AI-powered contract analysis and information extraction

In today’s fast-paced business environment, contracts play a crucial role in establishing agreements, outlining responsibilities, and managing legal obligations. However, manually sifting through lengthy contract documents to extract relevant information can be time-consuming and error-prone. That’s where a contract extraction tool comes to the rescue. Our Contract Info Miner, is an advanced Gen-AI-powered tool that revolutionises contract analysis by extracting relevant information through a prompt engineering approach. It simplifies the process of sifting through contract documents, allowing users to ask specific questions about terms, conditions, and obligations.

Contract Info Miner saves time, reduces human error, and continuously improves its accuracy by learning from user feedback. It streamlines the extraction of critical details, such as payment terms, deliverables, and termination clauses, making contract analysis more efficient and user-friendly.

Objective

Our objective was to extract the correct and relevant information from a sample contract, using 5 questions to train the AI-powered tool. The Contract Info Miner tool that we have developed, takes a contract file along with an Excel file consisting of the relevant questions as input. Those questions are then passed through a GPT model which returns the relevant information found in the contract document. The tool can answer a wide range of questions from the contract document. Here are some examples:

Who are the contract parties?
What is the starting / effective date of the contract?
What is the cost or service fee of the contract?
What is the governing law specified in the contract?

Business use cases and applications

There are multiple applications of the Contract Info Miner tool. Some of them include:

Contract review and analysis for informed decision-making
Contract summarisation for quick understanding of key terms
Risk assessment and mitigation for proactive risk management
Contract lifecycle management for effective contract administration
Due diligence in mergers and acquisitions for efficient contract evaluation
Legal research and knowledge management for precedent and clause analysis
Financial analysis and reporting for accurate financial planning

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Do you have an AI use case you want to explore?

If you’ve got a specific AI use case that you’d like some help exploring, if you’re interested in collaborating with us as partners, or if you’re just interested in finding viable and effective ways to apply AI in your organisation, speak to us today.

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