AI contract management Tools are transforming the way companies handle legal agreements. This technology uses artificial intelligence to help legal teams manage contracts more efficiently. AI tools assist with creating, reviewing, and organizing contracts. With AI, businesses can save time, reduce errors, and improve compliance.
7 Best AI Tools for Contract Management
AI tools offer many benefits for contract management. They provide faster contract drafting and review, which speeds up the process and helps avoid costly mistakes. AI can also identify risks and ensure important contract milestones are met. By automating routine tasks, AI allows legal professionals to focus on more complex work.
7 Best AI Tools for Contract Management
In this article, we will explore the 7 best AI tools for contract management. These tools can help businesses streamline their contract processes and improve decision-making. Let’s take a closer look at how these AI tools can make a positive impact on contract management.
What is AI for Contract Management?
AI for contract management is when companies use artificial intelligence (AI) technology to help them handle contracts more effectively. Contracts are legal agreements that businesses use for many purposes, such as hiring employees, working with suppliers, or making sales. AI can help manage contracts throughout their entire lifecycle, from creating them to making sure they are followed correctly.
Here are some ways AI is used in contract management:
1. Drafting: AI can provide templates and suggest standard clauses for new contracts.
2. Review: AI quickly checks contracts for important terms and potential risks.
3. Risk Assessment: AI identifies legal, financial, and operational risks in contracts.
4. Search and Retrieval: AI makes it easy to find specific contracts or clauses.
5. Compliance: AI tracks key contract dates and sends alerts for important events.
6. Insights: AI provides analytics on contract data to identify trends.
7. Automation: AI handles routine tasks like data entry and reporting.
Top 7 AI Tools for Contract Management
Here are the 7 best AI tools for Contract Management to be used in 2024 for contract drafting:
1. Docusign CLM
DocuSign – AI Tools for Contract Management
DocuSign is one of the best contract management tools powered by AI. It is easy for non-technical users. It is ideal for small businesses to maintain end-to-end contract-heavy workflows with ease. It is browser-based and can be downloaded and used on Android and iOS.
Features:
- DocuSign will import the customer data directly from Salesforce into the contract.
- It is easy to set up the complicated approval process for a contract to route the contract to the stakeholders based on the given conditions.
- The legal team can easily pre-approve clauses to boost the contract creation process.
- There are 100+ pre-configured workflow steps available to create an integrated workflow.
Pros:
- The digital signature functionality to be used in the contract is robust.
- Security and data encryption protocols used in the tool are robust.
Cons:
- Changing the signers once the contract is sent out takes work.
- The user interface is modern and needs to be updated.
Pricing:
- Personal – £8 /month.
- Standard – £20 /month.
- Business pro – £33 /month.
- Enhanced plans- should contact the support.
2. Icertis
Icertis – AI Contract Management Tools
Icertis is the AI-based contract management tool that will convert contracts into strategic assets and give you valuable insights. It ensures that the contract prepared is compliant and is best for enhancing decision-making.
Features:
- With AI usage, the tool helps you create contracts in no time.
- Supercharged contract negotiations will be done quickly with the help of AI.
- It becomes easy to get risk insights and alerts.
- Structure the contract data to offer you deeper analysis and actionable insights.
Pros:
- Easy to integrate with popular tools developed by top enterprise companies.
- Built-in e-signature capabilities let you build integrated workflows with ease.
Cons:
- The response time from the customer support team is late.
- The learning curve is steep, and users must learn advanced features to use the tool optimally.
Pricing
- Not available
Link: https://www.icertis.com/
3. Contract Works
Contract works – Best AI contract management software
Contract Works is the best AI contract management software with AI-powered features to make the contract preparation and management process efficient. It also reduces the time spent on doing manual and repetitive tasks.
Features:
- GPT-3 is integrated to create contract clauses and will simplify legalese.
- Quickly get the automated reports and notifications to the email.
- Built-in e-signing without the need to integrate the tool with third parties.
- Easy to prepare redline contracts with this tool handy or use Microsoft Word for two-way integration.
Pros:
- Plans allow unlimited users to use the legal contract AI tool and are also cost-effective.
- The learning curve is simple for users to learn this tool, and you can quickly search for the contract you want and retrieve it in no time.
Cons:
- Contract works is expensive compared to the other AI-powered contract management tools with limited workflows and automation.
- Tool won’t support integration with the ERP or CRM tools.
Pricing:
- Standard – $700 per month.
- Professional – $900 per month.
- Premium – $2000 per month.
4. Outlaw
OutLaw – AI contract generator platform
Outlaw is a robust AI contract generator platform that will simplify the contract creation process through collaboration. It is designed for in-house legal teams to automate the contract creation process.
Features:
- You can generate batch contracts and automate workflows using a solid set of templates.
- Deal room enables you to collaborate while working on contracts and share documents with stakeholders.
- Offer unlimited cloud storage, contracts, and e-signatures with native e-signature capabilities.
