Using AI for the Contract Review Process
LegalReader
MARCH 17, 2022
When performing due diligence, lawyers also have a certain amount of subjectivity when it comes to contract and document review.
Thomson Reuters Launches AI-Powered Contract Analysis Tool in HighQ
LawSites
JUNE 1, 2021
Thomson Reuters is getting into the game of AI-powered contract analysis with the launch today of HighQ Contract Analysis , a contract review tool that uses machine learning to find answers to specific legal questions. or “Is there a mutual right to break?”.
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Zuva Launches Free AI-Powered Contracts Review Tool
LawSites
MARCH 9, 2023
Zuva , the company that spun off from Kira Systems after Kira was acquired by Litera in 2021, is offering a completely free version of its AI-powered contract review technology, which can be used by anyone just by uploading contracts to Zuva’s website. You can access the tool directly from the Zuva home page.
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Legal Staffing Lessons for Today’s Marketplace
Attorney at Work
AUGUST 26, 2021
Contract attorneys have made it possible for legal organizations to level up their teams’ expertise without increasing headcount. . In many cases, this meant that they, like their law firm counterparts, hired contract attorneys to fill in gaps, provide niche expertise and keep costs in check. Here are some lessons they learned.
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Buyer’s Guide for Contract Lifecycle Management Software
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Managing contracts efficiently is critical for organizations to maintain compliance, minimize risk, and optimize their contract lifecycle operations. As such, organizations considering CLM software need to diligently review CLM software offerings to find the solution that best fits their specific needs.
The Process of Buying or Selling a Business: A First-Time Seller’s Guide to Due Diligence
Strictly Business
JANUARY 25, 2024
This meticulous review of your business, from contracts to customer lists, is called due diligence. Due diligence allows the buyer to uncover risks when buying a business. A data room is an online document storage platform where due diligence material is reviewed by the buyer. Contracts with customers and vendors.
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Relativity Branches Out Into Contract Analysis with New Relativity Contracts
LawSites
AUGUST 21, 2023
Today at ILTACON in Orlando, the e-discovery company Relativity announced the launch of Relativity Contracts , a tool for contract analysis and due diligence review integrated within RelativityOne, the company’s cloud platform.
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The Process of Buying or Selling a Business: A First-Time Buyer’s Guide to Due Diligence
Strictly Business
JANUARY 11, 2024
Due diligence is the buyer’s process of discovering and evaluating information about a seller’s business to confirm that acquiring the seller’s equity or assets is a sound investment. However, the process of conducting due diligence differs between transactions for a variety of reasons.
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Contract Metadata Extraction – the whys and hows answered!
Cenza
FEBRUARY 10, 2022
Before we learn the need for contract metadata and how an expert in the extraction process ensures the effectiveness, let’s take a glance at the basics. If we translate this to the contract management landscape, the metadata summarizes the key contract data for effective tracking, maintenance, and improved performance.
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Relativity Acquires Contract Review Company Heretik
LawSites
AUGUST 29, 2022
Relativity , the global e-discovery and compliance technology company, said today that it has acquired Heretik , an AI contract review company whose product was built on the Relativity platform and whose staff is half composed of former Relativity employees. . It will be integrated into RelativityOne, and available as an add-on in mid-2023.
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Three Ways Contract Analytics Deliver Value Beyond Corporate Legal
LawTechnologyToday
JANUARY 22, 2021
They rely on contract analytics engines to better understand their company’s risk exposure – and get a jump-start on agreements headed their way for review. But the need for historical and predictive analysis of in-force and pending contracts isn’t limited to the legal department. The IT Team.
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An in-depth guide on successful contract migration and CLM implementation
Cenza
JUNE 10, 2021
Contract lifecycle management (CLM) has not been a straightforward exercise and here’s why it requires expert legal understanding and understanding of information that contains legal language. Finally, legal teams are seeing the value in having an effective contract management process. Creating a central repository of legacy contracts.
