Comprehensive Guide to AI Contract Review Software for 2024

AI contract review software leverages artificial intelligence and machine learning to examine and review essential provisions in contracts. This technology automates the contract review process, enhancing the detection of errors and risks compared to traditional manual methods. 

Who Utilizes AI Contract Review Software? 

Law firms and in-house legal teams dealing with large volumes of contracts typically use AI contract review software. It is particularly beneficial for companies managing simple contracts at scale, aiming to automate routine administrative tasks. Applications of AI Contract Review Software AI contract review software extracts crucial information from contracts, similar to contract analysis. It identifies and highlights inconsistencies between a contract’s language and approved policies, enabling contract managers to revise risky terms before negotiation and signing. 

As an example Sophia Reys, Head of Legal at a multinational corporation, utilises floresco.ai’s AI contract review software to manage the company's vast array of vendor agreements. The AI Assistant helps her quickly identify non-standard clauses and compliance issues, ensuring that contracts adhere to the company's legal and operational standards. This has significantly reduced the time spent on contract review, allowing her team to focus on strategic legal matters. 

Advantages of AI Contract Review Software 

Identifying Contract Risk:

AI tools can flag unclear or outdated terms, ensuring robust and compliant contracts, and reducing future legal headaches. 

Faster Review Cycles:

Automation reduces the time lawyers spend reviewing contracts, helping sales teams close deals faster. AI platforms like floresco.ai can expedite agreements up to ten times faster than traditional methods. 

Reduced Contract Administration:

By automating administrative tasks, AI software allows legal teams to focus on higher-value work, enhancing overall efficiency. 

Selecting the Right AI Contract Review Software

While AI contract review software can streamline processes, it’s crucial to understand its limitations. Many tools focus solely on the review stage, leaving drafting, approving, and signing processes manual. For comprehensive contract management, end-to-end solutions like floresco.ai are more effective. 

Top AI Contract Review Software in 2024 

• Floresco.ai: An end-to-end contract management solution offering AI contract review. It enables businesses to streamline their entire contract review process. 

• RobinAI: Focuses on AI-assisted contract review, mainly as a Microsoft Word add-in. It lacks real-time collaboration and native signing features. 

• Kira: Acquired by Litera in 2021, it automates data extraction and review processes, ideal for enterprise-level businesses and law firms. 

• ThoughtRiver: Uses machine learning to scan, extract, and present contract data, suitable for businesses focused on improving the review process. 

• eBrevia: Commonly used for M&A, transactional work, and compliance, it focuses on the review phase and is typically employed by law firms and consulting firms. 

Conclusion 

When choosing AI contract review solutions, consider your business needs and the specific stages of the contract lifecycle you aim to improve. For a comprehensive solution, all-in-one solutions like floresco.ai offer the most value. 

Schedule a Personalized Demo: To explore how floresco.ai's capabilities can benefit your business, book a demo with a specialist today. Visit our website to learn more and get started on revolutionizing your contract management process.