AI Integrated Workflow for Automated Contract Review and Drafting

Automated Contract Review and Drafting

1. Initial Contract Submission

1.1 Client Upload

Clients upload contracts to a secure portal using tools such as DocuSign or Adobe Sign.

1.2 Document Format Verification

AI-driven tools like Kira Systems can verify the document format and flag any deviations from standard templates.

2. AI-Powered Contract Analysis

2.1 Text Extraction

Utilize AI tools such as LawGeex or Luminance to extract key clauses and terms from the contract.

2.2 Risk Assessment

AI algorithms analyze the extracted data for potential risks and compliance issues, providing a risk score.

2.3 Comparison with Standard Templates

AI tools compare the submitted contract against a library of standard contracts to identify discrepancies.

3. Review and Feedback Loop

3.1 Automated Feedback Generation

Using platforms like LegalSifter, generate automated feedback highlighting areas needing revision.

3.2 Client Review

Clients receive a summary report and can review suggested changes through an interactive interface.

4. Drafting Revised Contract

4.1 AI-Assisted Drafting

Employ AI drafting tools like Contract Express to create a revised contract based on client feedback and suggestions.

4.2 Version Control

Utilize document management systems such as iManage to track revisions and maintain version control.

5. Final Review and Approval

5.1 Final AI Review

Run the final draft through AI tools for a last check on compliance and risk assessment.

5.2 Client Approval

Clients review the final draft and provide approval through the secure portal.

6. Contract Execution

6.1 Signing Process

Facilitate the signing process using e-signature solutions like HelloSign or SignNow.

6.2 Document Storage

Store the executed contract in a secure cloud-based system for future reference and compliance tracking.

7. Post-Execution Monitoring

7.1 Compliance Tracking

Implement AI tools to monitor contract compliance and alert stakeholders of key dates and obligations.

7.2 Performance Analysis

Utilize analytics tools to assess contract performance and identify opportunities for future improvements.