Contractify

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Streamline and automate contract management with Contractify, an AI-driven platform designed to simplify contract operations for teams.

How Contractify can help you:

Minimize risks and maximize contract revenue.
Save time, work smarter and contribute value to your business.
Improve communication with internal & external teams.
Errorless contract analysis & digitization in under 1 minute with AI-assistant Ada.

Why choose Contractify: Key features

Europe’s smartest contract repository to keep contracts safe & visible.
Automated follow-up tasks for efficient contract management.
Extensive contract reporting for insightful management.
AI-powered assistance for error-free contract analysis.

Who should choose Contractify:

Legal, finance, and procurement professionals needing organized contract management.
Businesses looking to minimize contractual risks and maximize revenue.
Teams requiring efficient remote work capabilities for contract handling.
Organizations seeking to automate and streamline their contract processes.

About Contractify

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https://www.contractify.io

Release Date

March 2024

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DocuSign - how AI is decomposing contracts into agreements

Contracts are the lifeblood of a business, spelling out its complete register of liabilities and opportunities. Inspired by DocuSign, contract lifecycle management (CLM) tools have helped streamline contract signing and management processes. A new generation of intelligent agreement management (IAM) tools promises to transform how businesses create and commit to agreements and agreement processes. This promises to improve efficiency, reduce risk and unlock additional value from agreements. Rebecca Denman, VP of product management at DocuSign, explains how IAM works, differs from CLM, and its future: DocuSign started 20 years ago, and we were first about pioneering the e-signature space. It was about helping customers and businesses come together and quickly, efficiently and securely sign agreements. And over the past decade-plus, once we kind of got that e-signature space locked in, our customers constantly wanted more support around the whole agreement space. The signature is just one small piece of that. Other important pieces include the creation of an agreement, the negotiation process, and then the surfacing of relevant information to various stakeholders. Thinking through these different processes planted the seeds for IAM. Last May, DocuSign conducted a survey with Deloitte to understand what was happening in the agreement space. They discovered that the agreement space is not well automated. Denman says: Agreements are still done very similar to they were when the internet started with email and word processing documents back and forth. The only thing that's really been improved was the e-signature part. We uncovered that there is about £1.5 trillion lost in global economic value every year as a result of those inefficiencies in agreement processes and that agreement data locked and trapped inside of static, flat files. For example, what happens to an agreement today? After you sign a contract, it gets stored in a static PDF file that's hard to search or take action on. But essential information gets tucked away in these files that are relevant for different stakeholders asking questions like: DocuSign was an early pioneer in e-signature tech at a time when many legal professionals and courts were unsure that simply clicking on a button would count as a valid acknowledgment. But once courts and regulators came on board, the field was flooded with a bevy of startups looking for more efficient ways to manage contracts, clauses, and agreements. The launch of DocuSign AI introduced four main components. Another pillar of DocuSign's IAM strategy focuses on improving components. This is about surfacing agreement-related tooling for enterprises at a pace they can digest. Denman explains: We realize that the agreement process is a journey, and we have to meet our customers where they are, and sometimes they're not ready for the advanced capabilities of CLM, where you automate these really highly complex workflows. Maybe they just want to automate a piece. We can meet them there, and they can bring those agreements into the repository and make them work for them. For example, they have components for agreements, preparation, documents, templates, libraries, clauses, data verification, identity verification, and signatures. Also, developers and experts can create and resell new components across the DocuSign ecosystem. This allows specialized experts to develop industry-specific solutions for a particular contractual domain. We all know what agreements are since we have been making them for thousands of years without considering the ramifications across all stakeholders. At the same time, the concept of an agreement seems to be in flux, and the same agreement might mean different things to different people and at different stages of a company's evolution. An agreement might mean whether a salesperson gets their quarterly bonus. A finance person might wonder about their aggregate risk or why one salesperson seems to be selling so many keyboards in Brazil. The last one is a real example I once heard at a conference where web developers had assigned online sales to one saleslady to get their app to work. Here is how Denman thinks about agreements: Agreements are an interesting beast. It is something that, up until this point, have been very legal-centric and really only understood by those legal personas that put those things together and get into those heavy debates and whether or not I'm going to accept your terms or not. And it is our mission to make those agreements more accessible to all parts of the business. But you need to do it while maintaining business compliance, which means you need to understand your business objectives. Maybe you're a startup focused on customer acquisition, or maybe about proving a technology that your customers love. You are not worried about revenue and profit at that stage. No, you're a startup. You have to care a little about it, but you're driving your revenue differently. But later on, what you're negotiating with your customers will be very different when you're a publicly traded company, and what you're worrying about now is not only your customer install base but also your profit and your revenue. So, the business terms that you want to negotiate evolve and change, but you need to break down an agreement to really understand which pieces of those are most critical to your business at any given stage of the life of your business. We can do that by breaking down an agreement into its parts and creating rules and recommendations around those different types of clauses. The upshot is that an agreement is a set of components with different levels of priority and are always evolving. Executives need to stay on top of the evolution of those terms to ensure they are negotiating the best terms and understand where they are willing to take some variations. Once they are formulated, it's important to consider how to act on these agreements. For example, manufacturing teams need to know their timelines for fulfilling obligations. Finance and operations teams need to understand collection terms. Many of these folks are not lawyers who might understand the language of the agreement. This is where AI can help. Denman says: So maybe you need to write that language down into something more attainable or understandable by those folks. You can use AI to power that information and adapt that information in a way that is accessible to the other parts of your business so that you can execute on those optimal terms that you just spent potentially months negotiating. Several startups have been born to apply AI to improve various aspects of contract and agreement management processes since DocuSign pioneered the field. Competitors include Ironclad, Conga, LinkSquares, Evisort, and others. DocuSign's recent progress suggests that it is assembling a more comprehensive solution to maintain its lead across the whole contract and agreement space. My only complaint is that most of these tools only apply to B2B contract and agreement management, as opposed to the B2C user service agreements that are increasingly imposed on consumers. It seems like a sad state of affairs when we must rely on regulators, NGOs, and trusted reporters to push back on some of the more onerous agreement terms without fully canceling our relationships with companies.

