How a multi-award-winning LegalTech contract review automation solution relieves you of routine tasks.
2023-08-15 – Frank von Orlikowski
You work in a company’s sales or purchasing department and receive non-disclosure agreements, purchase orders or other contracts from suppliers, customers or other business partners for review. Even if you have no legal training yourself, you are the first point of contact for your business partners on these contractual matters, and you check the content of these contracts for compliance with company policies. While you are often very good at assessing the technical content of contracts, you lack the legal experience to deal with many legal subtleties, formulations and standard clauses. You are also limited in your ability to assess whether the contract is complete in terms of your own corporate policies.
You send the contract for review to your legal department or, if you don’t have one, to an external specialist law firm. Since many other contracts need to be reviewed in addition to yours, the contract reviews pile up. And for the lawyers, these are time-consuming standard tasks that are repeated over and over again.
So getting contracts signed – even simple ones – takes a long time. It causes dissatisfaction among business partners and costs the company a lot of money through the use of specialist legal staff.
Clearly, yes. AI trained for these use cases can automatically review non-disclosure agreements, purchase orders and other contracts. In this way, legal departments, sales organisations and procurement teams get a LegalTech solution for numerous use cases that relieves them of everyday – but very demanding – routine activities. Our partner Legartis from Switzerland provides such a solution.
Founded in 2007
Headquarters: Zurich
The AI-based Legartis Contract Checker, trained by lawyers and equipped with the latest machine learning and natural language processing (NLP) technologies (including Large Language Models (LLM)), performs complex analysis processes reliably and efficiently. The groundbreaking AI reads, understands and learns from the user’s work with documents. The innovation lies in the automated legal analysis of contracts, whereby Legartis secures the development lead by means of the collected training data and the carefully designed and tested prompts. Additionally, the semantic representation approach enables a multilingual application: This includes analysis in a multilingual context and offers the flexibility to integrate new languages into the system with little effort.
Legartis ensures that your sensitive business data is protected with industry-leading security standards that you can rely on. All data centres are ISO 27001 certified and located in Switzerland.
Privacy and data security: Legartis complies with all Swiss data protection regulations and the EU General Data Protection Regulation (GDPR) in terms of software architecture, system architecture and functional security of the application.
Legartis is 100% compatible with Microsoft 365/SharePoint Online and thus also with Shareflex Contract, the contract management solution for Microsoft 365.
Legartis’s award-winning LegalTech enables review automation of contract documents directly in Shareflex. The pre-trained and regularly updated AI behind Contract Checker recognises critical contract clauses and provides clear instructions for action. This saves time and reduces costs.
Hamburg, 15 August 2023
Author: Frank von Orlikowski
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