AI Driven Automated Contract Review and Generation Workflow

Automated Contract Review and Generation

1. Initial Document Submission

1.1 User Uploads Contract

The user uploads the contract document through a secure online portal.

1.2 Document Format Verification

AI tools such as DocuSign Insight or ContractPodAI verify the document format and ensure it is compatible for analysis.

2. AI-Powered Contract Analysis

2.1 Pre-Processing of Document

The document undergoes pre-processing where AI algorithms extract key data points, such as parties involved, dates, and obligations.

2.2 Risk Assessment

Utilizing tools like Kira Systems or Luminance, the AI conducts a risk assessment by identifying clauses that may pose legal risks.

2.3 Compliance Check

AI-driven compliance tools, such as LawGeex, check the contract against relevant regulations and standards to ensure compliance.

3. Contract Generation

3.1 Template Selection

The user selects a contract template from a library of AI-generated templates tailored to specific industries.

3.2 Customization through AI

AI tools like LegalZoom provide recommendations for clause customization based on user inputs and past contract data.

4. Review and Approval Process

4.1 AI-Enhanced Review

AI tools automatically flag any discrepancies or unusual terms for legal review, ensuring thorough examination.

4.2 Collaboration and Feedback

Users can collaborate in real-time using platforms such as Microsoft Teams or Slack, integrating AI insights into discussions.

4.3 Final Approval

Once all feedback is incorporated, the final version is submitted for approval through an AI-driven workflow management system, such as Asana.

5. Execution and Storage

5.1 Digital Signing

The contract is executed using electronic signature tools like DocuSign or Adobe Sign.

5.2 Secure Storage

Post-execution, the contract is securely stored in a cloud-based repository, utilizing AI for future retrieval and management, such as iManage.

6. Post-Execution Monitoring

6.1 Performance Tracking

AI tools monitor contract performance against defined KPIs, providing alerts for key dates or obligations.

6.2 Renewal and Amendment Notifications

AI systems send automated reminders for renewals or necessary amendments, ensuring proactive contract management.

7. Continuous Improvement

7.1 Data Analysis

Utilizing analytics tools, the AI assesses contract outcomes to identify areas for improvement in future contracts.

7.2 Feedback Loop

Regular feedback from users is integrated into the AI model to enhance the accuracy and efficiency of the contract review and generation process.