10 Best AI Tools for Contract Review

With the increasing volume of contracts to manage, leveraging AI tools for contract review becomes indispensable for ensuring accuracy and efficiency.

These advanced tools employ machine learning algorithms to swiftly identify key clauses, potential risks, and discrepancies, thereby minimizing the likelihood of errors and optimizing the contract management process. By harnessing the power of AI in contract review, businesses can not only save valuable time but also mitigate legal risks and enhance overall compliance with greater confidence and reliability.

Undeniably, contract review is a tedious task for the company. The use of AI tools has many contract management features. We will learn the top 10 AI tools for contract review to avoid manual contract review and eliminate human errors manually.

What is Contract Review?

Contract review involves checking the whole contract for errors or avoiding issues. The review process includes proofreading the entire contract and ensuring that the contract has all the points you must include.

The following are the AI contract review softwares you can use

1. Congo

Congo is not only renowned for its prowess in contract maintenance but also excels as a top-tier solution for AI tools for contract review. This innovative software not only provides crystal-clear contract visibility but also harnesses the power of artificial intelligence to streamline the review process. By leveraging AI algorithms, Congo enables users to efficiently manage obligations and mitigate potential risks inherent in contracts, thereby safeguarding the interests of the company. Whether it’s identifying discrepancies or highlighting crucial clauses, Congo’s AI tools for contract review empower organizations to navigate complex legal documents with ease and confidence.

Link: https://conga.com/

Features

• AI accuracy is high compared to human review.
• Easy to search the contract database.
• Send alerts and give valuable insights from the contract document.

Pros

• Offer 360-degree visibility of the contract to review rigorously.
• Send alerts to stay on top of the contract when the deadline is nearing.

Cons

• OCR does not provide you with crucial contract provisions.
• Pricing is not transparent for end-users.

Pricing:

• $20/user/month with a minimum of 10 users.

2. Avokaado

Avokaado stands out as a powerful contract lifecycle management software equipped with a range of features tailored for efficient contract review. As one of the leading AI tools for contract review, Avokaado offers an array of functionalities designed to streamline and enhance the contract review process. From automated clause analysis to intelligent contract comparison, Avokaado leverages AI technology to expedite review tasks and ensure accuracy. Moreover, with its user-friendly interface and intuitive design, Avokaado empowers legal professionals to navigate complex contracts effortlessly. As a bonus, Avokaado offers a free trial period of seven days, allowing users to experience its full suite of features firsthand before making a commitment.

Link: https://avokaado.io/

Features

• It is easy to search the library and fetch the required clause or information in the contract.
• Data is properly arranged to let you find whatever is needed with ease.
• Provide the contract overview in the dashboard and give you alerts.

Pros

• Improve the contract review process by fetching all clauses with ease.
• Review five contracts simultaneously and cut down expensive printing costs.

Cons

• There is no redlining feature; thus, do not allow you to track the changes.
• You will have to upgrade to the freemium version to access certain features.

Pricing:

• Freemium (1 user).
• Starter €29/month.
• Standard €49/month.
• Premium €60/month.

3. Evisort

Evisort, renowned for its efficiency in contract review, harnesses advanced AI tools for contract review, ensuring thorough and expedited review processes. The platform seamlessly integrates with existing systems, allowing for synchronization with ease. By leveraging AI tools for contract review, Evisort accelerates the generation of comprehensive reports, streamlining the entire review workflow. Additionally, it offers alert functionalities and consolidates all relevant information onto a single, user-friendly platform, enhancing accessibility and efficiency for users.

Link: https://www.evisort.com/

Features

• It comes with a template builder and lets you manage workflow.
• Contract data can be viewed in real-time with flaws in it.
• Easy to integrate with files and systems.

Pros

• Consolidate client communication in a single platform.
• Secure all documents by storing them on the cloud platform and access any time.

Cons

• Cannot integrate with the existing legal software.
• It isn’t easy to sort the document by its type.

