Intelligent Contract Extraction & Review (ICER)

Overview

Manually reading all the lines in a legal contract/ agreement, getting consent, collaborating with the relevant departments, finding what stage of approval a contract is in are time consuming, cumbersome and often prone to errors and exclusions. These also result in delays, severe lack of transparency and data governance resulting in reputational risks to any organization. Based on the clauses / words extracted, there is a need for a solution that can intelligently extract sections of a contract and route them intelligently to appropriate users / departments for review . Yexle's Intelligent Contract Extraction & Review (ICER) provides administrators an option to configure key words and section headers based on which review workflow can be configured. ICER uses AI models to intelligently parse documents that are uploaded, extract clauses and flag risk areas. It leverages Appian's case management features to automatically route the extracted clauses to review, collaborate and take the necessary next best actions.

The following are some instances where ICER can be used:

ICER can help improve contract review in Legal Firms / organizations. ICER can intelligently extract relevant words / sections from a contract and make them available for review to legal teams specializing in each area of the contract (like Governing Laws, Limits of liability etc)
ICER can help improve productivity as part of the procurement /Vendor Contract Management life cycle by identifying appropriate clauses and assigning these to various users, identifying vendor / contract related risks and ensure better service delivery ICER can help improve productivity by reducing turn-around-times when contracts are changed or needs to be amended for compliance and to accommodate ever changing regulatory requirements
At Insurance call centers, ICER can be used to intelligently help simplify key clauses of a contract to enable Call Center Reps to quickly respond to and resolve customer questions

Key Features & Functionality

AI Models can dynamically extract relevant sections and words from a contract. Helps consistent and correctly extract words and clauses thereby reducing manual errors and improving productivity ICER can extract all matching words and clauses across multiple sections thereby ensuring review completeness. It can extract data from clauses and paragraphs extending to multiple pages too
Dynamic configuration of the types of contracts to be processed and clauses to be extracted for review based per contract types. Hence no coding is needed when new contract types are added and/or when new clauses are to be extracted
Configure review workflow based on type of clauses and types of contract. Improves efficiency by identifying relevant clauses automatically
An intelligent mechanism to flag risks based on potential sentences in the clauses.
Real-time reports to see the performance of AI and the approval statuses. Improves transparency and audit-ability
Other than workflow for review, ICER allow users to collaborate with other SMEs / senior partners to ensure opinions are obtained and contract risks are mitigated. This avoids having every task be routed to very senior teams for legal counsel / feedback and review
Audit and logging features to ensure 360-degree view of the review process and traceability
AI models can be trained very quickly to identify new words and clauses. Configurable review workflow routing ensures that ICER is more configurable rather than code-able. ICER can reduce development time by over 25% due to configurability, improves review productivity by about 20% through collaboration and transparency

Benefits & Business Impact

Pre-trained AI / ML models that consistently extract words and clauses thereby reduce errors and improve productivity
Various contract types and clauses can be configured. Improves efficiency in identifying relevant clauses per contract type for review
ICER can reduce review time by over 25% due to configurability and productivity by about 20% through collaboration and transparency
Achieve better auditability and transparency through real-time reports and dashboards
Improved governance due to SLA-based review workflows, 360-degree view of a contract, risk flagging and audit trails