tools.
AI contract review tools, as the name implies, use AI to review contracts. These allow you to decide whether or not to sign a contract or make amendments. Interested? Continue reading to learn more.
In this article
Part 1. What Does an AI Contract Review Tool Offer?
AI legal contract review is the use of AI to analyze contracts. It helps you quickly find missing or incomplete clauses, incorrect wording, and other mistakes you may have missed. AI contract review also helps find risks and vulnerabilities in a contract.
Who uses AI contract review tools? Typically, that would be law firms and legal teams, as they're the ones who benefit from these tools the most. You can use these tools to quickly analyze large volumes of contracts. Without the use of such tools, this work will take lots of hours, hurting your productivity and efficiency.
The people who need to sign the contracts can also use AI contract review tools. You can use these to quickly understand the agreement or add comments.
Overall, AI contract review tools are great tools that ensure a contract signing will go as smoothly as possible.
Part 2. 6 Best-Performing AI Contract Review Tools
Here are the 6 AI contract review tools that you need to check first. Each offers a unique way to help you analyze contracts quickly.
Tool 1. Wondershare PDFelement - Best AI Contract Review Tool and Editor
Wondershare PDFelement is a robust PDF editor. You can use it for creating contracts through templates, editing the contracts, or signing them. Now, with AI integration, Wondershare PDFelement can help people in the legal field even better.
You can use Wondershare PDFelement's AI assistant, Lumi, to search for laws and regulations. Also, you can use its features, like the Proofread feature, to rewrite clauses and terms.
If there's a part that confuses you, you can use Wondershare PDFelement's comment feature to leave a note. This will help you find those parts more easily.
For those who need to sign the document, you can use Wondershare PDFelement's AI to summarize the agreement. It will help you find deal breakers or things that need amendment.
How To Use Wondershare PDFelement’s AI Assistant for Contract Review
- Open your contract in Wondershare PDFelement. Don’t worry if it is not in PDF. Wondershare PDFelement will convert it automatically.
- Click AI Sidebar > Chat with AI.
3. Ask the AI your questions. For example, ask “What clauses should be in an intellectual property contract?”
4. Read the AI assistant’s output and find the enumerated clauses in the contract.
Bonus: Use Wondershare PDFelement’s AI Contract Review Output to Draft a Contract
You can also create a contract draft using the output from the AI. Follow these steps to do so.
- Ask the AI your question. In this example, we’ll use the same as above: “What clauses should be in an intellectual property contract?”
- Lumi, the AI assistant, will generate a list. Enter a new prompt: “Create a contract outline using that list.”
3. Lumi will generate a contract outline. Follow it to draft your contract.
Tool 2. Legartis.ai - Customizable AI Contract Review Tool
Key Features:
- Unlimited contract review automation
- Extract data from thousands of contracts with one click
- Pre-trained, ready-to-use AI
- Strong data security
- Finds missing, faulty, or incorrect clauses
Legartis.ai offers a powerful contract analysis tool. The AI is pre-trained, meaning you can use it from day 1. But you can also train and customize it to suit your specific needs more. Likewise, you can train Legarthis' AI model to recognize more languages. Currently, it supports English and German only.
What does it do? It automates repetitive tasks, streamlining your workflow. Legarthis can also extract data from thousands of contracts with just a push of a button. It can show you incorrect, faulty, or missing clauses.
Tool 3. Summize - Quickly Find Risks Using This AI Contract Review Tool
Key features:
- Microsoft Word, Microsoft Teams, and Slack integration
- Highlight risk and opportunity across all contracts
- Automatically extracts key dates and adds them to the calendar
Do you feel like your revenue generation is too slow? Perhaps it's the contracts that are causing the slowdown. Maybe your legal team can't keep up with the increasing number of contracts coming from different departments. Summize is the tool to solve that issue. It can speed up contract review by 85%.
Summize is a cloud-based AI contract review tool that highlights risks and opportunities. It supports different types of contracts, so you can rest assured its outputs are accurate. Additionally, it extracts key dates like contract expiration date. Summize adds them to the calendar with reminders. With this, you won’t miss contract termination and renewal dates.
Tool 4. Legly – AI Contract Review for Deciding Whether To Sign or Not
Key Features:
- Highlights deal-breakers and missing clauses
- Extract metadata for populating your repositories
- Visual overview of all your contracts
- Smart search
Legly is one of the best AI contract review tools for business. It highlights missing clauses and deal-breakers in seconds. This allows you to quickly know what you're signing up for and decide whether to sign or not.
Businesses aren't the only ones who can use this tool, though. Enterprises, law firms, legal tech, and service providers can also benefit from using Legly. It can extract metadata, create cred-flag reports, assist you in task assignments, and more.
FAQs
Here are some frequently asked questions regarding AI contract review.
1. What are the benefits of using AI contract review tools?
Using AI contract review tools reduces the manual workload for your legal teams. This speeds up processes by 80 - 85%. Furthermore, AI tools can find missing clauses and incorrect wording more reliably. A human reviewer may miss some things here and there.
2. Are AI contract review tools suitable for all types of contracts?
Yes, you can use AI contract review tools for all types of contracts. Many of them allow you to select what type of contract it is that you're trying to analyze. This leads to a more accurate analysis.
3. How can AI Contract Review tools facilitate collaborations?
These tools facilitate collaboration by providing a centralized platform where legal professionals can access and review contracts. This promotes seamless communication, ensures consistency in analysis, and allows teams to work together more efficiently. Also, by expediting contract review, you also speed up the contract signing process. Thus, partnerships get secured faster.
4. What security measures are in place to protect sensitive legal information when using AI contract review tools?
Reputable AI contract review tool providers implement robust security measures, including encryption, access controls, and compliance with data protection regulations. Needless to say, it's crucial to choose a tool from a trusted provider. Ensure that it complies with relevant legal and security standards.
Conclusion
Contracts are key parts of partnerships, deals, agreements, and business operations. Nothing would move unless they are signed. But you must not rush them. You need to ensure everything is okay - there should be no missing clauses, you should identify deal-breakers, etc. However, manually doing this would take lots of time. The bigger the volume of contracts you need to review, the worse it gets.
That's why you should use AI contract review tools, which can finish this task in a few minutes. Also, you can use Wondershare PDFelement. With its AI tools, you can research legal terms, laws, and regulations. You can also use it to rewrite clauses, add notes, and edit the contract. It's a really useful tool to have.