AI Driven Contract Review and Key Clause Extraction Workflow

Contract Review and Key Clause Extraction

1. Preparation Phase

1.1 Document Collection

Gather all relevant contracts and agreements that require review. Ensure that documents are in a compatible format for AI tools (e.g., PDF, DOCX).

1.2 Tool Selection

Choose appropriate AI summarizer tools for the review process. Examples include:

• LawGeex: Automates the review of contracts against predefined standards.
• Kira Systems: Utilizes machine learning to identify and extract key clauses from contracts.
• ROSS Intelligence: Employs AI to assist in legal research and contract analysis.

2. AI Implementation Phase

2.1 Data Input

Upload the collected documents into the selected AI tool. Ensure that the software is configured to recognize specific legal terminologies and clauses.

2.2 Initial Analysis

Utilize AI algorithms to perform an initial review of the contracts. This includes:

• Identifying key clauses such as termination, indemnification, and confidentiality.
• Highlighting potential risks or unusual terms.

3. Review and Validation Phase

3.1 Manual Review

Legal professionals should manually review the AI-generated summaries and extracted clauses for accuracy. This step ensures compliance with legal standards and organizational policies.

3.2 Feedback Loop

Provide feedback to the AI tool based on the manual review. This will help improve the tool’s learning algorithms for future analyses.

4. Finalization Phase

4.1 Reporting

Generate a comprehensive report that includes:

• Summary of key clauses.
• Identified risks and recommendations.
• Overall assessment of contract compliance.

4.2 Client Presentation

Present the findings to clients or stakeholders, ensuring clarity and understanding of the key points extracted from the contracts.

5. Continuous Improvement Phase

5.1 Tool Evaluation

Regularly assess the effectiveness of the AI tools used in the workflow. Consider factors such as accuracy, user satisfaction, and time savings.

5.2 Training and Updates

Engage in ongoing training for legal teams on the use of AI tools. Stay updated on advancements in AI technology and incorporate new features as they become available.