diginomica

Mon, 30 Sept, 10:04 AM UTC

How AI-Powered Contracts Are Strengthening Financial Health In A Regulatory Shift

By integrating data across thousands of contracts, AI empowers decision-makers with visibility into business outcomes tied to revenue, savings, and risk The regulatory environment is moving at breakneck speed. In sectors like tech and finance, where governments are trying to stay ahead of technological advancements and emerging risks, the problem is especially pronounced. AI is a prime example of how technology is shaping the regulatory landscape. In fact, a recent analyst study predicts that by 2028, 60% of governments worldwide will adopt a risk management approach in framing their AI and generative AI policies. AI is just one facet of regulatory compliance that is driving change for today's businesses. New and existing regulations impact many areas of commerce - employment, environmental, social, and governance (ESG) commitments, international and domestic trade, and financial operations, to name a few. Complicating matters further, regulations often vary across borders, trade blocs, and even languages. While regulation is imperative, it also creates huge compliance challenges that, if not properly managed, could have significant financial consequences for enterprises. But there's hope on the horizon. To avoid negative financial consequences, business leaders must understand what's at stake with non-compliance. Significant financial penalties, litigation, and reputational damage can erode revenue and threaten a company's long-term stability and growth. For instance, the EU's AI Act, a first-of-its-kind legislation, came into force across 27 member states in August. It emphasises monitoring the regulatory compliance of companies and their responsible use of AI. Failure to comply could result in fines at varying levels, depending on the severity of the violation and the company's size. For example, non-compliance with high-risk AI systems could lead to fines of up to 7% of a company's annual turnover or a maximum of 35 Mn EUR, whichever is greater. Every relationship across the business ecosystem - whether with customers, partners or suppliers - represents a potential weak spot. But where there's a business relationship, there's also a contract and an opportunity to enforce regulatory standards. This makes contracts one of the most valuable resources in today's environment, serving as the foundation for every great compliance strategy. The ability to derive insights from contract data, gain visibility into potential risks, and drive contract performance is essential to ensure that regulations are met while protecting the bottom line. However, this is easier said than done, particularly when you have limited resources and time. AI isn't just the technology being regulated - interestingly, it's also the tool that can help businesses comply with stringent and complex regulations globally. Beyond AI regulation, GenAI, in particular, can streamline compliance across various regulatory landscapes, reducing risk and enhancing efficiency. By integrating data across thousands of contracts, AI empowers decision-makers with visibility into business outcomes tied to revenue, savings, and risk. Whatever the regulation, AI-powered contracting solutions can extract obligations at scale to help businesses improve the transparency of their relationships and ensure that regulatory compliance clauses are fully realized and adhered to. And it does not stop there - with powerful GenAI-driven agentic frameworks that are evolving quickly, these solutions can also verify that those obligations are met in the normal course of business. With critical information about business relationships at their fingertips, all leaders - from CFOs, and CPOs to general counsels - are better equipped to set their strategy in this rapidly shifting regulatory environment. Implementing AI-driven solutions offers substantial benefits. With full visibility into contracts across the enterprise, teams can