Enterprises typically enter into legal contracts when doing business with third parties, such as vendors, partners, and employees. Over the past decade, the scope and complexity of these contracts have increased with outsourcing, business partnerships, international acquisitions, and investments, not to mention an evolving workforce. Examples of contracts are Non-Disclosure Agreements (NDAs), Statements of Work (SoWs) and labour contracts, which provide guidelines for the aforementioned interactions and form the basis for such engagements. Current approaches of analyzing and reviewing contracts are highly inefficient and inhibit enterprises ability to respond quickly to business environment changes.
Nia Contracts Analysis leverages ML, Semantic Modelling, and Deep Learning to transform the process of analyzing and reviewing contracts. The application creates a representation of each word and then captures the relationships between them, their context, and ultimately knowledge.
Nia Contracts Analysis has several best-in-class features, which solve key challenges enterprises are facing. Some of these are:
Accurately extracts contractual provisions (Intents) and their underlying elements (Entities)
Extractive, editable summary visually highlights key entities within the intents
Enables end-users to query contracts-information in Natural Language
Provides for straight-through-processing for high-prediction accuracy
Automatically learns from reviewer-corrections, whereby new ML models get auto-deployed
Auto-detects discrepancies in contracts and their linked documents.
Allows configuring multi-level risks for clause comparison and red-lining of contracts
Helps extract Tabular data accurately.
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