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Legal Documents
Contract Negotiation, Review and Compliance
Business context and challenge
Manual contract analysis is expensive and time consuming.
The vast majority of contract analysis systems are either manual or semi-automated. In addition, most storage and data management systems are also manual.
This creates a number of significant problems for organizations, including but not limited to the following:
- Due diligence reviews frequently involve many lawyers scanning contracts for litigation issues, key contract clauses (e.g., change of control, assignment, MFN and termination), corporate governance, or intellectual property — a process that typically takes days to complete.
- Complexity within contracts can lead to misunderstanding or overlooking of crucial information. A 2018 analysis from Harvard Business Review (HBR) notes that “Inefficient contracting causes firms to lose between 5 to 40 percent of value on a given deal.”
Affinda's solution and impact
Enter Affinda, who apply leading-edge AI and machine learning to recognize patterns and sequences within contracts, pulling the information that corresponds to required legal terms — including but not limited to the following:
Affinda uses AI to extract required legal terms from contracts:
- Titles, parties and dates
- Pricing
- Assignment
- Confidentiality
- Survival
- Term and renewal
- Exclusivity/non-compete
- Change of control
- Indemnity
- Warranty
- …and more
After extracting crucial information from complex contracts, our software makes it easy to import extracted line items into a custom-build searchable database — empowering organizations to:
- Rapidly extract key terms with greater confidence, enabling lawyers to spend less time reviewing contracts (and more time serving as counsel).
- Review contracts in bulk when performing due diligence on large numbers of vendors or contractors.
- More effectively manage contract format variations, and flag noncompliance and unfavorable provisions in mere seconds.
- Directly compare contracts against one another, gaining stronger informational leverage when selecting and negotiating supplier and vendor relationships.
- Review an entire collection of contracts at once, helping identify, manage and mitigate risk by sharpening oversight optics and increasing consistency.
What’s more, Affinda designs each AI solution to plug and play seamlessly into the clients’ existing credit reporting workflow — whether that means deploying through a web interface, or a cloud-hosted or self-hosted API.
About Affinda
- Affinda supports its clients to benefit from the latest advancements in artificial intelligence.
- Our hybrid team of strategists, scientists and developers has an unwavering focus on delivering high quality solutions that generate measurable ongoing return on investment.
- We combine our leading-edge cognitive document reconstruction engine with best-practice artificial intelligence approaches to extract insights and information from a diverse range of document formats.