easily identify potential areas of non-compliance and continually monitor relationships to detect unauthorised terms and regulatory violations. When new regulations are passed, business leaders can automatically pinpoint which business relationships are no longer compliant. For example, AI can assess risk during the negotiation process and ensure critical clauses are not overlooked when new contracts are signed. AI can also suggest compliant language to optimise the contract, ultimately streamlining reviews while protecting the organisation. This enables legal teams to focus resources on negotiating high-risk agreements that require closer review, rather than touching every contract. With agentic frameworks and more "thoughtful" large language models (LLMs) like OpenAI's o1, it is now possible to analyse whether the transactions that result from these business relationships are compliant with the language and obligations in the contract. This adds tremendous value to the 70% value chain of the contract - the life of the contract beyond the negotiation and execution. With AI as a partner in the regulatory arena, business leaders can focus on what matters most - saving money and driving revenue. Contracts are the bedrock of business. But they can be a forgotten asset. AI in contracting ensures the full intent of every business relationship is realised in the real world, bringing potential cost- saving and revenue opportunities to the surface that might otherwise be overlooked. Contract Intelligence finds value in agreements immediately and then enables continual performance across relationships well into the future, safeguarding your company's financial health by preventing unwanted revenue leakage that eats away at cash flow and undermines the balance sheet. Now that's the sort of AI that everyone can get behind.

Inc42 Media

Sun, 13 Oct, 10:06 AM UTC

Smash Deadlines with a Variety of AI Tools in One Platform

Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. We live in a world where most business professionals are trying to do more with less. So, it only makes sense that any shortcut or hack is welcome to most of us. Imagine having an AI-powered assistant that can handle writing, editing, image processing, and even interacting with PDFs -- all in one platform. That's what 1minAI delivers, and a lifetime Pro Plan subscription is just $39.99 (reg. $234). This all-in-one tool integrates various powerful AI models, combining the best of AI technology into a single user-friendly platform. From creative content generation to detailed image editing, 1minAI is the efficiency boost every business professional needs. 1minAI combines multiple AI tools into one seamless platform. Need to speed up your writing process? You can easily generate blog articles, rewrite content, paraphrase, and check grammar. And if you need to edit images, you can create completely new visuals, upscale photos, and remove backgrounds. This all-in-one platform can also summarize, translate, and query PDFs for fast information access. And if you need help with audio and video editing or enhancements, it can do that, too. With AI models like GPT-4, Claude, Gemini, and Llama, 1minAI provides robust tools that can handle a wide range of tasks. Whether you're tackling writer's block, improving visuals, or extracting key insights from PDFs, this tool is designed to help you work smarter, not harder. Best of all, the lifetime subscription ensures you'll never have to worry about recurring fees -- just pay once, and you're set for good (updates are included, too). While 1minAI is a powerful assistant, it's important to note that AI tools are meant to assist, not fully replace human oversight. When generating content or editing images, a little human touch goes a long way in ensuring everything is polished and professional. For just $39.99 (reg. $234), you'll receive lifetime access to all of these 1minAI features -- no recurring fees, no hassle -- with free monthly credits to help you maximize your usage of the AI tools.

