AI-Based Contract Management uses artificial intelligence to evaluate, assess, and track contract terms and conditions, automating and improving the contract management process. This tool enables corporate legal teams to effectively manage the whole contract lifecycle, from writing and reviewing to renewing or terminating agreements. AI algorithms are used to extract critical contract data (e.g., clauses, dates, obligations, and renewal terms) and assure compliance with internal and external requirements. The system may also detect dangers, contradictions, and ambiguities in contracts, alerting legal teams to issues that require attention. Businesses can save time and eliminate human mistakes by automating regular operations like document sorting, clause extraction, and compliance checking. AI-based contract management allows for faster contract processing, more compliance, and better contract visibility across the organization.
