Automated Contract Review Workflow with AI Integration

Automated Contract Review and Risk Assessment

1. Initiation Phase

1.1 Document Collection

Gather all relevant real estate contracts and associated documents from stakeholders.

1.2 AI Tool Selection

Select appropriate AI-driven legal tools for the review process. Recommended tools include:

• LawGeex: An AI-powered contract review platform that compares contracts against predefined criteria.
• Kira Systems: Utilizes machine learning to extract and analyze key contract clauses.
• ROSS Intelligence: Leverages AI to provide legal research and insights related to contract terms.

2. Review Phase

2.1 Automated Document Analysis

Employ AI tools to conduct an initial review of contracts, identifying key terms, obligations, and risks.

2.2 Risk Assessment

Utilize AI algorithms to assess potential risks associated with contract terms, including:

• Liability clauses
• Termination conditions
• Compliance with local regulations

2.3 Flagging Issues

AI tools automatically flag discrepancies or areas of concern for human review, ensuring critical issues are not overlooked.

3. Review and Approval Phase

3.1 Human Review

Legal professionals review flagged issues, providing insights and recommendations for amendments.

3.2 Collaboration Tools

Utilize platforms like DocuSign or ContractWorks for collaborative editing and real-time communication among stakeholders.

3.3 Final Approval

Once amendments are made, the final contract is prepared for approval. Utilize AI tools to ensure compliance with all changes.

4. Execution Phase

4.1 Digital Signing

Facilitate the electronic signing of contracts using tools like Adobe Sign or HelloSign.

4.2 Document Storage

Store executed contracts in a secure, AI-enabled document management system for easy retrieval and compliance tracking.

5. Post-Execution Phase

5.1 Performance Monitoring

Implement AI tools to monitor contract performance and compliance over time, identifying potential breaches.

5.2 Reporting and Analytics

Utilize analytics tools to generate reports on contract performance, risks, and compliance metrics, aiding in future contract negotiations.

6. Continuous Improvement

6.1 Feedback Loop

Establish a feedback mechanism to continuously improve the contract review process based on insights gained from AI analytics.

6.2 Tool Optimization

Regularly assess and update AI tools and methodologies to ensure optimal performance and accuracy in contract reviews.