Entrepreneur

Sun, 13 Oct, 2:03 PM UTC

LexLegis.ai Introduces 'Interact': A Game-Changing AI Solution for Legal Document Management

LexLegis.ai, a leader in legal technology and Large Language Models (LLMs), proudly announces the launch of Interact, a revolutionary feature designed to transform how legal professionals handle, analyze, and optimize document workflows. Building upon LexLegis.ai's reputation as a powerful legal research tool, Interact marks the platform's evolution into a comprehensive case management solution, integrating AI-driven capabilities to make legal processes smarter, faster, and more efficient.At the heart of Interact lies its ability to empower legal professionals with intelligent tools for document comparison, analysis, and insight extraction. With a single, intuitive interface, users can now:Compare Legal Documents: Seamlessly conduct side-by-side comparisons of contracts, agreements, or case files to identify differences and ensure consistency.Extract Crucial Information: Leverage AI to extract key details from lengthy legal documents or scan text from PDFs and images, eliminating manual search efforts.Document Translation: Automatically translate legal content across languages, facilitating cross-border cases and collaborations.Risk Analysis: Instantly identify potential risks or discrepancies within documents, providing enhanced decision-making support."Interact takes legal document management to the next level," said Mr. Saakar S. Yadav, Founder of LexLegis.ai. "It's not just about faster research -- this is about automating the labor-intensive tasks that often slow down legal workflows, allowing professionals to focus on strategic decisions and superior case outcomes."Addressing Key Challenges in Legal WorkflowsThe Interact feature is designed to tackle some of the most persistent challenges legal teams face -- particularly the time-consuming process of reviewing and analyzing large volumes of legal text. The tool provides instant insights, reducing manual review times while minimizing the risk of human error. This intelligent automation enables lawyers and legal teams to redirect their efforts toward high-value activities, such as case strategy, client engagement, and the development of effective legal arguments.For legal professionals working in firms or in-house teams, Interact is a valuable tool for improving collaboration. By offering secure, shared workspaces, LexLegis.ai enables multiple users to collaborate seamlessly while maintaining control over sensitive client data and ensuring strict compliance with privacy standards.Transforming the Legal ProfessionAs LexLegis.ai evolves beyond just a legal research tool, its comprehensive platform now offers a wide range of AI-powered features that enhance each stage of the legal process. From research and review to drafting and collaboration, Interact is at the core of LexLegis.ai's mission to reduce operational costs and improve the efficiency of legal professionals."Our goal has always been to bring innovative AI solutions to the legal profession," added Mr. Yadav. "With Interact, we're empowering legal teams to work smarter and more collaboratively, enhancing not only their efficiency but also the overall accessibility of legal services."About LexLegis.aiLexLegis.ai is a pioneering legal technology company based in India, committed to transforming legal processes through AI-driven solutions. Co-founded by the late Shri S. C. Yadav, a retired Chief Commissioner of Income-tax, and Mr. Saakar S. Yadav, the platform is designed to expedite legal workflows and improve access to justice. With a Large Language Model (LLM) trained on over 10 million Indian legal documents, LexLegis.ai offers accurate legal insights and innovative solutions tailored to the unique needs of the legal profession.