- A full-text search option is available to search for the contract you want in an instant.
Pros:
- With outlaw, it is easy to create unlimited contracts and store them with ease.
- The setup process is also simple and allows real-time negotiation and editing.
Cons
- Third-party integration with this tool is limited.
- You must make additional payments to access some of the key features.
Pricing
- Get in touch with sales team for a custom quotation.
Link: https://getoutlaw.com/
5. Ironclad
Ironclad – best AI tools for contract management free
Ironclad is a digital contracting platform that will use AI to automate contract workflows with ease. It is one of the best AI tools for contract management free accelerates the contract lifecycle and keeps errors at bay.
Features:
- All the contracts will be analyzed instantly using 200 automatically detected properties.
- Enforce different contract workflows to boost compliance and make the contract work faster.
- The Contract AI tool is easy to create custom workflows using the drag-and-drop editor.
- Negotiation guidelines are in place to add them to the contract workflows.
Pros:
- The AI contract analysis tool will help review the contracts and flag unfavorable clauses for the business in the contract.
- The workflow design is simple and helps non tech contract managers to create processes that work best for them.
Cons:
- The setup process of the tool is lengthy, and you might need implementation support, for which you have to pay extra.
- Ironclad would help to have separate integrations for e-signature tools, editing, and redlining.
Pricing:
- No pricing information is available. There are custom packages for business. Contact sales team directly.
Link: https://ironcladapp.com/
6. LinkSquares
LinkSquares – free AI contract generator tool
LinkSquare is the best yet free AI contract generator tool with many AI-driven features. It allows you to create contracts, enables e-signatures, and uses AI to get data and insights from contracts.
Features:
- Get the notification when a contract is delivered, signed, or ready for review.
- The e-signing ability in the tool makes it more effortless to integrate with third-party tools such as Adobe Sign.
- AI-powered contracts will analyze the contract, generate reports, and prepare a dashboard.
- Uses a tagging system instead of folders to identify the folder quickly.
Pros:
- Built-in e-signature tool to sign the contract with ease
- Embrace a modular approach to let users pick and use the desired features.
Cons:
- The search functionality in this tool has significant issues
- Sending the contract after its creation has become a challenging thing for users.
Pricing:
- Not available to the public.
Link– https://linksquares.com/
7. SpotDraft
SpotDraft – AI tool for contract lifecycle management
SpotDraft is the AI tool for contract lifecycle management. It is designed to be used by businesses of all sizes to automate their repetitive contract-related tasks. It helps you quickly manage digital agreements from their creation to renewal. It uses natural language processing to handle a massive volume of standard contracts.
Features:
- Easy to create and distribute contracts with the pre-built and easy-to-customize templates.
- Custom yet automated workflows are created to match with the existing contract process.
- Easy to capture signatures and keep the contracts safe and secure with advanced data encryption.
- Dig deeper into the data using customizable contract reports and get data-driven insights for optimizing the business processes.
Pros:
- Users can access the support team around the clock without an additional fee.
- Quick to implement and has a user-friendly interface to manage contracts.
Cons:
- Unsuitable for users looking for a static tool with basic functionality.
- The implementation process takes a few weeks to import and organize the contracts in the tool.
Pricing:
Get custom pricing for your requirements.
How to Pick the Best AI Tool for Contract Management?
Here are the criteria that you need to look for when choosing the best AI tools for contract management:
- Simple to use: Software that is difficult to access is challenging for non-tech-savvy users. It is suitable for you to choose the contract lifecycle management platforms that are simple to learn. It would help if you looked for a platform that is easy to understand.
- Easy to implement: It would help if you found the software that makes it simple to use the business critical tools and adopt and run them quickly.
- Integration: The software you choose should be able to integrate with the current tools in place in your company.
- Pricing model: The software should offer you a pay-per-contract or pay-per-user basis. Many choose to pick a pay-per-contract basis option. When more people use this tool, the more you can take advantage of and save big. It is budget-friendly and scales up with the company’s growth.
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Conclusion
In conclusion, AI tools for contract management are changing how businesses handle legal agreements. With the help of AI-powered tools, companies can draft, review, and manage contracts faster and more accurately. This technology helps legal teams save time, lower risks, and stay compliant.
The 7 best AI tools for contract management offer features that improve contract processes, like automating tasks and providing helpful insights. By using these tools, businesses can optimize their contract strategies and make smarter decisions.
7 Best AI Tools for Contract Management – FAQs
What makes the AI contract management software user-friendly?
The AI contract management software is designed to offer the best user experience. It has an initiative interface, easy navigation, and AI capabilities to search through the contracts.
Are AI contract management software ideal for every industry?
The AI-based contract management software suits different industries, such as healthcare, real estate, IT, and manufacturing.
As per the features, which is best AI tool for Contract Management?
DocuSign and Spotdraft is considered to be the best AI tool for Contract Management because of its easy to customize and design features, along with the encryption of data.