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“Former Colorado chief justice receives unprecedented public censure; An independent investigation previously found Nathan Coats’ lack of administrative training and poor judgment contributed to the ill-advised award of a contract to a judicial employee”
HowAppealing
AUGUST 7, 2023
“Former Colorado chief justice receives unprecedented public censure; An independent investigation previously found Nathan Coats’ lack of administrative training and poor judgment contributed to the ill-advised award of a contract to a judicial employee”: Michael Karlik of Colorado Politics has this report.
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For Smart Home Technology, the Contract Is Key
Gravel2Gavel
MAY 21, 2021
In our previous post we discussed the importance of conducting a thorough due diligence and procurement process with smart technology providers. The contract. Ultimately, the contract should answer the fundamental question of “What are you buying?”
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Data Co. Told To Turn Over Contracts In Kochava Case
Law 360
JULY 26, 2024
federal judge planned to order TargetSmart to turn over supplier contracts to the Federal Trade Commission in the agency's case against TargetSmart client Kochava on Friday, after TargetSmart's attorney said she was "99% sure that there was no due diligence done by Kochava" regarding the data's provenance.
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Worldwide: Russia Sanctions Create Heightened Need For Sophisticated Due Diligence In Sales Contracts - Lewis Brisbois Bisgaard & Smith LLP
Mondaq
APRIL 19, 2022
The increasing number and intensity of U.S. sanctions against Russia (see Lewis Brisbois' alert of April 13, 2022) have
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Can Lawyers Ethically Store and Transmit Client Info in the Cloud?
Attorney at Work
JUNE 4, 2022
You just need to take reasonable due diligence to know it is secure. Due Diligence. Along with asking questions, you need to read the provider’s contract or terms and conditions, which are very likely going to be different if you use a free service instead of a paid service. Likewise, Model Rule 1.6(c) 2215 (2012).
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AI Applications for 5 Different Legal Fields
LawTechnologyToday
APRIL 16, 2021
Contract disputes, for instance, require hours of due diligence that AI can automate, saving you hours of monotonous work. For example, many recent contract disputes revolve around force majeure claims from COVID-19, which can be a complicated undertaking. Automating it at least in part, through AI, is far more efficient.
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So You Want to Be an Adjunct Law Professor? 6 Lessons from My Experience
Attorney at Work
JUNE 30, 2022
I just wrapped up my whirlwind of a first semester as an adjunct law professor teaching Contract Drafting at the University of Richmond School of Law. And there’s a practical benefit to digging back into the nitty-gritty of a particular subject — in my case, commercial contract law. Lesson 6: The Profession is in Good Hands.
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Doctoral scholarship: International accountability through the value chain in Antwerp
Conflict of Laws
DECEMBER 20, 2021
It examines recent and pending legislation on value chain due diligence in selected countries and/or regional organisations. The research can be approached from the perspective of human rights law, public international law or private international law, including private law mechanisms (either in tort or in contract law).
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How you can tighten the rein with CLM
Cenza
DECEMBER 23, 2021
World Commerce and Contracting calculated that poor contract management practices cost businesses an average of 9% of revenues each year. Irrespective of business type or work style, organizations that need to unlock value and provide superior customer experience have one place to investigate ‘ contract management. Compliance.
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Key Clauses to Include in IT Company Contracts: Supplier and Partner Contracts, Licensing, and Employment Agreements
Chugh LLP
SEPTEMBER 2, 2022
IT companies need a range of contracts, such as agreements with suppliers or partners, contracts with their employees, and licensing agreements. It is crucial that tech companies put in the time and effort at the start of a new contract to ensure that all important clauses are covered. Supplier and Partner Contracts.
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The top players in the AI-powered contract management space
Cenza
NOVEMBER 25, 2020
We’ve compiled a list of some of the best companies in the world that operate in the contracts space and leverage the power of artificial intelligence (AI) and machine learning (ML). AI and ML help increase the speed and accuracy of the various processes within contract management, but at just a fraction of the manual cost.
