Are you looking for the best AI Contract Review Software in 2023? This article will provide an overview of 13 of the best software solutions, ranked, and reviewed, to help you make the best choice for your business. From well-established names such as IBM Watson to more specialized services like LawGeex, a wide range of solutions can be considered. With the help of this guide, you’ll have all the information you need to make an informed decision.
What is AI Contract Review Software?
AI Contract Review Software, or artificial intelligence contract review software, helps businesses analyze contracts faster and more accurately than ever. Instead of manual reviews that require human input, AI-powered solutions quickly scan through long documents to identify potential risks and compliance issues. This can save a lot of time and money for organizations that process large contracts.
Let’s take a look at some of the best AI Contract Review Software available in 2023:
- IBM Watson
- LawGeex
- DocuSign
- PactSafe
- Contract Logix
- Concord
- Contract Hound
- Adobe Sign
- Ironclad
- eBrevia
- Zegal
- iManage
- LegalSifter
IBM Watson
IBM Watson will be one of the best AI contract review software on the market in 2023. It offers an advanced suite of features to help legal teams get through their contract review quickly and efficiently. It supports many different document types, including Word, PDFs, and images. The AI-powered technology can quickly scan documents and identify important points, such as changes in language or keywords. It also has tools that help automate the review process, streamlining it and saving time. IBM Watson is ideal for organizations needing reliable, efficient contract review software.
Price
Starting at $500/month
Key Features
- Automate contract review processes
- Quickly analyze documents
- Supports multiple document types
- Identify changes in language
- Secure data and documents
Lawgeex
Lawgeex is a comprehensive AI contract review software that provides features for automated triage and approval of incoming business contracts.
Its advanced AI engine is capable of reading and analyzing contracts and highlighting any issues or discrepancies in under an hour. This enables legal teams to quickly triage low-value contracts, such as non-disclosure agreements, services agreements, purchase agreements, and SaaS agreements.
This contract analysis software helps streamline approvals by automatically reviewing contracts and suggesting edits based on the company’s pre-defined legal policies. Users can view the company’s default language and fallback positions for each clause, allowing them to redline the contract within the platform. Contracts that don’t match the company’s policies are automatically escalated for further review and approval.
Price
Contact Lawgeex for detailed pricing information.
Key Features
- AI engine for contract review
- Automated triage and approval
- Suggested edits
- Default language and fallback
- Automated escalation
- Document comparison
- Customizable workflow
DocuSign
DocuSign is a cloud-based document signing and management platform that can be used for AI contract review. It offers a secure, easy way to collect signatures and automate the review process. DocuSign is used by millions worldwide and provides a comprehensive suite of features for contract management, including automated document comparison, e-signatures, and access control. It also integrates with applications like Salesforce, Microsoft Office 365, and Google Drive for easy access and collaboration.
Price
Starting at $10/month
Key Features
- Automated document comparison
- E-signatures
- Access control
- Integration with existing applications
- Secure cloud storage
PactSafe
PactSafe is a cloud-based platform that helps streamline the contract management process by automatically tracking when contracts have been accepted and signed. It also offers AI-powered tools for quickly identifying potential contract issues, such as compliance risks or discrepancies with company policies. With PactSafe, you can easily manage your contracts end to end and gain new insights into their use.
Price
Contact PactSafe for detailed pricing information.
Key Features
- Automated tracking of contracts
- AI-powered contract review
- Insights into how contracts are used
- Integration with existing applications
- Secure cloud storage.
Contract Logix
Contract Logix is an AI-powered contract review software that simplifies the process of reviewing contracts. Developed with powerful features, this software allows users to analyze and identify risks associated with each contract.
This software enables users to make it the perfect choice for companies looking to streamline their contract review process.
It can detect irregularities in language and formatting, flag potentially problematic clauses, look for discrepancies between two versions of a document, and more.
Key Features
- Automated document analysis
- Intelligent risk assessment
- Comprehensive clause library
- Preconfigured compliance policies
- Auto redline and comparison tools
- Electronic signature capabilities
- Document collaboration tools
- Integration with leading contract management systems.
Concord
Concord is the ultimate AI contract review software and helps you quickly and easily review contracts, negotiate terms, and confidently sign agreements. The software uses a powerful AI engine to help you quickly and accurately review contracts, find errors and omissions, and identify inconsistencies. It also provides powerful contract negotiation tools so you can negotiate terms without wasting time in meetings or wrangling emails.
Price
Starting at $23/month
Key Features
- Automated Contract Review
- Advanced Negotiation Tools
- Easy-to-Use Interface
- Digital Signature and Approval
- Advanced Analytics
- Secure File Storage
- Full Compliance
Contract Hound
Contract Hound is an AI-powered contract review software that lets users quickly and easily review contracts.
The software uses advanced AI algorithms to identify potential contract anomalies, such as missing information or discrepancies between document versions. Additionally, Contract Hound can automatically generate contract summaries so that users can quickly understand what the contract contains.
Price
Starting at $95/month
Key Features
- Automatic document analysis
- Intelligent risk assessment
- Comprehensive clause library
- Preconfigured compliance policies
- Auto redline and comparison tools
- Digital signature capabilities
- Integration with existing applications
- Secure cloud storage.
Adobe Acrobat Sign
Adobe Acrobat Sign is the perfect choice for organizations that need a complete and secure digital document journey. This solution allows users to create, sign, send for signatures, manage, and track documents from one powerful platform. Any user with any device or browser can securely sign documents in seconds – anytime, anywhere. Adobe Acrobat Sign is Microsoft’s preferred e-signature solution, so it easily integrates with Microsoft applications.
With Adobe Acrobat Sign, businesses can cut the time and costs of paper-based processes.
Price
Plans are available for teams of all sizes so that everyone can benefit from the security and convenience of Adobe Acrobat Sign.
Key Features
- Digital signatures
- Secure document storage
- Drag-and-drop features
- Customizable document templates
- Cloud-based
- Advanced security
- Real-time tracking
- Integration with Microsoft products
Ironclad
Ironclad is the ultimate AI contract review software for enterprise contracts. It uses natural language understanding, machine learning, and artificial intelligence to analyze contracts and identify risks quickly. Ironclad helps organizations identify potential compliance issues, predict outcomes of contractual clauses, and more. It also alerts users to any document changes so they can take corrective action if needed.
This software offers a range of features, making it the perfect choice for companies looking to streamline their contract review process.
Price
Contact Ironclad for detailed pricing information.
Key Features
- Integrated e-signature
- Clause library
- Real-time contract monitoring
- Advanced analytics
- Automatic risk detection
- Dynamic document comparison
- Customized workflows
- Comprehensive reporting.
eBrevia
eBrevia is an AI contract review software that has been helping individuals, organizations, and legal teams save time in the contract review process since 2023. It uses machine learning to automate mundane tasks such as redlining, markup and summarizing contracts with a high degree of accuracy. eBrevia offers reliable speed and scalability for large amounts of contracts, allowing users to complete contract reviews swiftly and efficiently.
The software also offers advanced features such as contract analytics and customizable reports that can be used to identify areas of risk or improvement within your contracts. eBrevia is easy to use and integrates with third-party systems to further streamline the contract review process.
Price
Contact eBrevia for detailed pricing information.
Key Features
- Automated markup
- Redlining
- Summarizing contracts
- Contract analytics
- Customizable reports
- Scalability
- Third-party integrations
- Cost-effective
Zegal
Zegal is an AI-powered contract review software that helps businesses save time and money on contract-related tasks such as drafting and reviewing contracts. It integrates with existing business applications so that users can quickly access and search for contracts, track expiration dates, manage signatures and document revisions, and more. Zegal also features advanced features, including automated form-fillings, real-time reporting, and customizable templates for various topics such as HR, marketing, and operations.
Price
Contact Zegal for detailed pricing information.
Key Features
- Automated contract forms
- Integration with existing business applications
- Real-time reporting
- Customizable templates
- Document tracking and expiration reminders
iManage
iManage is a cloud-based AI contract review software offering various features to help businesses create, manage and streamline their contracts. With its powerful analytics capabilities, you can analyze your data in real time and make informed decisions quickly.
The software also allows for simple tracking of agreement changes over time, giving you a strong view of the progress of your contract.
With its intuitive interface, iManage easily creates, manages, and reviews contracts. Additionally, you can customize security settings for specific documents or groups of documents and get detailed analytics on each document’s performance.
Price
The pricing of iManage is based on the number of users, documents, and document types you need to manage.
Key Features
- Real-time analytics
- Easy tracking of agreement changes
- Intuitive interface
- Customizable security settings
- Detailed analytics
LegalSifter
LegalSifter is a comprehensive AI-enabled contract review software designed to help businesses and law firms review, analyze, and edit contracts easily and accurately. This document management software allows users to upload contracts in PDF, DOCX, or DOC formats and select a specific legal document type relevant to the negotiated agreement.
The software simplifies the review process by allowing users to edit contracts and maintain a comprehensive record of all changes and actions taken within a single platform. Reviewers can export files in Microsoft Word, Google Docs, or other systems and filter required legal documents based on keywords or names.
Price
Starting at $95/month
Key Features
- Upload contracts in PDF, DOCX, or DOC formats
- Select an agreement type
- Edit contracts easily and accurately
- Filter documents based on keywords or name
- Export files into Microsoft Word, Google Docs, etc.
- A comprehensive record of all changes and actions taken.
Conclusion
The 13 Best AI Contract Review Software in 2023 offers businesses a comprehensive contract management and review solution. Whether you need a platform to automate the contract process, search for specific legal documents, or track agreement changes over time, these software solutions can help businesses optimize their workflow and get the most from their contracts. Each option offers unique features and pricing plans that fit any budget or specific needs. Choose one of the best AI Contract Review Software in 2023 to improve your contract management process today.
FAQs
What is contract analysis software?
Contract analysis software is designed to help individuals and organizations manage, analyze, and extract insights from their contracts. This software typically uses advanced technologies such as natural language processing and machine learning to automate and streamline the contract review process.
What types of data can be analyzed with contract analytics software?
Contract analysis software is designed to analyze contract data, including information such as the parties involved in the contract, the terms and conditions, and any specific obligations or requirements. This software can also identify key clauses or potential risks within a contract.
What are some of the benefits of using contract analysis software?
Some key benefits of using contract analysis software include increased contract review and analysis efficiency, improved accuracy and consistency in contract interpretation, and reduced risk of legal or financial issues arising from poorly managed contracts. This software can also help organizations identify areas for improvement in their contract management processes.
What are some of the top contract analysis software options available?
Many contract analysis software options are available, each with unique features and capabilities. Top options include ContractPodAi, Icertis, DocuSign, Concord, and Agiloft.
What is natural language processing, and how is it used in contract analysis software?
Natural language processing (NLP) technology allows computers to analyze and interpret human language. NLP is used in contract analysis tools to help the software understand the meaning and context of contract language, which can help identify key terms and clauses and potential risks and opportunities.
Can contract analysis software be used to organize contracts?
Yes, many contract analysis software options include document management systems that allow users to organize and store their contracts in a centralized location. These systems often include search and filtering capabilities that make finding specific contracts or clauses easy.
How does contract analysis software enable users to extract insights from their contracts?
Contract analysis software typically includes advanced analytics and reporting features that allow users to extract insights from their contracts. These features may include data visualization tools, contract performance metrics, and risk analysis capabilities. By using these features, users can gain a deeper understanding of their contracts and identify areas for improvement in their contract management processes.
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