Top 10 AI Contract Analysis Tools 2024
Discover the top 10 AI contract analysis tools for 2024 that streamline contract management processes, enhance accuracy, and improve decision-making. Learn about key features, integrations, pricing, and user-friendliness.
AI contract analysis tools automate reviewing contracts to extract key data, identify risks and obligations, and provide insights. This reduces the time and effort needed for manual reviews.
As businesses handle more contracts, these tools are becoming essential for efficient contract lifecycle management. Here are the top 10 AI contract analysis tools for 2024:
- Lexis+ Agreement Analysis - Advanced AI to extract data, clauses, and obligations from contracts. Integrates with LexisNexis resources.
- Ironclad AI - Natural language processing to analyze contracts in seconds. Offers redline suggestions and data visualizations.
- Evisort - Trained on over 11 million contracts. Extracts data, uses OCR, and allows customizable AI models.
- XtractEdge Contract Analysis - Isolates key details from contracts, leases, and M&A documents.
- Kira Systems - Machine learning to identify clauses and data points. Offers collaborative workflows.
- ContractWorks - Contract repository, drafting, approvals, and GPT-3 AI for clause generation.
- Luminance Diligence - Extracts over 1,000 legal concepts. Compares contracts against models.
- Onit - AI contract review, clause library, redlining, workflow automation, and analytics.
- Icertis Contract Intelligence - AI-powered analysis, clause libraries, redlining, and automated workflows.
- Concord - Easy-to-use editor, collaboration tools, version control, and e-signatures.
These tools offer features like data extraction, risk assessment, clause identification, redlining, workflow automation, and reporting to streamline contract management for legal teams.
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Quick Comparison
| Tool | Clause Extraction | Risk Assessment | Redlining | Workflow Automation | Reporting & Analytics |
|---|---|---|---|---|---|
| Lexis+ Agreement Analysis | ✓ | ✓ | ✓ | - | - |
| Ironclad AI | ✓ | ✓ | ✓ | - | ✓ |
| Evisort | ✓ | ✓ | - | - | ✓ |
| XtractEdge Contract Analysis | ✓ | ✓ | - | - | - |
| Kira Systems | ✓ | ✓ | - | ✓ | ✓ |
| ContractWorks | ✓ | - | ✓ | ✓ | ✓ |
| Luminance Diligence | ✓ | ✓ | ✓ | ✓ | - |
| Onit | ✓ | ✓ | ✓ | ✓ | ✓ |
| Icertis Contract Intelligence | ✓ | ✓ | ✓ | ✓ | ✓ |
| Concord | - | - | ✓ | ✓ | - |
How We Evaluated the Tools
When evaluating the top AI contract analysis tools for 2024, we considered several key factors to ensure a clear and fair assessment. These factors include:
Accuracy and Efficiency
We looked at how well the tools can extract key data, find risks and obligations, and provide useful analysis. Tools that were more accurate and efficient in processing contracts were rated higher.
Features and Capabilities
We checked the tools for a wide range of features to meet the needs of legal teams. This includes data extraction, risk assessment, clause identification, contract summarization, and collaboration features. Tools with more features were preferred.
User-Friendliness and Integration
We assessed how easy the tools are to use and how well they integrate with other systems. This includes user interfaces, ease of setup, and compatibility with other software. Tools that were easier to use and integrate were ranked higher.
Pricing and Cost-Effectiveness
We considered the cost of the tools and their value for money. This includes pricing models, scalability options, and overall value. We aimed to recommend tools that fit different budgets.
Customer Reviews and Industry Recognition
We looked at customer reviews and industry awards to understand the real-world performance of the tools. Tools with positive reviews and industry recognition were given preference.
1. Lexis+ Agreement Analysis
Accuracy and Efficiency
Lexis+ Agreement Analysis uses advanced AI to extract key data, clauses, and obligations from contracts. It leverages a repository of over 7 million clauses from SEC filings and LexisNexis's Practical Guidance resources. This helps in identifying and recommending relevant alternate clause language, making the contract review process faster.
Feature Breadth
Agreement Analysis offers features for transactional attorneys, including:
- Deal parameter identification (e.g., deal type, governing law, consideration)
- Side-by-side clause comparison
- Access to Practical Guidance drafting notes, insights, and benchmarking data
- Integration with tools like State Law Comparisons and Drafting Checklists
- Integration with the Lexis+ ecosystem and other LexisNexis resources
User-Friendliness
The tool has an intuitive dashboard that shows key deal parameters, clause breakdowns, and alternate language suggestions clearly. Its user-friendly interface allows easy navigation, clause selection, and document editing.
Integration Capability
As part of the Lexis+ ecosystem, Agreement Analysis integrates with other LexisNexis products and resources, such as Practical Guidance content, Market Standards, and the State Law Comparison Tool. This ensures a smooth workflow and access to a wealth of legal information within a single platform.
Pricing
Pricing for Lexis+ Agreement Analysis is based on a subscription model, requiring a Lexis+ subscription and the underlying M&A content within Practical Guidance. Specific pricing details are not publicly available, but LexisNexis offers flexible pricing options to fit various budgets and firm sizes.
2. Ironclad AI
Accuracy and Efficiency
Ironclad AI uses natural language processing and machine learning to quickly analyze contracts. It can extract key data points, clauses, and obligations in seconds, speeding up contract reviews. The AI model supports 194 contract properties for detailed analysis.
Feature Breadth
- AI-powered contract analysis: Extracts and tags metadata, clauses, and obligations.
- Redline suggestions: Offers intelligent contract revision and negotiation tips.
- Data visualization: Provides custom reporting dashboards for contract data.
- AI chat interface: Users can ask contract-related questions and get step-by-step analyses.
User-Friendliness
Ironclad AI has an easy-to-use interface that simplifies contract analysis. The AI chat interface allows users to ask questions in natural language and get detailed answers. The platform also offers clear data visualizations and reporting dashboards.
Integration Capability
Ironclad AI integrates with various tools, including e-signature solutions, editing tools, and other contract management systems. This ensures a smooth workflow and efficient team collaboration.
Pricing
Ironclad does not publicly disclose pricing. The pricing model is based on custom packages tailored to each business's needs. Contact Ironclad's sales team for a personalized quote.
3. Evisort
Accuracy and Efficiency
Evisort uses AI trained on over 11 million contracts and 1 billion data points to extract key terms, clauses, and metadata. This helps in quickly identifying important information across all contract types.
Feature Breadth
- AI-powered contract analytics: Extracts data and clauses based on context.
- Optical Character Recognition (OCR): Makes scanned documents and PDFs searchable.
- Connected contract data: Offers search, data visualization, and dashboards.
- Customizable AI: Users can train the AI on specific clauses or provisions.
User-Friendliness
Evisort has a simple interface with a Google-like search experience. Its tools help find risks, compliance issues, and insights across over 230 contract types.
Integration Capability
Evisort works with tools like Salesforce, ServiceNow, Google Drive, Microsoft OneDrive, Box, Dropbox, Adobe Sign, and DocuSign, making workflows smooth and collaborative.
Pricing
Evisort's pricing is based on custom packages. Contact their sales team for a personalized quote.
4. XtractEdge Contract Analysis
Accuracy and Efficiency
XtractEdge Contract Analysis uses AI trained on millions of contracts to extract key terms, clauses, and metadata. This helps quickly identify important information across various contract types.
Feature Breadth
- AI-powered contract analytics: Extracts data and clauses based on context.
- Lease abstraction: Isolates details from lengthy lease documents.
- Due diligence support: Identifies obligations during M&A processes.
- Post-merger integration: Finds synergies across clauses and templates.
User-Friendliness
XtractEdge has an easy-to-use interface for finding risks, compliance issues, and insights within over 230 contract types. Its intuitive search makes contract analysis simple.
Integration Capability
XtractEdge integrates with tools like CLMs, Lease Management Systems, Salesforce, ServiceNow, Google Drive, Microsoft OneDrive, Box, Dropbox, Adobe Sign, and DocuSign. This ensures smooth collaboration and contract management.
Pricing
XtractEdge offers custom pricing packages based on specific needs. Contact their sales team for a personalized quote.
