Legal teams and other business units working on contracts sometimes struggle to effectively use contract lifecycle management solutions because they lack the technological know-how or don’t possess enough data to train AI-powered models.
“It's enabling any user to train these models without necessarily having a technical background or a machine learning background, and it's also allowing them to efficiently train models on a small sample set of documents,” Evisort Chief Technology Officer Amine Anoun told Legal Dive.
Ironclad, LinkSquares, DocuSign, Lexion and Contract Logix are among other companies that compete in the CLM platform space.
Anoun said legal teams could use Evisort’s Automation Hub to generate contract insights for a variety of niche use cases, such as tracking environmental, social and governance (ESG) compliance.
He said finding ESG language in existing contracts is typically difficult for legal teams that lack the type of out-of-the-box AI technology Evisort provides.
“Now with Automation Hub, you can go through your existing contracts, tag all the ESG language in them and see where you are in compliance and where you are not,” Anoun said.
The Automation Hub could also be used for tracking price escalation clauses or rebates in contracts, he said.
Jenn McCarron, Netflix’s director of legal operations and technology, said she appreciates how Evisort helps her team find and visualize key contract information quickly.
“Evisort is easy to train yet powerful enough to automate manual time-consuming projects,” McCarron said in a prepared statement.
Evisort is also releasing Wednesday a revamped document grouping feature, which associates contracts through their logical relationships to one another.
For example, Anoun said the feature could be used to group in one place master service agreements with non-disclosure agreements and statements of work.
“Now you can go into the documents and see what other documents relate to them and see the data that was extracted from them as well to have that kind of efficient and holistic view of the entire deal,” he said.
A new document viewing experience will allow users to comment directly in PDFs and tag colleagues for collaboration or to complete action steps.
Additionally, Evisort is launching an advanced search feature that will make it easier for users to find key information in their contracts. The company said in a press release the feature will provide a “powerful search experience, similar to that of Google’s search engine.”
“Using Evisort's AI, Jelly Belly can better understand our contractual obligations and search for our own contract language with astounding accuracy,” said Nancy Krystal, in-house counsel at Jelly Belly, in a prepared statement.