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.

  • Disclaimer: This post may contain affiliate links, which means I’ll receive a commission if you purchase through my links, at no extra cost to you. Please read full disclosure for more information. You should always contact a professional or lawyer when drawing up contracts, I am not a professional and this is for information purposes only, not legal advice.

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
  • Best Professional Contract Review: Ironclad
  • Multilingual Contract Review: Kira

1. DoNotPay

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:

  • Choose your problem from a huge list including “annul my marriage,” “appeal a banned account,” and “dispute traffic tickets,” and get help from AI.
  • Cancel subscriptions, break your lease, or get out of difficult contracts.
  • Create burner phone numbers to keep your number private.
  • Track the progress of your claims and see the amount of money you can expect to receive back.

DoNotPay Pricing

A DoNotPay subscription costs $36 every 2 months.

DoNotPay Verdict

If you’re looking to protect yourself from difficult contracts or get out of a sticky situation, check out DoNotPay.

2. Ironclad

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:

  • AI Assist tool suggests potential risks or improper language in the contract, based on parameters that you set.
  • Automatically scans paper-based contracts and create searchable text versions.
  • Keeps track of all contracts in one place with data on review times, sales outcomes, and more.
  • Includes many more tools to help create, edit, share, sign, and maintain contracts for your business.

Ironclad Pricing

Needs vary based on the firm, so you must apply for a custom quote to get pricing.

IronClad Verdict

For businesses and legal teams that want to automate contract processes in English, Ironclad is an excellent choice to check out.

3. Kira

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:

  • Analyzes and summarizes a contract’s main clauses and the potential for risk.
  • Provides custom settings for analysis and contract reviews.
  • Shows all your data at a glance so you can look at organization-wide data.
  • Besides English, Kira can read and identify any Latin-based language, such as Spanish, French, Italian, and more.

Kira Pricing

You’ll need to set up a demo to learn more and receive pricing information.

Kira Verdict

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:

  • Helps save time when reviewing or authoring a contract, or entering into new agreements.
  • Can highlight potential risk or problems for you to review.
  • Can summarize the main points of the contract that have an impact on your business.
  • Can be trained on your preferences and data to better analyze your contracts for your specific use case.
  • Can assist in the negotiation process.
  • Can automatically turn older legacy contracts into text-based, searchable ones.
  • Can aggregate your contract data in one place so you can analyze them and get insights about the health and status of your contracts.

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:

  • Find errors or unusual wording in contracts
  • Highlight the main clauses and explain what they mean for your business
  • Help draft and write contracts
  • Review contracts you’re asked to sign
  • Even help you get out of contracts that you’re in (in the case of DoNotPay, my first pick on the list)

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.

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