Kira Systems, Luminance, and eBrevia.
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Icertis supports contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform aims to turn contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines…
Model N delivers an end-to-end revenue management platform designed to empower companies to maximize revenue as they transform Sales, Marketing, Channels, Finance, and Legal processes. Model N’s revenue management solutions help by transforming siloed, tactical activities into strategic…
ayfie Inspector is a text analyzer that lets users find crucial information within structured or unstructured content, connecting activities, places, things and time. Then, it takes its linguistic processing technology and presents discovery in an interface with data visualizations.…
Brightleaf’s semantic intelligence engine/natural language processing technology is a software platform for analyzing and abstracting commercial terms, legal provisions, and obligations from text-based legal document. Its architecture understands linguistics, along with broad and…
Smart Contract Analytics (SCA), from Standav, is a comprehensive Contract Discovery and Analytics platform powered by Artificial Intelligence & Machine learning. The platform provides insight into contracts and similar documents helping organizations extract, review and analyse…
Imprima, headquartered in London, offers the Imprima AI suite of due diligence tools. Smart Redaction minimises outsourcing, negating the need for external providers to have access to confidential data, thereby speeding up the due diligence process and controlling costs. Smart Index…
Onit’s ReviewAI software uses artificial intelligence (AI) to draft, review, redline, and edit all types of contracts. Non-legal business users can automatically receive a reviewed, redlined, and approved contract via email or self-service portal. The ReviewAI Word Add-in designed…
Thinking Machine is designed to help enterprises uncover hidden value in their technology and telecom spend, without changing suppliers, and while supporting digital transformation efforts. The solution automates challenging activities related to telecom asset inventory auditing,…
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…
Aavenir Obligationflow enables organizations to have 360° visibility into enterprise-wide contractual obligations for customers, suppliers, service providers, sales partners, and other parties - using Artificial Intelligence-enabled contextual search. Companies can auto-discover…
ThoughtTrace is a Houston-based software company providing customers a significant competitive advantage using Artificial Intelligence (AI) and machine learning to streamline categorization, review, and analysis of contracts and agreements. The cloud-based AI platform reads, interprets,…
kReveal is a hybrid contract analysis platform and service from KMStandards, structured to help companies extract business and legal information from large portfolios of contracts, reducing the cost and time for due diligence, compliance audits, obligations management, and risk analysis.…
Wolters Kluwer offers M&A; Clause Analytics to give users a competitive edge, with custom model agreements to reveal what to expect from opposing counsel based on their deal position, deal size, and industry. Deal details such as lead attorneys, deal structure, consideration, and…
Conduent’s Legal Invoice Analytics (LIA) is a legal invoice analytics solution that automates the invoice review process by automatically denying line items that violate billing guidelines, highlighting discretionary rule “violations,” and reducing the number of line items requiring…
Intelligent Insights uses AI to find and analyze clauses within agreements. It indexes agreements across the enterprise, including multiple DocuSign eSignature accounts, internal systems, and external storage. Advanced search and extraction policies identify clauses that need review.…
Wiz, from Wolters Kluwer, is a compliance analytics and intelligence software for lenders that can be customized to meet the user's existing needs and budget. The solution suite aims to ensure loans are compliant and consistent with fair lending / anti-predatory lending practices.…
EraCLM (formerly ContractRoom) is a negotiation process and contract management platform. According to the vendor, it removes the endless back-and-forth and annoying redlines - instead providing perfect drafts, frictionless negotiation, and super simple compliance. EraCLM (formerly…
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.
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
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.
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.
Some of the most popular contract analysis products include:
