Automated AI Contract Review and Drafting Workflow Guide

Automated Contract Review and Drafting Workflow

1. Initial Contract Submission

1.1 Client Upload

Clients submit contracts through a secure online portal.

1.2 Document Format Verification

AI tools verify the format and completeness of the submitted documents.

2. AI-Powered Contract Analysis

2.1 Natural Language Processing (NLP)

Utilize NLP algorithms to extract key clauses and terms from the contract.

Example Tool: LawGeex – An AI platform that analyzes contracts and highlights potential issues.

2.2 Risk Assessment

AI systems assess the contract for legal risks and compliance issues.

Example Tool: Kira Systems – A tool that identifies risky clauses and suggests alternatives.

3. Review and Recommendations

3.1 Automated Suggestions

The AI generates recommendations for revisions based on best practices.

3.2 Human Review

Legal professionals review AI-generated suggestions and make necessary adjustments.

4. Drafting New Contracts

4.1 Template Selection

AI tools assist in selecting appropriate templates based on client needs.

Example Tool: Contract Express – A document automation tool that helps create customized contracts.

4.2 Automated Drafting

AI-driven systems automatically populate templates with relevant client data.

5. Final Review and Approval

5.1 Quality Assurance

Legal teams conduct a final review of the drafted contract for accuracy and compliance.

5.2 Client Approval

Contracts are sent to clients for final approval via secure electronic signature platforms.

Example Tool: DocuSign – A widely used electronic signature solution.

6. Contract Storage and Management

6.1 Digital Storage

Approved contracts are stored in a secure cloud-based document management system.

Example Tool: iManage – A document management system designed for law firms.

6.2 Ongoing Monitoring

AI tools monitor contract performance and alert legal teams of key dates and obligations.

Example Tool: Agiloft – A contract lifecycle management software that automates monitoring tasks.

7. Continuous Improvement

7.1 Feedback Loop

Collect feedback from clients and legal teams to enhance the AI tools and processes.

7.2 Updates and Training

Regularly update AI algorithms and train staff on new features and best practices.