CXOToday.com

Wed, 16 Oct, 8:14 AM UTC

How AI is removing legal obstacles that slow down business

The writer is director of clients and communities at RSGI Business processes with a legal component cause hold-ups far too often -- in companies and in law firms, alike. But, where there is a problem, there is usually someone ready to step forward with a remedy. The organisations listed below are using technology to help remove some of the most common obstacles, to speed up the pace of business. And, in line with the dominant theme of this year's annual Financial Times Accelerating Business series, many are incorporating artificial intelligence into existing processes. The FT's research partner for the series, RSGI, found a range of companies that are helping their clients to apply AI to legal tasks. From navigating new EU legislation to enabling users to conduct legal research faster, some of the potential cost and time savings cited by users are striking. In some cases, legal tasks that previously took days now take minutes. Where is AI helping in particular? Commercial contracts remain onerous, but users say the technology is speeding up processes. Other core activities where AI is making a difference include procurement and billing for legal services. Ultimately, widely agreed definitions will be critical to AI's further deployment in the legal sector: three organisations appear in the list for making headway towards achieving a common standard. The criteria for inclusion in the FT Accelerating Business series are mainly increased speed: of processes, rate of business, and time required for specific tasks. In the legal context, we also recognise attempts to remove friction from everyday tasks such as commercial contracts. Such efforts involve not only speeding up tasks, but also reducing the stages to go through to do business. Speed and efficiency can be expensive, however. For example, the cost of implementing contract management often involves paying for the services of the Big Four professional services firms or other consultancies. Four general categories emerged from RSGI's research into the suppliers making notable progress in accelerating the pace of business with a legal component: Achievement: Developing an effective partnership strategy with key legal service providers. Comment: ContractPodAi signed deals with legal service providers Integreon, Morae and QuisLex to speed up their use of AI. It has also made deals with two of the Big Four professional services firms: PwC, to help it deliver new products; and KPMG, where users across the organisation will be able use CPAI on all legal outsourcing engagements. Note: ContractPodAi is a sponsor of FT Innovative Lawyers regional reports. Sponsors have no influence over, or prior sight of, any articles in the reports. Achievement: Helping clients to navigate the EU's AI Act, the bloc's landmark law to regulate use of the tech. Comment: Businesses recognise that they need more than legal expertise to comply with the new legislation, and are using the data expertise of D2LT to review systems, policies and procedures, to improve AI controls. Achievement: Launching the Sense Collective, a collaborative learning programme for in-house legal teams on AI. Comment: The programme includes 17 companies, such as Microsoft, Intel and Adobe. Participants say it has helped them develop step-by-step guides -- like recipe books -- to using generative AI for a range of problems, which has speeded up implementation. Achievement: Providing measurable time-savings to legal departments. Comment: In 2024, US-based Harvey expanded its headcount from 55 to 180 and acquired 100 new customers. One client Repsol, the Spanish energy company, says using Harvey saves each of its users around three hours a week in achieving everyday legal tasks. Achievement: Launched Lexis+ AI, its generative AI legal research platform. Comment: Law firms in the US, where Lexis+ AI had its first commercial launch, report savings of up to five hours per user a week when using it for legal research, thanks to its ability to summarise information from multiple sources accurately and provide citations. Achievement: Established less than two years ago by tech entrepreneurs with no legal background, Leya has already built a solid client base and raised $35.5mn in funding. Comment: Stockholm-based Leya's eponymous AI tool is maturing to include workflows built around specific legal tasks. For example, lawyers in private-funds work use the tool to extract key terms from limited partnership agreements in minutes with the same accuracy as a human, who would take hours. Achievement: Helping in-house teams and law firms take advantage of generative AI. Comment: This year, the legal team at consumer goods group Unilever has used the technology to speed up the drafting, summarisation and review of hundreds of contracts. Note: Thomson Reuters is a sponsor of FT Innovative Lawyers regional reports. Sponsors have no influence over, or prior sight of, any articles in the