In the last few years, all industries have been benefiting from an increase in automation, from robotics to software and Artificial Intelligence (AI) solutions to automated processes and tasks. According to different estimations, in the next decade, Artificial Intelligence is thought to replace 16% of jobs. Technologists are busy in their labs innovating advanced versions […]

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Contract abstraction, a process which is typically too time consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face project costing of hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time. Through […]

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Extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing at these days. Managing this complex and massive data […]

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To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated and time-consuming. So what is the best answer? “Join Brightleaf and IACCM’s joint webinar on Overcoming the challenge of legacy agreements”  Click here to register Date: September 20, […]

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The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard […]

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In contract management, review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors which might have occurred a) at […]

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It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be […]

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In our previous blog, we discussed the importance of analyzing contract from a legal perspective. Now let’s discuss what are the major types of clauses an analyst comes across while analyzing a contract: Standard clauses – As discussed in the previous blog, it is the boilerplate provision that occurs frequently. They are generally consistent clauses. […]

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