Contract analytics software is a new breed of legal software grounded in machine learning that assists lawyers in analyzing contracts more effectively and efficiently. This software will likely appeal to all lawyers who work with contracts, since reviewing and drafting contracts is legal work that is performed by lawyers from firms of all sizes.
This software works by constantly “learning” from new contracts, such as nondisclosure agreements, as they are uploaded into its database. The software then applies this knowledge to contracts submitted by users. It compares the document under review against a multitude of similar documents contained in its database. Then the software typically provides a report that includes recommended revisions drawn from its analysis of the components of similar contracts, including suggesting paragraphs that appear often in other contracts but are missing from the one uploaded, and highlighting outlier paragraphs in the uploaded document that are atypical.
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