Contract Works
Contract Works is the best AI contract management software with AI-powered features to make the contract preparation and management process efficient. It also reduces the time spent on doing manual and repetitive tasks.
Features:
- GPT-3 is integrated to create contract clauses and will simplify legalese.
- Quickly get the automated reports and notifications to the email.
- Built-in e-signing without the need to integrate the tool with third parties.
- Easy to prepare redline contracts with this tool handy or use Microsoft Word for two-way integration.
Pros:
- Plans allow unlimited users to use the legal contract AI tool and are also cost-effective.
- The learning curve is simple for users to learn this tool, and you can quickly search for the contract you want and retrieve it in no time.
Cons:
Pricing:
- Standard – $700 per month.
- Professional – $900 per month.
- Premium – $2000 per month.
Link: https://www.contractworks.com/
7 Best AI Tools for Contract ManagementWhat is AI for Contract Management?
AI contract management Tools are transforming the way companies handle legal agreements. This technology uses artificial intelligence to help legal teams manage contracts more efficiently. AI tools assist with creating, reviewing, and organizing contracts. With AI, businesses can save time, reduce errors, and improve compliance.
AI tools offer many benefits for contract management. They provide faster contract drafting and review, which speeds up the process and helps avoid costly mistakes. AI can also identify risks and ensure important contract milestones are met. By automating routine tasks, AI allows legal professionals to focus on more complex work.
7 Best AI Tools for Contract Management
- Docusign CLM
- Icertis
- Contract Works
- Outlaw
- Ironclad
- LinkSquares
- SpotDraft
- How to Pick the Best AI Tool for Contract Management?
In this article, we will explore the 7 best AI tools for contract management. These tools can help businesses streamline their contract processes and improve decision-making. Let’s take a closer look at how these AI tools can make a positive impact on contract management.
What is AI for Contract Management?
AI for contract management is when companies use artificial intelligence (AI) technology to help them handle contracts more effectively. Contracts are legal agreements that businesses use for many purposes, such as hiring employees, working with suppliers, or making sales. AI can help manage contracts throughout their entire lifecycle, from creating them to making sure they are followed correctly.
Here are some ways AI is used in contract management:
1. Drafting: AI can provide templates and suggest standard clauses for new contracts.
2. Review: AI quickly checks contracts for important terms and potential risks.
3. Risk Assessment: AI identifies legal, financial, and operational risks in contracts.
4. Search and Retrieval: AI makes it easy to find specific contracts or clauses.
5. Compliance: AI tracks key contract dates and sends alerts for important events.
6. Insights: AI provides analytics on contract data to identify trends.
7. Automation: AI handles routine tasks like data entry and reporting.