ClearContract is developing a Microsoft Word add-in to help legal counsels and contract managers with the review and negotiation of agreements through AI-powered contract analysis.
One of the core tasks in a legal department is reviewing agreements from counterparties. How this is done has not changed for years with manual review still taking up a lot of time in the department. Through AI, it is now possible to both speed up the process but also reduce the legal risk of the company, by minimizing errors or mistakes.
Our solution is a Microsoft Word add-in that users can open in the document they want to review. By simply (1) opening ClearContract to the right in the document, (2) choosing the type of agreement and (3) pressing "Analyze!", the user will have valuable time-saving insights about the contract in seconds.
We heavily utilize AI, both external providers and our own internally trained models, to provide this service which is why we work tirelessly to always keep us up to date on what machine learning technologies we can use to optimize our service.
The workflow of millions of agreements between commercial parties meet a bottleneck at the legal department, since manual review can be time-consuming. By using AI, we can alleviate the work of legal counsels so they can focus on other core tasks and speed up the contracting process - ensuring the business community can close deals faster.