5. Kira Systems
Accuracy and Efficiency
Kira Systems uses machine learning to identify, extract, and analyze clauses and data points from contracts. Its AI is trained on millions of legal documents, ensuring precise contract review and analysis. This allows lawyers to focus on more important tasks while Kira handles the repetitive work efficiently.
Feature Breadth
- AI-powered contract analytics: Extracts data and clauses from various contract types.
- Due diligence support: Quickly analyzes agreements to find risks, liabilities, and opportunities.
- Collaborative workflows: Interface for assigning tasks, tracking progress, and visualizing contract data.
- Customizable reporting: Exports information in formats like Word, Excel, and PDF.
User-Friendliness
Kira Systems offers a simple and user-friendly interface for legal teams. Its online platform supports collaboration, progress tracking, and data visualization, making it easier for teams to work together on important tasks.
Integration Capability
Kira integrates with document management systems, contract lifecycle management tools, and cloud storage platforms. This ensures smooth integration with existing workflows and systems, minimizing disruption.
Pricing
Kira Systems does not publicly disclose pricing information. Contact their sales team for a personalized quote based on your specific needs.
6. ContractWorks
Feature Breadth
| Feature | Description |
|---|---|
| Contract Repository | Store and organize contracts in one place for easy access and management. |
| Reporting and Alerts | Get alerts for important dates, milestones, and renewals. |
| Search and Review | Use AI to quickly find any contract, clause, or key term. |
| Contract Drafting | Draft complex documents in under 10 minutes with dynamic templates. |
| Automated Approvals | Speed up contract approvals, reducing cycle times to 1-3 days. |
| Collaborative Editor | Redline contracts in a native editor compatible with Microsoft Word. |
| Electronic Signature | Set up and sign contracts from anywhere with built-in e-signature. |
| GPT-3 AI | Use AI to create new contract clauses and simplify legal language. |
User-Friendliness
ContractWorks has an easy-to-use interface designed for legal teams. Its collaborative features help teams assign tasks, track progress, and visualize contract data efficiently.
Integration Capability
ContractWorks integrates with various document management systems, contract lifecycle management tools, and cloud storage platforms. This ensures smooth integration with existing workflows and systems.
Pricing
| Plan | Price | Features |
|---|---|---|
| Standard | $700/month | Unlimited users, 2,500 documents, 5 e-signature licenses. |
| Professional | $900/month | Unlimited users, 10,000 documents, 10 e-signature licenses. |
| Premium | $2,000/month | Unlimited users and documents, 20 e-signature licenses, drafting, redlining, and workflow features. |
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7. Luminance Diligence
Accuracy and Efficiency
Luminance Diligence uses AI to extract key information from contracts, providing insights across over 1,000 legal concepts. It helps lawyers prioritize their review, identify critical issues early, and manage their workload efficiently. The tool can spot anomalies, categorize them by severity, and highlight deviations from standard clauses.
Feature Breadth
- AI-Powered Contract Review: Extracts data points like contract terms, clauses, and governing law.
- Conceptual Search: Advanced search to quickly find relevant information.
- Document Comparison: Compare contracts against a "model" version with redlining and greenlining.
- Custom Concept Training: Create tags and train Luminance on new concepts.
- Microsoft Word Integration: Access documents within Word, with AI analysis in the sidebar.
- Collaboration Tools: Features like task distribution, notes, batch allocation, and progress tracking.
User-Friendliness
Luminance Diligence has a user-friendly interface with interactive widgets and visualizations. The collaborative workflow tools help teams coordinate efficiently and avoid duplication of effort.
Integration Capability
Luminance integrates with virtual data rooms (VDRs) like Box, Dropbox, HighQ, Intralinks, Ansarada, and Sterling. It also integrates with Microsoft Word, bringing AI capabilities directly into the word processing environment.
Pricing
Luminance does not publicly disclose pricing. Contact their sales team for a customized quote based on your needs.
8. Onit
Accuracy and Efficiency
Onit's AI tools use natural language processing and machine learning to extract key data, clauses, and terms from contracts. This helps legal teams review contracts faster by quickly spotting issues or non-compliance.
