Extract Key Terms from Contract Documents Using Generative AI

Using Generative AI you can now extract Key Terms from contract documents much easier, faster and more accurate. Key terms are important information that you want to retrieve from the contract documents like payment terms, renewal date, jurisdiction, penalty for early termination etc. The insights that you draw from the contracts will help in making informed decisions during contract negotiation and analysis.

Setup Key Terms and Prompts

Administrator can setup key terms and the corresponding prompts. Prompts are the questions that are sent to Generative AI to extract the key terms. Prompts can be different for each contract type. You can test the prompt against different contract documents before making it Active.  Only Active key terms and prompts can be used in the contracts. This UI is available from the contracts landing page Setup->Manage Key Terms and Prompts.

Key terms list page

Prompt Details

Draft a prompt and test it against different contract documents to see if the response is as expected. Fine tune the prompt to get the required response. Use the additional instructions field to get the response in a specific format. Set the final prompt to Active.

Prompt details

Add prompts to contract types

A key term can have multiple prompts. Select the key term and the prompt to be used for a particular contract type in the Manage Contract Types UI.

Manage contract types

Extract Key Terms from Contract Documents

Key terms are extracted from contracts in the Edit Contract UI. Ensure that the contract has structured terms or attached documents in the Contract Terms tab. Key terms can be extracted from one or more documents and from contracts of all statuses. From the Edit Contract page, navigate to the Extract Key Terms menu item from the Actions menu as shown:

Extract Key Terms Menu

You can choose the contract documents from which the key terms are to be extracted and click on Submit.

Document Selection

A scheduled process is submitted in the background and once the process is completed, the extracted key terms can be viewed from the Key Term Values tab of the contract.

Extracted Key Terms

Automatic key terms extraction saves time and improves the efficiency of the contract review process.

Steps to Enable

Use the Opt In UI to enable this feature. For instructions, refer to the Optional Uptake of New Features section of this document.

Offering: Enterprise Contracts

Enable the opt-in Extract Key Terms from Contract Documents Using Generative AI. Setup the key terms and prompts and associate them to a contract type. Refer the above section for the details. 

Key Resources

• For detailed information, please refer the play book How do I extract and classify key terms from contract documents?
• Refer Classify Key Terms to classify the extracted key terms.

Access Requirements

• Enable the opt-in Extract Key Terms from Contract Documents Using Generative AI.

  • Manage Key Terms and Prompts (OKC_MANAGE_GEN_AI_KEY_TERM_SETUP_PRIV) and Use Generative AI Features in Sales (ZCA_USE_GENAI_IN_SALES_PRIV) privileges are added to the Contract Setup Duty role. Users with this role can
    • Can create key terms and prompts from the ‘Manage Key Terms and Prompts’ menu in the contract landing page
    • Add key terms and prompts to the contract types in the Key Terms tab in the ‘Manage Contract Types’ UI

• • Edit Key Term Values (OKC_EDIT_KEY_TERM_VALUES_PRIV) privilege and Use Generative AI Features in Sales (ZCA_USE_GENAI_IN_SALES_PRIV) privilege and Edit Contract (OKC_EDIT_CONTRACT_PRIV) privileges are needed to
    • Access the ‘Extract Key Term Values’ menu item in the Edit Contract UI
    • Submit the ‘Extract key terms from contract documents’ scheduled process through REST (extractKeyTermValues)
  • View Contract (OKC_VIEW_CONTRACT_PRIV) privilege is needed to access the key term values tab in read-only mode
  • Edit Contract (OKC_EDIT_CONTRACT_PRIV) privilege and Edit Key Term Values (OKC_EDIT_KEY_TERM_VALUES_PRIV) privileges are needed to edit the key terms in Key Term Values tab