Traditional contract management has been a time-consuming labyrinth that often involves manual review of mountains of legal documents and is prone to errors. This leads to inefficiencies in searching for specific information, inaccuracies in understanding intricate clauses, and limited accessibility for non-legal professionals.
Fortunately, AI in contract management offers a unique approach to how we interact with contracts. This technology empowers legal and non-legal teams in organizations to ask questions in plain language, receive instant, insightful answers, and gain a deeper understanding of complex legal terms and obligations.
AI-powered contract management has transformed the way we interact with contracts. Imagine having a virtual assistant readily available to answer any contract-related question instantly and accurately.
Core Functionality
AI-driven ‘Intent-based Contract Inquiry’ is a Contract Assistant solution powered by artificial intelligence (AI). This system acts as an intelligent interface for your contracts, leveraging natural language processing (NLP) and machine learning to understand your questions and provide relevant answers. It analyzes the vast amount of information within your contracts and extracts key details, making them readily accessible and easily digestible.
User Interaction
Interacting with this Generative AI Assistant tool is simple and intuitive. You can:
- Type your questions in plain language: Just like you would ask a human assistant, you can ask straightforward questions about your contracts.
- Contract Analysis and Upload: The system can analyze various file formats, allowing you to upload existing contracts for analysis.
- Navigate through a user-friendly interface: The system provides a user-friendly interface for exploring different aspects of your contracts and accessing relevant information.
‘Ask Contract a Question’ can answer a wide range of inquiries about your contracts, including:
- Specific clauses and their meaning: Clarify the purpose and implications of specific clauses within your contracts.
- Obligations and rights: Understand your and the other party's responsibilities and entitlements outlined in the contract.
- Deadlines and key dates: Identify important deadlines and milestones stipulated in the agreement.
- Risk identification: Uncover potential risks or areas of concern within the contract based on predefined parameters.
Aavenir Avy AI understands contracts and provides intent-based responses to questions asked by both legal and non-legal teams, thereby saving time and identifying any hidden obligations. Learn more
Benefits of Intent-based Contract Inquiry, ‘Ask Contract a Question’
Let’s unlock a multitude of benefits of this powerful AI-driven solution:
1. Efficiency Gains Throughout the Lifecycle
Imagine needing to find a specific clause about late payment penalties. Forget sifting through pages! Intent-based inquiry understands your question and retrieves the relevant section instantly. This saves countless hours across the contract lifecycle, from negotiation to post-execution management.
Ditch the time-consuming manual review process. Ask your questions directly and receive instant answers, freeing up valuable time and resources. It can help reduce the time spent on contract compliance and risk reviews by 60%.
2. Contract Compliance
This benefit goes beyond simple keyword searches. AI can analyze the entire contract and connected data (like GRC policies) to identify potential conflicts or areas where the contract might not align with compliance standards. It's like having a built-in compliance checker!
3. Risk Identification and Recommendations
AI can scan contracts for clauses that pose potential risks, like termination clauses with unfavorable terms or hidden fees. It can even analyze past contract data to identify patterns and recommend best practices for future negotiations, mitigating future risks.
Identifying potential risks or red flags within contracts before they become problematic allows for proactive mitigation strategies. Also, minimizes the risk of overlooking crucial details or misinterpreting clauses, ensuring accurate contract execution and compliance.
4. Obligation and Performance Visibility No more scrambling to remember key obligations or performance metrics. Intent-based inquiry can highlight these details within the contract, making it easier to track progress and ensure both parties are meeting their commitments.
5. Informed Decision-Making
Make informed decisions throughout the contract lifecycle, from negotiation and execution to monitoring and compliance with intent-based search. Gain a deeper understanding of your contractual leverage during negotiations, allowing for more effective deal-making.
6. Contract Visibility Across Connected Processes
Imagine a world where contracts seamlessly integrate with other business processes. AI can analyze contracts alongside connected data sources, providing a holistic view of how the contract relates to other workflows and agreements.
Translate complex legal language into plain English, making contracts easier to comprehend for everyone, regardless of legal expertise. Gain clear and concise explanations of specific clauses, eliminating confusion and ensuring accurate interpretation of contract terms. This fosters better collaboration and reduces the risk of isolated information silos.
By harnessing the power of AI, ‘Ask Contract a Question’ empowers you to navigate the complexities of contracts with increased efficiency, clarity, and confidence.
Aavenir's AI-driven ‘Ask a Contract a Question’ in its Generative AI Assistant, Avy AI is a game-changer in the way we interact with contracts. It empowers users with:
Efficiency: Streamlined review processes and faster information retrieval.
Clarity: Demystifying complex legal language and promoting clear understanding.
Confidence: Mitigating risks and making informed decisions based on accurate data.
What is Avy AI
More than just a chatbot, Avy AI is a Generative AI Assistant driven by Aavenir's proprietary large language model, built on an open-source LLM framework for connected contract management on ServiceNow.
Avy AI empowers legal, non-legal, procurement, and other teams to:
➡Ask questions to contracts effortlessly
➡Comprehend the nuances of complex contracts
➡Simplify contract clause management
Ready to unlock the potential of AI-powered contract analysis? Explore Aavenir Avy AI and discover how it can change your organization's approach to contracts.
Request a Demo for a personalized consultation and see how this innovative solution can empower your team to navigate the complexities of contract management with confidence.
