Contract review software help industries save time and money

Here’s how AI-powered software can help Corporate legal departments gain efficiency and limit legal risks:

THREE AXES OF WORK

1. Commercial phase contract analysis
   Key users: In-house counsels
   Objective: To create a matrix of risk for the tender teams
2. Contract management assistant
   Key users: Contract managers (without a legal background)
   Objective: Create a report flagging any potential risks for the grounds team to be aware of.
3. Database for all incoming contracts
   Key users: Sta members of the various legal departments
   Objective: To keep track of all the various contracts from third party suppliers.

POSSIBLE RETURN ON INVESTMENT

• Time saved on contract review
  It is estimated that Legal Counsels can spend up to 30 hours reviewing a typical construction contract. A 50% time saving is projected based on early usage of AI.
  
  
• Reduce the number of challenged claims: By improving our understanding of contract details, we would expect to improve our position for claims. A typical challenged claim can cost up to 10 hours of a Legal Counsel’s time.
  
  
• Avoid some litigations: The industry average for litigation costs caused by contractual oversight is estimated to be 30 million dollars. By improving our understanding of contracts, we would expect that teams would be in a better negotiating position and could avoid potential litigation.
  
  
• Reduce dependence on outside counsel: By freeing up time for internal counsel, we should expect to reduce the number of matters outsourced to external counsel.