Companies providing varied services have thousands of contracts with their customers, contractors, and employees to name a few.
- The Client's services offered include secure contract storage, and classification of contracts based on their various clauses.
- They also help in identifying and analyzing keywords and terms in their customers’ contract repository with the use of Artificial Intelligence (AI).
- To identify and analyze keywords, the Client’s AI needs to be taught the different contractual obligations and clauses used in a contract.
- The Client’s AI needs to identify which contract runs for 2 years, and which one terminates at the end of 3 years. It needs to identify what the term clause in a contract looks like.
- There are numerous clauses in a contract ranging from Assignment Rights, to use of Customer Data, that the AI needs to understand and differentiate.