Pricing:

• Request for free demo

4. LawGeex

LawGeex is at the forefront of revolutionizing contract review processes through cutting-edge AI tools for contract review. By integrating AI technology into its platform, LawGeex automates the daily contract review process, swiftly scanning documents for errors and identifying any missing areas. This innovative AI-powered contract review software not only detects discrepancies but also makes appropriate corrections, ensuring accuracy and compliance with legal standards. With LawGeex’s AI tools for contract review, businesses can streamline their workflow, reduce manual errors, and expedite the contract approval process, ultimately saving time and resources while mitigating risks.

Link: https://www.lawgeex.com/

Features

• Automate the review process.
• Offer you with detailed contract insights.
• Integrate with existing systems to fetch data from other sources and review.

Pros

• Highly efficient to automate contract review process.
• Save a lot of money, up to 90%.

Cons

• Complex to set up this software in the organization.
• Getting a grip on the software is tough.

Pricing –

• Free demo can be requested

5. Kira systems

Kira is hailed as the premier AI tools for contract review, boasting cutting-edge machine learning technology specifically designed to streamline the contract analysis process. Leveraging its advanced algorithms, Kira excels at extracting crucial information from contracts, providing users with comprehensive reports that highlight key terms, clauses, and potential risks. This innovative software revolutionizes the way legal professionals handle contract review, offering unmatched efficiency and accuracy. With Kira’s AI tools for contract review, organizations can expedite their due diligence processes, mitigate risks, and make more informed decisions with confidence.

Link: https://kirasystems.com/

Features

• Automatically flag critical clauses in the document.
• In-depth reporting to drive profits and detect risks.
• A single interface to manage contracts in one place and track the progress of contracts.

Pros

• Intuitive interface to navigate through the tool with ease.
• Powerful search features and patented with machine learning technology.

Cons

• It is not suitable to use when you have small teams.
• No free trial version is available to try out the features and then purchase.

Pricing:

• No free trial
• Pricing details are not shared to the public.

6. ContractWorks

Contract is one of the most essential free AI tools for contract review with a central repository. Leveraging cutting-edge AI tools for contract review, ContractWorks enables users to efficiently navigate through vast document repositories. With its intuitive search functionality, users can quickly locate specific contracts or clauses within their extensive database. Whether you’re seeking to streamline contract management processes or ensure compliance with legal obligations, ContractWorks’ AI-powered features provide invaluable support and insights.

Link: https://www.contractworks.com/

Features

• Rich interface that lets you navigate through the contract with ease.
• It is easy to navigate through the contract with the help of tags and search functionality.
• Roles over the granular level to provide limited access or extensive access to users.

Pros

• Bulk upload feature is available to upload multiple files in one go.
• Unlimited contracts as well as e-signatures.

Cons

• AI functionality is limited, and most of the features are not AI-powered.
• Compatibility issues with other software.

Pricing:

• Standard: $700 per month.
• Professional: $900 per month.
• Premium: $2000 per month.
• Free trial is available for all plans.

7. Luminance diligence

Luminance stands out as a crucial tool in the realm of AI tools for contract review, offering a central repository for managing contracts efficiently. With its advanced AI capabilities, ContractWorks not only provides a user-friendly interface but also facilitates seamless document search functionality, enabling users to quickly locate specific contracts or clauses with ease. Moreover, its AI-powered features enhance contract review processes by automating tasks such as risk assessment and compliance checks, thereby streamlining workflows and reducing manual errors. As a result, ContractWorks emerges as an indispensable solution for organizations seeking to optimize their contract management practices through the integration of cutting-edge AI technology.

Link: https://www.luminance.com/

Features

• Find out the anomalies while reviewing the contract paper or any other legal document.
• Over thousands of clauses to find out clause in the document.
• Quick to collaborate with different tools and work seamlessly.

Pros

• Review contracts with ease and from anywhere with beautiful features.
• Find key material quickly and draw potential dangers in the contract.

Cons

• Cannot accurately locate the clause in the document.
• Subscriptions are not affordable to all.

Pricing:

• Can request for free demo to understand pricing plans.

8. Onit

Onit is widely recognized as one of the premier AI tools for contract review available online. Leveraging cutting-edge technology, it facilitates streamlined negotiations and swiftly identifies clauses and terms within agreements that pose potential risks. With its intuitive interface and robust capabilities, Onit empowers users to conduct comprehensive contract reviews with unparalleled efficiency and accuracy. Whether scrutinizing complex legal documents or assessing the finer details of business agreements, this AI-powered solution offers invaluable support throughout the review process. By integrating Onit into their workflows, professionals can expedite contract evaluations and mitigate potential liabilities, thus optimizing their legal operations and enhancing overall risk management strategies.

