Best Contract Analysis Software
Contract analysis software helps legal firms and businesses with certain aspects of contract data analysis, such as searching for key terms and understanding. They are language processing tools that use artificial intelligence (AI) and natural language processing to aid businesses in understanding the substance and implications of contract language. These tools help companies avoid risks and mistakes they would have normally not come across on their own. Contract analysis tools are mainly used by legal...
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VerifAI is a generative AI powered MS-Word add-in which helps save time in contract review
HIGHLIGHTS
• Includes an AI tailored for lawyers designed to reduce contract review time from 3 hours to 3 minutes.
• Includes a gallery of contract playbooks and review guides
CAPABILITIES
• Flags contract risks against any personalized review guidelines…
BlackBoiler is a tool to markup contracts right in "Track Changes," according to a company's playbook.
BlackBoiler learns from a customer’s playbook or how each customer has marked-up past contracts to create client-specific editing models to make company-specific revisions in "Track Changes" to previously unseen documents. By using a company’s playbook and its standards and terms, BlackBoiler standardizes the contract review and markup process, no matter who and where it is being negotiated - as a result, reducing risk. According to the vendor it grows smarter and increases efficiency with each additional use, cutting contract review time by more t…
Learn More About Contract Analysis Software
What is Contract Analysis Software?
Contract analysis software helps legal firms and businesses with certain aspects of contract data analysis, such as searching for key terms and understanding. They are language processing tools that use artificial intelligence (AI) and natural language processing to aid businesses in understanding the substance and implications of contract language. These tools help companies avoid risks and mistakes they would have normally not come across on their own.
Contract analysis tools are mainly used by legal firms and legal discovery experts, but they can also be used in a business context. It’s common for sales teams, finance departments, and legal departments that deal with contract production and execution regularly to use this type of software.
In addition to helping break down contract terms and conditions, this software helps increase the turnaround time for generating and reviewing contracts. It also increases visibility for both parties and provides convenient features such as electronic signatures—allowing the process to be completely digitized.
Contract analysis software has some overlap with contract management software, which refers to the automation of processes surrounding creating new contracts and storing/tracking existing contracts. Contract analysis, however, focuses more on breaking down and interpreting contract language and is specialized in avoiding risks. Both categories are part of the overall contract lifecycle management process (CLM), which is associated with organizing, managing, monitoring, analyzing, and automating contractual processes within an enterprise.
Contract Analysis Software Features
Most contract analysis software will include the following features:
Compliance tracking
Completion tracking
Contract abstraction
Contract review
Electronic signature
Document Import & Export
Full-text search
Templates
Dashboard
Contract database
Legacy Contracts
Contract Analysis Software Comparison
Before choosing to invest in a contract analysis software solution, consider the following key points:
Ease of use: Using contract analysis software should make the process of contract review much easier. Thus, having a user-friendly interface is crucial to accomplishing this. Be sure that the vendor provides a product that is easy to use and understand, as well as any technical support that may be needed down the road.
Document number: Some businesses will need to review multiple contracts that are hundreds of pages long, while others will only need to review the occasional contract. , Make sure the contract analysis tool you purchase can handle the volume of contracts your business deals with.
Pricing Information
The pricing options for contract analysis software vary greatly between vendors. Expect to pay between $600 to $750 per month for team versions, and over $2,000 per month for the more advanced versions. All of these plans will usually include unlimited users. For exact pricing for your business, contact the vendor directly. Most vendors offer a free demo which is highly encouraged to try before purchasing.
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Frequently Asked Questions
What does contract analysis software do?
What are the benefits of using contract analysis software?
What are the best contract analysis software products?
Some of the most popular contract analysis products include: