Reduce Vendor Negotitation Time
ContractAI is an AI powered SaaS-based solution that automates the creation and negotiation of contracts. ContractAI utilizes AI to automatically analyze historical contracts to author templates and identify clause options that are win-win, contentious, or high risk. This allows all parties to better understand negotiation boundaries, legal and compliance implications, obligation intents and permissible thresholds to make better contracting decisions.
ContractAI utilizes AI generated templates to eliminate the painful redlining process. Enterprises can streamline the terms of negotiation based on past learnings, thereby reducing exposure to high-risk terms and conditions. Vendors can easily choose alternative acceptable terms and significantly reduce the business, legal and procedural costs utilizing an AI-based scoring system.
ContractAI Features
Automated Ingestion and Metadata extraction
Ability to ingest a wide array of templates and documents PDFs, OCRs, PowerPoints, Emails, Web Assets, etc. AUTOMATICALLY
Innovative Clause and Template Authoring
Historical contracts and templates are analyzed and a bespoke template including clause options is created based on terms that have proven to be historically win-win
Control Negotiation through Value-based Scoring
Assigns a fixed monetary or points value to each vendor to spend on choices based on the expected value/risk to buyer
Contract Templates that Evolve Over Time
Machine Learning is leveraged to provide insights into evolving behavior patterns that are then used to improve the contract template, terms, structure, language and clause options
Comparison and Semantic Similarity Engine
Ability to identify missing terms and pre-requisites, such as negotiation boundaries, policy transgressions, material changes, clause and template similarity, obligation exposures, etc.
Contract Comprehension
ContractAI thinks like “legal” and “procurement”, enabled by App Orchid’s powerful underlying “Knowledge Graph”
The App Orchid platform helps enterprises build AI fueled apps for the Energy, Utilities, Insurance and Healthcare industries. The App Orchid platform uses deep learning and natural language processing with industry specific content delivered through knowledge graphs, to create powerful predictive apps. App Orchid blends historical and real-time, structured and unstructured data with employee “tribal knowledge” to deliver innovative enterprise apps in four key solution areas AssetThink, CustomerThink, DocuThink and ContractAI. TSP holds vast experience in implementing and building on the App Orchid solutions.