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The Impact of Artificial Intelligence in the Legal Industry: What is changing, and how?
Cenza
OCTOBER 27, 2021
It also acts as a huge time saver by automating contracting information related to document reviews for due diligence, litigation legalese, legal research, etc. Easing Contract Management. Contracts are the backbone of every business. This helps in identifying the acceptable and to-be excluded sections of a contract.
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Kira, Litera’s Contract Review Software, Gets ‘Smart Summaries’ Feature Driven By Generative AI
LawSites
AUGUST 15, 2023
When it was founded in 2000, Kira pioneered the use of artificial intelligence and machine learning for contract review and analysis. Now Kira, which was acquired in 2021 by Litera , is employing the newest wave of generative AI to help legal professionals accelerate the process of due diligence and other forms of contract reviews.
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The ITLOS Advisory Opinion on Climate Change: An introduction into the joint blog symposium
ClimateChange-ClimateLaw
MAY 22, 2024
” The tribunal also emphasized that article 194, paragraph 1, of UNCLOS imposes a due diligence standard on States that is “stringent”. The tribunal noted that the due diligence standard may also vary in accordance with State capabilities and available resources.
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Litera to Acquire Legal AI Pioneer Kira Systems, Enhancing its Transaction Management Offering
LawSites
AUGUST 10, 2021
Kira Systems , a 10-year-old Toronto company that pioneered the use of artificial intelligence in contract analysis, is to be acquired by the global legal technology company Litera , its 12th acquisition over the span of two years. Earlier this year, I interview Waisberg and Hudek for my LawNext podcast.]. Litera CEO Avaneesh Marwaha.
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Alternative Legal Service Provider and Cenza – A quick recap of the journey
Cenza
JANUARY 27, 2023
With this, we expanded our services to encompass the entire realm of digital contracting, which has broadened our horizon to include services dedicated to legal AI/ML platforms. However, constant experimenting by the service providers has enabled it as a well-established industry.
The Pivotal Role of Data Annotation in AI-Powered Legal
Cenza
NOVEMBER 25, 2021
The survey also found that 61% of the companies use AI to generate and review legal documents, 47% for due diligence purposes, and 42% for research. Swift Due Diligence : Lawyers can reduce the time and unbillable hours reviewing memos and briefs and confidently deliver 100% validated documents.
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UFLPA DHS Guidance – What Importers Need to Know
Customs & International Trade Law
JUNE 28, 2022
The guidance for importers provided information on three topics: 1) Due Diligence, 2) Supply Chain Tracing, and. What does due diligence mean? DHS stated that for purposes of the guidance, due diligence includes assessing, preventing, and mitigating forced labor risk in the production of goods imported into the United States.
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The Process of Buying or Selling a Business: An Overview
Strictly Business
NOVEMBER 2, 2023
The NDA is a contract where the parties agree to keep certain information confidential, like trade secrets and customer lists. Initial Due Diligence After an NDA is signed, the parties typically begin sharing information so that the buyer can determine if it wants to make an offer for the business.
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How Artificial Intelligence Is Transforming The M&A Practice
Law 360
AUGUST 25, 2023
The advent of artificial intelligence is stimulating new types of mergers and acquisitions while radically changing how firms guide them, replacing some of the due diligence, contract work and other tasks that were once reserved for humans.
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ALSP Factor Launches Product for Law Firms to Manage and Support Transactions
LawSites
JUNE 8, 2021
The service will provide transaction management, due diligence and documentation support to deal teams. Due diligence. Maintaining the due diligence questionnaire and the review of underlying documents. Ancillary agreements, templated contracts (e.g. See all posts and podcasts related to Factor. Documentation.
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What Is a Managed Service Provider and Why Is It a Good Option for Small Law Firms?