reports. Achievement: Consolidating its position as an emerging rival to legal information giants Thomson Reuters and LexisNexis. Comment: vLex has expanded the capabilities of its AI legal research tool Vincent AI to include analysing and comparing the laws in 13 jurisdictions around the world, having added France, Portugal and Brazil. In addition, it now also covers disputes and transactions. Achievement: Centralising the global contracting processes for Astellas, the Japanese drugmaker. Comment: Deloitte harmonised contract templates and processes across the 70 countries in which Astellas operates, which makes signing them 20 per cent faster than before. Achievement: Partnering with tech providers to incorporate AI into its services. Comment: Integreon was the first in its peer group to integrate generative AI into its offerings through partnerships with legal generative AI companies The Contract Network and ContractPodAi. Using CPAI, Integreon was able to complete a migration of 100,000 documents from an old contracting system to a new one within nine months, as opposed to the 20 months projected without the use of AI. Note: Integreon is a sponsor of FT Innovative Lawyers regional reports. Sponsors have no influence over, or prior sight of, any articles in the reports. Achievement: Simplifying the implementation of healthcare recruitment company Acacium's contract lifecycle management system. Comment: KPMG enabled members of Acacium's legal and contracting team to modify the system themselves. As a result, contracts could be signed 35 per cent faster than before. Achievement: Expanding the number of corporate customers across the world by 75 per cent since the start of 2024. Comment: Clients include companies such as AMD, BBC Studios, Rightmove and DHL. Many clients say it is the "go-to" AI provider. One cites an example of receiving a sufficiently accurate summary of the key provisions of a 300-page contract within 45 seconds. Achievement: Capturing and publicising public procurement data relating to reconstruction projects in Ukraine. Comment: The not-for-profit organisation, which aims to improve public-sector contracting, worked with the Ukrainian government to launch Dream: a platform that co-ordinates communities and funders working on reconstruction projects. It estimates the platform can enable projects to start months ahead of schedule. Dream, first launched in mid-2023, now hosts data for more than $5bn-worth of projects. Achievement: A first mover in incorporating AI into its offerings for legal-services clients. Comment: Created a fixed-cost package for clients, by combining the work of human lawyers and multilingual generative AI tools from ContractPodAi, to streamline both simple and complex contracts. So far, eight clients have benefited from this proprietary model, with savings of 15 to 20 per cent of their usual costs and no need to buy new technology. Achievement: Enabling legal service buyers to understand their legal spending at a glance. Comment: In-house legal teams can now use Ask Brightflag, an AI-enabled assistant, to monitor their legal spending in greater detail, and much faster, via a chatbot. Some clients have reported substantial cuts in legal costs. Achievement: Delivering a rapid return on expenditure for new clients. Comment: Brewing company Heineken says that since adopting the tool last year, it has saved up to 75 per cent of costs on some of its legal work. Achievement: Making feedback on external counsel faster and easier. Comment: Priori helped healthcare company Organon create an easy-to-use scorecard for rating its law firms, with automated reminders for lawyers to make use of it. The result is better feedback to the law firms, resulting in more appropriate responses being made more quickly. Achievement: Driving the adoption of legal standards to its membership of 3mn registered users. Comment: Law Insider is launching a set of contract standards and a guide to different uses that will be available for free to any registered user. It will be bolstered by its October acquisition of OneNDA, a free, open-source template for non-disclosure agreements. Achievement: Adoption of a legal taxonomy by five sizeable law firms, including A&O Shearman. Comment: The Noslegal taxonomy is a set of standards for use in tagging and analysis of legal data across business such as legal operations, knowledge management, and sales and marketing. The standards are offered as a starting convention that organisations can build on to suit their needs. Achievement: Making data standards easier to implement. Comment: Soli* (the Standard for Open Legal Information) is a common language for organising, categorising and defining more than 18,000 legal concepts. Rigid adherence to the standards is encouraged to make the transfer of data between organisations as seamless as possible, and adoption is aided by the release of resources such as automated tagging software.

Financial Times News

Thu, 17 Oct, 4:01 AM UTC

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