Feature Breadth
- AI Contract Review: Finds critical information like obligations, risks, and deviations from standard language.
- Clause Library: Central repository of approved clauses for consistency.
- Redlining and Comparisons: Compare contracts against templates or previous versions with AI-powered change tracking.
- Workflow Automation: Route contracts through customized review and approval workflows.
- Reporting and Analytics: Insights into contract risks, cycle times, and team performance.
User-Friendliness
Onit has a modern, easy-to-use interface with collaboration tools to streamline contract review. The Microsoft Word integration allows users to access AI features directly within Word.
Integration Capability
Onit integrates with various enterprise systems like document management, e-signature, and ERP platforms for seamless data flow. It also connects with business applications through APIs.
Pricing
Onit does not publicly disclose pricing details. Pricing is customized based on the specific product configuration and scale required by each customer.
9. Icertis Contract Intelligence Platform
Accuracy and Efficiency
Icertis Contract Intelligence (ICI) uses AI and machine learning to extract key data, clauses, terms, and obligations from contracts. This speeds up contract review by quickly identifying risks, deviations, and areas of non-compliance, allowing legal teams to focus on high-priority issues.
Feature Breadth
| Feature | Description |
|---|---|
| AI-Powered Contract Analysis | Uses natural language processing and AI to analyze contracts and provide insights. |
| Intelligent Contract Discovery | Automatically finds and centralizes contracts across the enterprise. |
| Smart Clause and Term Libraries | Maintains approved clauses and terms for consistency and compliance. |
| AI-Driven Redlining and Comparisons | Compares contracts against templates, policies, or previous versions with AI change tracking. |
| Automated Workflows | Routes contracts through customized review, negotiation, and approval workflows. |
| Advanced Analytics and Reporting | Provides insights into contract risks, cycle times, obligations, and team performance metrics. |
User-Friendliness
ICI offers an easy-to-use interface with collaboration tools to streamline contract review processes. The Microsoft Office integration allows users to access AI-powered contract analysis directly within familiar applications like Word.
Integration Capability
Icertis integrates with enterprise systems like document management, e-signature, CRM, ERP, and other third-party applications through APIs and pre-built connectors.
Pricing
Icertis does not publicly disclose pricing details. Pricing is tailored based on each customer's specific requirements, such as the number of users, contract volume, and desired features.
10. Concord
User-Friendliness
Concord has an easy-to-use interface similar to Gmail. Its document editor is as powerful as Microsoft Word and Google Docs, allowing for smooth contract creation, formatting, and real-time collaboration with track changes and inline editing. Built-in chat, commenting, and version control make contract negotiation straightforward and transparent.
Feature Breadth
| Feature | Description |
|---|---|
| Contract Lifecycle Management | Create, negotiate, sign, and manage contracts with custom workflows. |
| Document Editor | Advanced editor for writing and formatting contracts. |
| Collaboration Tools | Real-time editing, redlining, commenting, and chat for negotiations. |
| Version Control | Track changes, revert to previous versions, and view the audit trail. |
| E-Signature | Built-in e-signature with signer assignment and notifications. |
| Access Controls | Set user permissions for contract visibility and access. |
| Integrations | Connect with Box, Dropbox, Google Drive, Salesforce, and more. |
Pricing
Concord offers a free plan for up to 3 users, including document editing, discussions, alerts, and e-signatures. Paid plans are:
| Plan | Price | Features |
|---|---|---|
| Group | $100/creator/month, $50/collaborator/month | Core features with additional user roles. |
| Professional | $150/creator/month, $75/collaborator/month | Advanced features like approval workflows and analytics. |
| Enterprise | $195/creator/month, $95/collaborator/month | Full features including custom branding and API access. |
Pricing is based on user roles: creators have full access, collaborators have limited editing rights, and viewers are free. Higher tiers add features like approval workflows, analytics, custom branding, and API access.
Other Notable Tools
While the tools mentioned above are among the top AI contract analysis solutions, there are several other platforms worth considering:
LegalSifter
LegalSifter uses AI to find and extract key information from contracts. Its simple interface and customizable workflows make it a popular choice for legal teams and businesses.
