Last Updated on May 31, 2023
Reading, writing, and signing contracts takes a lot of time and effort.
But with AI contract review software (also known as contract analysis software), you can simplify some of the contract review process.
What does this software do? These tools can read contract drafts and help you find risks, understand the main points, and even break out of a difficult contract. You won’t find this in your average AI writing software.
Ready to see my top picks? Let’s take a look.
What is the Best AI Contract Review Software?
Here’s the top three that we’ve seen released among the AI wave.
Best AI Contract Review Software
AI-Powered Legal Protection
DoNotPay calls itself “The World’s First Robot Lawyer.” It’s designed to help regular everyday citizens like you and me understand our contracts so we can empower ourselves legally. It can help you get out of contracts and talk to people in power when you need to negotiate something.
(Keep in mind that DoNotPay, being an AI bot, is not a legal professional and cannot give true legal advice.)
Here’s what you can do with DoNotPay:
A DoNotPay subscription costs $36 every 2 months.
If you’re looking to protect yourself from difficult contracts or get out of a sticky situation, check out DoNotPay.
Best Professional Contract Review
Legal technology company Ironclad calls itself the “Global Leader in Digital Contract Management.” This software handles the entire lifecycle of each contract for businesses and legal professionals. It’s trained across thousands of legal documents, so it’s ready for anything.
Here are some top features of Ironclad:
Needs vary based on the firm, so you must apply for a custom quote to get pricing.
For businesses and legal teams that want to automate contract processes in English, Ironclad is an excellent choice to check out.
Multilingual Contract Review
Kira has many of the same features as other alternatives. However, it stands out because of its multilingual support. It can read and identify any Latin-based language used in legal documents, which makes it great for reviewing contracts in a global environment.
Here are some things Kira can do:
You’ll need to set up a demo to learn more and receive pricing information.
If you’re looking for contract analysis software that can handle more than just English, you’ve got to check out Kira.
What is AI Contract Review Software?
This smart software (also called contract analysis software) can read and review legal contracts and analyze them in specific ways. The software assists human reviewers in finding errors, potential risks, and summarizing the main points of the contract.
Here are some benefits of using one:
How does Automated Contract Analysis Software Work?
Contract analysis software learns from thousands of contracts in multiple formats and industries. From this data, it can understand how to write a contract, what contracts mean, and what to avoid. (This is all made possible by artificial intelligence and machine learning.)
With this knowledge, an app can do things like:
Frequently Asked Questions (FAQs)
Where does AI contract analysis software fit into the contract review process?
It helps in all parts of the process. It can highlight places that need to be edited if you’re drafting a contract, or it can summarize the key points or find potential risk in contracts you’ve been asked to sign.
Is it safe to trust AI contract analysis software?
You should always verify the results with a legal professional, as AI is always prone to mistakes. When using an AI software, check clauses carefully to make sure your personal information and contract data will be protected.