ContractPodAi, the award-winning provider of the AI-powered, contract lifecycle management (CLM) product and ‘One Legal Platform,’ announced new offerings to help legal departments automate repetitive tasks like contract review and remediation from hours to minutes and it comes with pre-built digital playbooks so teams can quickly deploy the technology. The release also includes new, user-friendly features making it even easier and faster to execute, store, and search buy-side and sell-side contracts while providing a holistic, customized view of contracts.
“Maintaining contractual relationships is hugely important to us and ContractPodAi helps make that happen”
General counsels anticipate a 25% work increase in the next three years, and legal technology solutions are in high demand to meet this increase in workload with 59% of corporations relying on them today. Contract management is one area legal teams are looking to streamline with technology and ContractPodAi’s automated Contract Risk & Compliance (CR&C) solution offers legal teams a quick win. The AI reviews and extracts non-compliant clauses and compares against approved, built-in digital playbooks available at a click of a button, bringing greater efficiency, scalability, and intelligence to legal teams. Built by legal experts, the Contract Compliance Program is a library of playbooks and recommended key legal obligations that removes the complexity and time-consuming work of building playbooks from scratch.
“At ContractPodAi, we understand the macroeconomic conditions will spur businesses to tighten budgets and apply vigor to finding efficiency gains. Our goal is to make it easier for our customers to remove the repetitive, mundane work so they can do more with less and provide insights and counsel to business units for higher-stakes initiatives,” said Atena Reyhani, SVP Product Management at ContractPodAi. “The new release further advances this mission by speeding contract remediation, reducing risk, and ultimately protecting teams’ bottom line.”
The platform’s latest features for managing contract risk enable users to:
- Automate contract review and remediation
Contract Risk & Compliance (CR&C) has been improved for greater usability and drastically reduces the time it takes to review contracts by highlighting potential risks and serves as an assistive tool that allows users to expedite the legal review process so they can take swift corrective action. The elegant dashboards make it easy to identify risk, see compliance metrics, use tools to edit or replace clauses, and follow a guided decision-making process all in one place.
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- Implement CR&C with a built-in Contract Compliance Program
The Contract Compliance Program is a pre-built library of playbook templates and recommended key legal obligations created and evaluated by legal experts for the quality of extraction and compliance. This provides a seamless user experience for mapping Key Legal Obligations. This pre-configured AI training for automating contract extraction and review delivers faster implementation and comes with the CR&C offering; the first of its kind in a CLM platform.
- Increased usability in next-generation Smart Repository
The latest release gives legal teams an enhanced, user-friendly, and actionable repository, fully governed by roles and permissions, to increase the efficiency of finding information. It provides a plethora of filters to search for requests within the Repository. Users can filter results, set and save the search as a personalized view, and share with others serving up a clearer view into what contracts need attention. In addition, users can edit multiple legal requests at once and upload legal documents as new requests without leaving the repository.
- Key contract data presented in a Visual Snapshot
Additionally, the Visual Snapshot allows for easier consumption of information related to a record in order to quickly review and take action on legal requests. Two views are available and tailored to whether Contract Risk & Compliance is enabled, presenting the most applicable metadata for either scenario. The page is made up of tiles housing essential information such as party, value, status, reminders, and much more. Some of the tiles are interactive and can take the user directly to more detailed pages as required.
“Maintaining contractual relationships is hugely important to us and ContractPodAi helps make that happen,” said DJ Tijerina, Business Affairs and Affiliate, Regional Sports Networks, Warner Bros. Discovery. “A recent merger means we have more people that need access to particular deals. We foresee an avalanche of these types of requests moving forward. ContractPodAi enables us to show our business data to our new parent company and provides visibility to them with what we’re doing.”