About Extracting Key Terms from Contract Documents Using Generative AI

Key terms are the important information, such as payment term, renewal date, jurisdiction, penalty for early termination and so on that you want to retrieve from contract documents. Using generative AI (GenAI), you can now extract key terms from contract documents much easier, faster, and more accurately. The insights that you draw from the contracts will help in making informed decisions during contract negotiation and analysis process.

With the advent of GenAI, analyzing contract documents and extracting important business information can be done in a few minutes. Using GenAI helps reduce the contract processing time and improves the accuracy of the contract review. It provides a strategic insight to stakeholders to risks and critical terms that might require negotiation. GenAI also helps track important dates, milestones, obligations, and enhances the overall contract governance and compliance.