Attorney at Work
JUNE 22, 2021
Contracting with an MSP that operates with a “break-fix” philosophy will not set up a firm for long-term success. Ask colleagues for referrals and do your due diligence. What’s the best way to negotiate a contract with an MSP? There are two important things to remember when negotiating contracts with MSPs.
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How Legal Professionals Are Currently Using AI Today
CARET Legal
JULY 3, 2024
Or picture getting the gist of a 100-page contract in just a few minutes. You have thousands of pages of contracts, emails, financial reports, and witness statements to review. Due Diligence in Mergers and Acquisitions: In a large M&A deal, you might need to review thousands of contracts from both companies.
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Fueled By $20M Raise, Kira Spin-Off Zuva Reveals Its First Product
LawSites
SEPTEMBER 29, 2021
Seven weeks ago, as Litera announced its acquisition of Kira Systems , the pioneering AI contract analysis company, Kira announced the spin off of a new company, Zuva , to continue developing machine learning technology for business documents. Customers can host DocAI on Zuva’s cloud platform or on their own infrastructure on Kubernetes.
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Your Votes Are In: Here Are The 15 Finalists You Chose To Be In The 2023 Startup Alley At ABA TECHSHOW
LawSites
FEBRUARY 6, 2023
Docgility AI-powered Contract Acceleration Platform – 80% faster contract execution with improved compliance – supports review, redlining, collaboration, and negotiation of contracts (including third party/counter party contracts). Read this startup’s detailed application. Read this startup’s detailed application.
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A&O Hires Harvey Chatbot To Help Lawyers
InHouseBlog
FEBRUARY 16, 2023
The new platform, dubbed ‘Harvey’, is designed to increase efficiency by helping lawyers with tedious tasks such as contract analysis, due diligence, litigation and regulatory compliance. “Magic Circle law firm Allen & Overy (A&O) has embraced a new ChatGPT-style tool to assist lawyers with various aspects of legal work.
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How has AI emerged as the go-to legal technology?
Cenza
NOVEMBER 18, 2021
Due diligence, which is a time-intensive process, has been simplified by AI-powered tools. Contract Lifecycle Management (CLM), spanning contract drafting, review, and post-executing management (legacy contracts) is now reliant on AI-powered systems. About Cenza.
LTRC Roundtable Discussion: Payments
LawTechnologyToday
DECEMBER 23, 2021
What type of diligence do you conduct with respect to a possible payment option before making that method available for client use? I’m not sure how much due diligence it’s realistic to do. Lawyers have largely accepted client checks without diligence for many years. DK: I prefer card payments for this reason.
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Negotiating athlete endorsement agreements in India
LawInSport
JULY 14, 2021
Preserve Future Freedom To Contract. Due Diligence. Specifically, it discusses the need to: Engage A Marketing And Representation Agency. Relevant Precedents. Retain Control Over Image And Attributes. Previous Cases. Right To Claim Passing Off. Application Of Rules Of Sporting Events. Know The Products Or Services Being Promoted.
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Top Technology Trends for Transactional Lawyers
LawTechnologyToday
FEBRUARY 1, 2022
Applications used to manage voluminous and complex litigation document reviews can be used for reviewing contracts in transactional matters. These tools can turn contract clauses into data points, which can then be analyzed, filtered, compared, etc.,
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Landlords Beware: When Tenants Are Sanctioned
Gravel2Gavel
APRIL 1, 2022
persons involved with sanctioned individuals to terminate existing contracts, including leases, and why it is important for landlords to conduct thorough due diligence on prospective tenants and to negotiate language that enables them to quickly terminate a lease if a tenant becomes subject to sanctions.
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4 important steps for successful legacy contact migrations
Cenza
JUNE 10, 2021
Contract lifecycle management (CLM) has not been a straightforward exercise and here’s why it requires expert legal understanding and understanding of information that contains legal language. Finally, legal teams are seeing the value in having an effective contract management process. Creating a central repository of legacy contracts.
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