I have only read the press release, not seen it in action, but this sounds interesting: Neota Logic, developer of an AI automation platform, and LawGeex, an AI contract review platform, have partnered to automate a step in contract negotiations.
As described in the release, the integration works when a counterparty insists on using its terms for contract types such as confidentiality and services agreements.
In this scenario, the counterparty’s terms are loaded into the Neota Logic application, which then routes the language to LawGeex, where LawGeex compares it to the client party’s standard contract rules and legal policies.
LawGeex identifies any inconsistencies with the client’s standard contract language, isolates problematic language, and provides fallback language and contextual guidelines based on the client’s preferences.
That redlined document is then sent back to the counterparty for review, approval, and execution.
While this sounds good, my sense is that the devil is in the details of that last stage — sending it back to the counterparty for “review, approval and execution.” It is likely to be that simple only for purely routine, pro forma types of documents. For anything more substantive, this would be only a step in the continuing negotiation process.
Still, for companies that deal with large numbers of routine agreements, anything that can be done to automate the process is helpful.