Link: https://www.onit.com/

Features

• Mitigate risk automatically by finding erroneous clauses.
• Dashboard with powerful reporting ability to take a glance over the report.
• Integrate with Microsoft Word to review the document with ease.

Pros

• Intuitive interface to navigate through the tools with ease.
• Easily integrate with other tools and collaborate and work with other teams during the review process.

Cons

• Documentation is not comprehensive, and finds it difficult to learn the features.
• The learning curve is high since a few functionalities are hard to understand.

Pricing:

• Custom pricing.
• No free trial.

9. Icertis

Icertis stands out as a top-notch solution for contract review in enterprises, offering unmatched efficiency and accuracy. Leveraging cutting-edge AI tools for contract review, Icertis streamlines the entire process, ensuring that data is structured correctly and facilitating swift and meticulous review procedures. With its AI-powered capabilities, Icertis empowers organizations to enhance their contract management workflows, minimize risks, and drive productivity to new heights.

Link: https://www.icertis.com/

Features

• Search for critical data within the 50 to 100 or beyond with ease and reduce your efforts.
• Risk compliance tools are offered to check if the data is compliant.
• Offer insights to improve all aspects of contract management.

Pros

• Offer different customization options to customize the review software as per your requirements.
• Separate access is offered to other roles to control access to various features.

Cons

• The onboarding process is lengthy and takes a lot of time.
• No free plan is available to try out the features and then buy.

Pricing

• Pricing will be shared after free demo.

10. Concord

Concord, an innovative AI tool for contract review, revolutionizes the contract lifecycle management process, enabling users to streamline and expedite review procedures effortlessly. With Concord’s intuitive interface, users can efficiently search through contracts, swiftly identify relevant clauses, and make necessary edits with ease. Furthermore, its collaborative features facilitate seamless communication and coordination among team members, allowing for real-time discussions and feedback via integrated chat functionalities. With Concord’s AI-powered capabilities, contract review becomes not only efficient but also more accurate and thorough, ultimately enhancing overall productivity and reducing potential risks associated with contractual agreements.

Link: https://www.concord.app/

Features

• Editing the document with other members and integrating with third parties is easy.
• Send alerts automatically when there is a deadline.
• Compare documents with ease with the help of intelligent fields.

Pros

• It is easy to send automated reminders once the review is finished.
• Customer service is immaculate, and they answer or resolve the issues with the tool briskly.

Cons

• Does not accept a form that fails to have any information.
• Negotiation history won’t be saved when importing PDF or Word documents.

Pricing:

• Standard: $17 per user per month.
• Professional: $49 per user per month.
• Enterprise – price varies based on the solution you want.
• Free trial is available for standard and pro versions.

Conclusion

Best AI tools for contract review are game-changers in the legal industry and can be used in different sectors involving legal jargon. It is an indispensable tool required in today’s era to automate monotonous tasks like reviewing legal documents repeatedly. We recommend you try Avokaado to avoid manual review, a past thing for businesses.

Best AI Tools for Contract Review – FAQs

What AI contract review tools review all contracts?

The AI contract review software will review lease papers, partnership agreements, service contracts, and employment contracts.

Are the AI contract review tools free of cost?

Most AI contract review tools are available at a cost, while few are available for free. However, these are offered with limited features and functionalities.

What are AI tools for contract review?

AI tools for contract review are software solutions that utilize artificial intelligence algorithms to automate and streamline the process of reviewing legal contracts.

How do AI tools for contract review work?

AI tools for contract review employ natural language processing (NLP) and machine learning techniques to analyze and extract key information from contracts. They can identify clauses, provisions, and potential risks, helping users navigate through complex legal documents more efficiently.

What are the benefits of using AI tools for contract review?

The benefits of using AI tools for contract review include increased efficiency, faster turnaround times, improved accuracy, reduced risk of errors, and enhanced compliance with legal requirements. These tools also enable better collaboration among team members and provide valuable insights for negotiation strategies.