Do you check every element, or does “Review” mean spot-checking for you?
Contract review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors that might have occurred
a) at the time of the drafting of a contract or
b) while converting the scanned documents into text-based OCR documents, resulting in faulty abstraction and migration of data.
So, what does a review of extracted results mean to you, just checking the underlined clause as a standalone section or checking all the relevant information related to that clause?
For instance, for a contract with a contract execution date of May 6, 2017 with a fixed term of two years, if the expiration date is mentioned incorrectly as May 5, 2018. Software that checks all the attributes independent of each other will pick the expiration date as May 5, 2018, only. Even the manual extraction can go wrong if the analyst is just picking the information without reviewing the whole document.
Typically, the software will do the first level of extraction of data points from the contracts. Then a team checks the results. “Review” has connotations of spot-checking. That will NOT lead to any accurate results of extraction.
Brightleaf’s stringent process which is embedded in the software AND the lawyers who check the output, makes them verify EACH-AND-EVERY data element against the original document. This is the ONLY way to get highly accurate results.