Ironclad
Ironclad is a digital contracting platform that will use AI to automate contract workflows with ease. It is one of the best AI tools for contract management free accelerates the contract lifecycle and keeps errors at bay.
Features:
- All the contracts will be analyzed instantly using 200 automatically detected properties.
- Enforce different contract workflows to boost compliance and make the contract work faster.
- The Contract AI tool is easy to create custom workflows using the drag-and-drop editor.
- Negotiation guidelines are in place to add them to the contract workflows.
Pros:
- The AI contract analysis tool will help review the contracts and flag unfavorable clauses for the business in the contract.
- The workflow design is simple and helps non tech contract managers to create processes that work best for them.
Cons:
- The setup process of the tool is lengthy, and you might need implementation support, for which you have to pay extra.
- Ironclad would help to have separate integrations for e-signature tools, editing, and redlining.
Pricing:
- No pricing information is available. There are custom packages for business. Contact sales team directly.
Link: https://ironcladapp.com/
7 Best AI Tools for Contract ManagementWhat is AI for Contract Management?
AI contract management Tools are transforming the way companies handle legal agreements. This technology uses artificial intelligence to help legal teams manage contracts more efficiently. AI tools assist with creating, reviewing, and organizing contracts. With AI, businesses can save time, reduce errors, and improve compliance.
AI tools offer many benefits for contract management. They provide faster contract drafting and review, which speeds up the process and helps avoid costly mistakes. AI can also identify risks and ensure important contract milestones are met. By automating routine tasks, AI allows legal professionals to focus on more complex work.
7 Best AI Tools for Contract Management
- Docusign CLM
- Icertis
- Contract Works
- Outlaw
- Ironclad
- LinkSquares
- SpotDraft
- How to Pick the Best AI Tool for Contract Management?
In this article, we will explore the 7 best AI tools for contract management. These tools can help businesses streamline their contract processes and improve decision-making. Let’s take a closer look at how these AI tools can make a positive impact on contract management.
What is AI for Contract Management?
AI for contract management is when companies use artificial intelligence (AI) technology to help them handle contracts more effectively. Contracts are legal agreements that businesses use for many purposes, such as hiring employees, working with suppliers, or making sales. AI can help manage contracts throughout their entire lifecycle, from creating them to making sure they are followed correctly.
Here are some ways AI is used in contract management:
1. Drafting: AI can provide templates and suggest standard clauses for new contracts.
2. Review: AI quickly checks contracts for important terms and potential risks.
3. Risk Assessment: AI identifies legal, financial, and operational risks in contracts.
4. Search and Retrieval: AI makes it easy to find specific contracts or clauses.
5. Compliance: AI tracks key contract dates and sends alerts for important events.
6. Insights: AI provides analytics on contract data to identify trends.
7. Automation: AI handles routine tasks like data entry and reporting.