Enterprises often lose millions of Euros due to the fact that a monitoring solution for existing and new contracts is not implemented. By automating the contract management with the help of Legal AI and semantic text analytics these mistakes can be avoided and additional important information in contracts and documents connected to them – such as appendices, assessment reports and minutes – can be extracted.
Contracts are composed in a very complex and specific language though so that a simple text analysis won’t bring the desired results for an automated and efficient contract management. Glanos has developed an intelligent text analytics software based on an extensive text corpus with legal terms as well as contracts and other documents already analysed and combined with Legal AI. Thus making it possible to manage contracts almost automatically.
- Status analysis of existing contracts.
- Automatic extraction of deadlines, side conditions and run-off periods of leasing contracts (and similar subscriptions, etc.).
- Clause analysis to avoid mistakes in wording.
- Alert on missing clauses as well as suggestions for wording of them (compliance check).
- Information on the assessment of the management as a support in the credit granting process.
- Cost reduction through automated contract control.
- Risk minimization through identification of mistakes and gaps in contract clauses.
- Loss minimization through on-time termination of leasing contracts or the payment of leasing rates.