Automated Contract Review Workflow with AI Integration

Automated Contract Review and Due Diligence

1. Initial Document Submission

1.1 Client Upload

Clients upload contracts and related documents through a secure portal.

1.2 Document Format Verification

AI tools verify the format and completeness of submitted documents using Optical Character Recognition (OCR) technology.

2. AI-Powered Contract Analysis

2.1 Data Extraction

Utilize AI-driven tools such as Kira Systems or Luminance to extract key clauses, terms, and obligations from the contracts.

2.2 Risk Assessment

Implement AI algorithms to assess potential risks associated with contract terms. Tools like LawGeex can provide insights into compliance and legal risks.

3. Review and Comparison

3.1 Benchmarking Against Standards

Use AI tools to compare contract terms against industry standards and best practices, identifying deviations and potential issues.

3.2 Highlighting Anomalies

AI systems, such as ROSS Intelligence, can highlight anomalies and unusual clauses for further review by legal professionals.

4. Collaboration and Feedback

4.1 Internal Review

Legal teams review AI-generated insights and collaborate using platforms like ContractPodAI for real-time feedback.

4.2 Client Communication

Facilitate communication with clients through integrated messaging systems to discuss findings and recommendations.

5. Finalization and Approval

5.1 Revision and Editing

Utilize AI-assisted editing tools to refine contract language and ensure clarity before final approval.

5.2 Approval Workflow

Implement an automated approval workflow using tools like DocuSign to obtain necessary signatures and finalize the contract.

6. Archiving and Compliance

6.1 Document Storage

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

6.2 Compliance Monitoring

Use AI tools to monitor ongoing compliance with contract terms and alert stakeholders to any necessary actions.

7. Continuous Improvement

7.1 Feedback Loop

Gather feedback from clients and legal teams to continuously improve the automated review process.

7.2 AI Model Training

Regularly update AI models with new data to enhance accuracy and efficiency in future contract reviews.