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Reading through 100's of - if not 1000's of - pages of contracts to extract key information like dates, names, addresses, specifications, rules, exemptions, etc. is a laborious & tedious process. This repetitive but knowledge-intensive work siphon off crucial time from the costly subject matter experts in the legal departments of enterprises. Multiple amendments and addendums lead to an additional level of complexity. Legal language jargons and contextual interpretations make it even more difficult for automation efforts.
With Botminds AI, in hours to days, you can create a custom-built AI solution to automatically extract the key information you are looking for in the contracts. Botminds Document Set capability enables you to get an automatically generated single summary for a contract from multiple documents - main contract or amendment or addendum. Botminds AI's unique deep linking helps subject matter experts to do a side-by-side review of the extracted values with its source document. Achieve end-to-end automation with integration to your other existing CLM software.
Get Botminds AI trained for your contracts in hours with no-code point & click activities
Botminds AI used in real-world high value scenarios to know the importance of multiple documents
Botminds AI platform's connectors, integrations, workflow, etc, enables you to achieve complete automation
Avoid the fear of missing any critical information. Allow Botminds AI to assist in reading the boring contracts
What is contract automation?
Contract automation is when businesses deploy software bots to enable non-legal and legal teams. This is done to self-serve on legal documents, at a largescale, without having to go through the task of involving lawyers every time.
Why should I automate contracts?
The volume of routine contracts is growing, daily; especially, in fast-growing businesses that have numerous (different teams). It affects various teams like
They are involved with various contracts at different times, and usually legal will own the contract templates. Hence, legal contract automation software helps authorized teams find the contracts easily and involve various candidates/counterparties in the document workflow process.
How do you automate contracts?
Once you start using a Contract Comprehension Automation platform, the legal teams can start creating an automated workflow that will allow colleagues to generate their contract without having to involve legal team. Once you select legal contract automation, here are the steps you have to follow:
Create and send self-serve contracts
Start using an approval workflow
Send for signature
Why choose Botminds for Legal Contract Comprehension Automation?
Once you subscribe to Botminds’ legal contract automation, here are somebenefits that your experience immediately:
Since all the contracts are generated, negotiated, approved, signed, and stored in one place, the visibility is quite high and the pre/post signatures are not a problem.
Enabling sales becomes a self-service process, it also includes a transparent approval workflow. This means the sales team won’t have to wait for legal approval of the paperwork.
When the documents are up for negotiations, a single audit trail will suffice to track the changes made last time.
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