Eigen Technologies
Eigen Technologies uses natural language processing and machine learning to automate contract review. Its AI can accurately extract data points, clauses, and obligations from complex legal documents, making due diligence easier.
Seal Software
Seal Software's AI-powered platform helps organizations gain insights from their contracts, reduce risks, and find opportunities. Its advanced search capabilities and customizable dashboards provide a clear view of contract data.
LawGeex
LawGeex uses AI to review and approve contracts, ensuring they meet predefined policies and standards. Its automated approval workflows and risk scoring help legal teams work more efficiently and make informed decisions.
Key Takeaways
AI contract analysis tools are changing how businesses handle contracts. Here are the main points:
Streamlined Contract Review
AI tools use advanced technology to speed up contract reviews. They automatically find key clauses, terms, and obligations, saving time and effort for legal teams.
Enhanced Accuracy and Consistency
AI tools reduce human error by carefully analyzing contracts. They spot risks, discrepancies, and non-compliance issues, ensuring a consistent approach across all contracts.
Scalability and Cost-Efficiency
As businesses grow, the number of contracts increases. AI tools can handle large volumes of contracts efficiently, saving costs by automating time-consuming tasks.
Customization and Flexibility
Many AI tools can be tailored to fit specific needs and industry requirements. This ensures they work well with an organization's unique contract management processes and legal frameworks.
Improved Decision-Making
AI tools provide valuable insights and analytics, helping organizations make better decisions throughout the contract lifecycle. They identify risks during negotiations, monitor compliance, and track obligations after contracts are signed.
Summary Table
| Key Point | Description |
|---|---|
| Streamlined Review | Automates finding key clauses, terms, and obligations, saving time and effort. |
| Enhanced Accuracy | Reduces human error, ensuring consistent contract analysis. |
| Scalability | Handles large volumes of contracts efficiently, saving costs. |
| Customization | Can be tailored to fit specific needs and industry requirements. |
| Improved Decision-Making | Provides insights and analytics for better decision-making. |
Organizations should consider using AI contract analysis tools to improve their contract management processes, reduce risks, and save time and money.
Further Research
As AI contract analysis tools continue to grow and become more common, it's important to stay updated on the latest changes. Here are some tips for further research and resources:
Consult Industry Experts and Legal Professionals
AI tools are helpful, but they should work alongside human expertise. For important contract decisions, consult with industry experts, legal professionals, and experienced contract managers. Their insights can help you handle complex legal details and ensure compliance with regulations.
Attend Conferences and Webinars
Conferences, seminars, and webinars on AI and legal technology are great for learning from experts, networking, and staying updated on trends. These events often include case studies, panel discussions, and workshops that can deepen your understanding of AI contract analysis tools.
Join Professional Communities and Forums
Engage with professional communities and online forums focused on AI and legal technology. These platforms allow you to connect with peers, share experiences, and seek advice. They also provide access to resources like whitepapers, research studies, and industry reports.
Follow Reputable Publications and Blogs
Subscribe to reputable publications and blogs on AI, legal technology, and contract management. These resources often feature in-depth articles, interviews, and analyses from industry leaders, providing valuable insights.
Explore Vendor Resources and Training Programs
Many AI contract analysis tool vendors offer resources and training programs to help users get the most out of their solutions. These can include online tutorials, user guides, webinars, and certification programs. Using these resources can help you understand the tool's capabilities and use its features effectively.
FAQs
Which AI enterprise app uses machine learning to analyze contracts?
IntelAgree is a cloud-based contract management tool that uses AI and machine learning to help legal teams with contract tasks. It uses natural language processing (NLP) to automatically extract key data points, clauses, and terms from contracts.
IntelAgree's AI-powered contract analysis includes:
- Clause Extraction: Identifies and extracts clauses like termination, indemnification, and payment terms.
- Risk Assessment: Analyzes contracts for potential risks, obligations, and deviations from standard templates.
- Metadata Extraction: Extracts metadata such as contract type, parties involved, dates, and amounts.
- Clause Comparison: Compares extracted clauses against pre-approved clause libraries and organizational standards.
